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MILAN, July 7 (Reuters) – The board of Popolare Vicenza has mandated the CEO Francesco Iorio to proceed with the activities necessary for processing into spa and define a work plan aimed at the listing.
“The board took the view that this is the most suitable route and also consistent with the purpose of meet the needs of members on the marketability and liquidity of the shares of the bank, “says a note.
The board shared the draft statute of the bank upon becoming Spa which will be submitted to the supervisory authorities in the coming weeks in view of the extraordinary meeting that will be called to resolve “within the law”.
Iorio has also been mandated to carry out “all the tests more appropriate for adequate reconnaissance asset position of the bank in light of the outcomes of the inspection ECB just ended, outcomes that will be formalized by the latter. Of such outcomes, the results of further tests mentioned above and the resulting needs additional capital, will be described, where possible, in the interim report as at 30 June 2015 “.
A listing of the shares of the popular Vicenzan bag would also make it easier to merge with another bank as part of the expected consolidation process triggered by the reform obliging banks with assets above 8 billion to develop into Spa by the end of 2016.
Last April, the Board has fixed the value of the shares (and approved by) based on the appraisal by an independent consultant to 48 euro from 62.5 euro in 2014.
The new stock price was determined taking into account the effects of the comprehensive assessment of the ECB and the consequent impact on shareholders and on capital targets.
The board Today has also co-opted into the Board Alessandro Pansa, filling the post left vacant after the resignation of Franco Miranda formalized at the end of May.
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