(Valor) Dommo Energia, a business resulting from the restructuring of OGX, started a sales process that has already attracted at least five interested parties. The process is at the beginning, but there are already signed NDAs.
The oil company mandated Santander to carry out the M&A. According to a source, one of those interested in Dommo is PetroRio.
The negotiations are part of the strategy of Prisma, a special situations manager founded by Marcelo Hallack, João Mendes and Lucas Canhoto. The investment firm caught the market’s attention in January, when it built a 47% stake in Dommo.
Since then, Prisma has increased its position and officially taken control, reaching 52% and keeping an asset that basically boils down to the 5% flow of royalties from the Tubarão Martelo field and the substantial amount of tax credits.
Dommo has an extraordinary shareholders’ meeting convened for the 29th of April. On the agenda is the approval of a stock option plan with the objective of reducing the fixed cost with executives and “encouraging administrators in the search for strategic options in the company’s sector of activity”.
Last year, Dommo’s board received R$ 5.8 million in compensation, but all in cash and without payment in shares – there were R$ 2.1 million in fixed compensation and R$ 3.3 million in bonuses. The forecast for 2022 foresees R$9.5 million for the executive board, of which R$5.3 million is a fixed salary and R$4.1 million in shares (which includes the grant plan).
Dommo is a microcap valued at R$632 million. Boosted by the arrival of Prisma, the share has already risen 138% in the year. Yesterday, it closed at R$1.24.