Pannergy Gains Most in 14 Years as Lazarus Exits: Budapest Mover

Pannergy Nyrt., a Hungarian renewable energy company, had the biggest two-day gain in more than 14 years as Lazarus Vagyonkezelo Zrt. sold its last shares in the company, ending a forced liquidation process.

The shares rose 15 percent to close at 379 forint in Budapest, extending the two-day gain to 32 percent, the biggest such advance since September 1998. Pannergy slumped 50 percent from the start of 2013 through Feb. 25 as Lazarus unwound its position. Lazarus held a 9.6 percent stake in Pannergy as of Nov. 19, according to the energy company’s website.

Lazarus sold 1.98 million Pannergy shares yesterday at 275 forint each, reducing its stake to zero, Pannergy said in a statement to the Budapest Stock Exchange. ONP Holdings SE, a part-owner of a Pannergy geothermal plant, bought 2.6 million shares at the same price, Pannergy said in a separate statement. The transactions will help relieve the pressure the Lazarus liquidation had put on Pannergy’s stock, KBC Groep NV said.

“Although the news is rather positive, we still see many uncertainties in connection with Lazarus’ forced liquidation and the current ONP transaction,” Peter Szentirmai, a Budapest-based analyst at KBC Groep NV, wrote in an e-mailed report.