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This article was published April 9, 2016 at 8:17.
Urbano Cairo launches un’Ops on RCS Mediagroup shares. It is about to become, if the bid goes through, the first member of a publishing group that will have among its key assets Corriere della Sera .
The proposal provides 0.12 Cairo Communication shares for each title brought Rizzoli. Which means that every 8,333 adherents delivered shares will receive 1 share Cairo Communication. By virtue of this, based on the value of the two titles of 7 April, it recognizes the consideration valued at approximately 0.551 for each RCS action. This assessment, adjusted to take account of the payment of a dividend of 0.20 per share, amounted to EUR 0.527 for each title delivered to the Public. All this may require the issuance of up to 62,000,000 new shares of Cairo Communication.
Beyond the technical aspects, the plan aims, as stated in the press release, to “create a great multimedia publishing group, with a stable and independent leadership, and to strengthen the economic and financial point of accelerating the RCS restructuring and revitalization process. ” Cairo then explained to want to leverage on its experience in complex corporate restructuring – the best-known case is that of La7 acquired in 2013 – and the skills acquired in advertising revenues and the growth capacity in the magazine sector, which they have helped maintain high profitability in a difficult market environment. Everything you should realize while maintaining the current management structure. The idea is to achieve “significant efficiencies in the management of operating costs” RCS, “including by simplifying the corporate structure,” and to “develop revenues by developing the potential of Rizzoli and to restore the economic equilibrium of the group.” In this light, Urbano Cairo emphasizes that the proposal he advanced will allow members of the Courier ‘to become shareholders of a group with a better financial profile, with greater operational and strategic flexibility to support the revitalization of the RCS and the creation of in the medium-term value. ” In particular, it is written in the note, ‘whereas the net financial position largely positive of Cairo Communication “who adhere to the offer to become a partner in a reality” that, in consolidated terms, present a significantly reduced net financial debt “than the current one.
And the debts of RCS, however, they are one of the conditions precedent for a successful OPS along with reaching a subscription of at least 50% plus one share. Cairo in fact, requested that the banks give up “unconditionally to any right to demand early repayment of debt in exchange for control of reason.” Similarly question that exposure of the group will in fact be “frozen” until the financial statements 2017. substantially hopes the signing of a kind of stand-still agreement. Without prejudice to the amounts to be repaid related to receipts from the sale of RCS Libri. Among the OPS key aspects then there is the will to keep the group listed RCS: if it were to become the holder of a stake in the share capital of more than 90% RCS, will reserve to evaluate whether or not to proceed to the recovery of the free float.
In the operation Cairo is assisted by Imi and Equita Bank as financial advisor and BonelliErede as legal counsel. With the reorganization proposed by Cairo also resolves the uncertainty placed on RCS by the expectation of Fiat Chrysler exit, announced at the time of the agreement between Espresso and Print-nineteenth century. Just next Friday April 15, the meeting of the Automotive Group shareholders will be asked to approve the distribution of the RCS shares to its shareholders, with Exor, which has already announced to want to give up its 5% in fractional manner.
that something was going on around RCS was understood by few sessions so that the rumors about an upcoming speech in Cairo were particularly insistent facts. Yesterday the company, shares closed up 11% at 0.455 euro per share.
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