MILAN – The state is preparing to return in an Italian bank, Monte dei Paschi di Siena: the lent money on which now Mps fails to pay interest, which will be turned to the Treasury in the form of shares.
The Institute of Siena is preparing to face a capital increase, up to a maximum of three billion, which will require the support of new shareholders, for now still anonymous. But a new partner, however, you already know from today and will enter the capital from next July 1: is the Ministry of Economy. And ‘This is the consequence of the financial statements with the record loss of 5.34 billion: the interest on the Bond Monti – who are paid in arrears on the first of July – will be paid by MPS only with newly issued ordinary shares. Those for 2014, as said the group finance director Bernardo Mingrone analysts, amount to about 240 million. The portion that will end up in the hands of the Treasury, says an estimate of Equita, the values of the Stock Exchange today (title to 0.43 euro with a capitalization of 2.24 billion) worth about 10%. Which will reduce, however, after the capital increase: the operation to be 3 billion, up from 2.5 initially plan ned, will be held in the second quarter. After the increase, which accounts for most of the actual listing of the stock exchange, it is possible that public participation is to dilute more than half, below about 5%. The news breaks anyway markets, action MPS is also suspended for excessive upward.
The world’s oldest institution has received about $ 4 billion from the Treasury, which has signed the first Tremonti then Mounts Bond (which are similar, with the coupons growing in the second case). After the capital increase last year, 5 billion, MPS has reimbursed 3 billion. In 2014, interest relative to 2013, an account of about 350 million, were paid with the issuance of new securities, immediately repurchased by the bank led by Viola and perfume thanks to the proceeds of the capital increase.
This way is no longer feasible this year, given that the contract provides – in case of insufficiency of the budget and then even more so in the case of loss – you pay to the Treasury new shares Mps “valued at market prices.” But rather about a billion of securities still held by the Treasury, this should be redeemed with the new capital increase.
The number of ordinary shares that will be allocated to the State for corpire interests will be determined, essentially, based on the average value of the market capitalization of the Mount, calculated on the reference price in the 10 days preceding the date of the board of directors of the bank approving the budget 2014. It means that you will look at stock prices that will form between 18 next February and 3 March: March 4 is in fact expected the board to the draft budget 2014. If that happened today, Viale XX Settembre in perspective could be the largest shareholder of Mps.
As we have seen, however, upon the actual allocation of securities to the public share will be less than these estimates, because in the meantime the capital base will be increased for the increase. It thus remains alive, probably within a year, the need to find the Monte still a partner for a merger. Foundation, again, there is an indication of the willingness or not to subscribe to its share of the increase. Instead they should subscribe to trust members of Battalion Pactual and Fintech (respectively own 2 and 4.5%), determined to maintain attendance again for 2-3 years.
On the current situation of the Mount took stock of the mayor of Siena, Bruno Valentini. As to the moves of the Foundation, the politician says to ‘ Ansa that the institution must “carefully assess the current and future safeguarding of its assets. It is not mandatory to participate in the capital increase,” but rather to bring home the two statutory objectives, “which are the safeguarding of assets that can not be focused on one asset transfer, and other work so that the general direction of MPS remains in Siena.” The mayor says that Siena starts from what it was 20 years ago, before the development, then the result is not true and based on false profits, Banca MPS. “The last 20 years have altered the actual data of our city that had benefited from an additional wealth of extra resources, which in large measure is no longer there.” For Valentini “that is over Siena, a city that had become accustomed to being self- sufficient and could not interact with the region and with Italy.”
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