Bankia update: down 13% to roughly 0.60 EUR Approx. market cap is now 1.2 billion EUR http://www.bloomberg.com/quote/bkia:SM/ Which is extremely high for a bank with negative book value, and given that government officials are leaking the news that further large losses for shareholders are likely. "UPDATE 1-Spain's Bankia wipes out shareholders in revival bid" http://www.reuters.com/article/2012/12/27/bankia-idUSL5E8NR3LZ20121227 "Spain's Bankia wipes out shareholders in revival bid" http://uk.reuters.com/article/2012/12/27/uk-bankia-idUKBRE8BQ06T20121227
5 March 2013 "EU sticks to minimal Bankia share valuation - source" http://uk.reuters.com/article/2013/03/05/uk-eu-bankia-idUKBRE92409020130305 "EU regulators will order shares of Spain's Bankia be valued at just 0.01 euros each, a European Commission source said, meaning shareholders including thousands of ordinary Spaniards will be hit hard in a debt-for-equity swap to boost the bank's finances. "Bankia's BKIA.MI minimal valuation is being disputed by Spanish authorities, which had been seeking a 0.10 euros per share valuation, sources familiar with the matter told Reuters last week. "The figure is crucial as the rescued bank prepares to swap debt into shares as part of a 10.7 billion euro (9.1 billion pounds) capital hike, affecting hundreds of thousands of small investors." More at the link above