Bag does not admit to listing the People’s Bank of Vicenza – The Republic

MILAN – Italian Stock Exchange does not approve the listing of Popolare di Vicenza. It said in a statement, which states that “there is no basis to ensure the smooth operation of the market”. Jump so the IPO for the Banca Popolare di Vicenza, which was supposed to land at the Milan Stock Exchange Wednesday, May 4, crowning a capital increase of up to 1.75 billion euro. That increase, as is known, has, however, concluded Friday with minimum acceptances of subscribers, so that the Fund Atlas is committed to pursue the sub guarantee clause that would have made him a shareholder in more than 92% of the Vicenza Institute shares; Now according to the agreements will increase to 99.33%. The news has rekindled views on sales at the opening of the banking sector securities in Milan.

Now the Italian Stock Exchange, in a statement, said that “decided not to order the opening of the bank” trading on the Italian stock market, since according to the results of the global offer “there is no basis to ensure the smooth operation of the market”. “Therefore – writes Italian stock exchange – the admission of the shares of the bank on April 20, 2016 shall be considered lapsed.”

According to Square Business Regulation, to be admitted to listing the securities must have the following requirements: a market capitalization of at least 40 million; “Sufficient distribution” of at least 25% of the capital as a floating (but in the fee you can also count the collective bodies of individual savings, ie the funds as Atlas); “adequate distribution among professional investors only if the market value of shares held by investors or the number of the same suggesting that the regular operation of the market needs can still be met.” And the requirement of “sufficient distribution” of floating capital would decide to no market operators, who apparently feared a debut with high volatility and plummeting prices for the shares of the Vicentina. Also because the multiples of the value related to the indication of the public sale offer price of € 0.10 (the minimum level of broad dilated fork until 3 Euros) corresponded to the stock market valuation compared to net tangible assets of institutions much more solid and run in the group led to the disruption of managing Samuele Sorato and the president Gianni Zonin. As Ubi Bank, for example, just over Creval and Banco Popular, and nearly twice as Carige and Monte dei Paschi.

One setback for the management led by Francesco Iorio, who for months strives in the project transformation in spa, recapitalization and listing of berica bank (only the first target is considered reached). Conversely, for the fund disbursement salt Atlas, from 1.35 billion on Friday to 1.5 billion today. In accordance with agreements made, in fact, it was planned that in case of failure to quote “accessions submitted under the global offering will be less and also the light of the extension of the agreement of sub-underwriting agreement between UniCredit and Quaestio Sgr the Fund will subscribe Atlas 15,000,000,000 shares at the offer price of chloride 0.10 per share, for a total of 1.5 billion euro, equal to 100% of the offer equivalent Global. doing so Atlante will hold a stake in the capital equal to 99.33% of the Bank. But Atlas, away from the Stock Exchange and by the minority shareholders, will restructure more easily – and perhaps more rapidly than expected 18 months – the institution in crisis.

Topics:

Italian stock exchange

popular vicenza

Fund Atlas

MPS

carige

ubi

Creval

Starring:

Alessandro Penati

Francesco Iorio