After the failure of the capital increase by 1.5 billion Popolare di Vicenza – signed for just 7.6% – Monday also came the “no” of the Italian stock exchange for listing (ipo): too few shares sold, too little free float – compared to the 25% minimum required – to ensure “fair trade,” said the administrator managing the Stock Exchange, Raffaele Jerusalmi.
a book titles had been 5% Mediobanca (one of the placing banks next to Unicredit, JPMorgan, Deutsche Bank and BNP Paribas), while 9 other institutional investors had a total of just took him 0.1% and retail around 3%. Now, skipped the listing, no one will receive the actions (and placing banks will not take the 60 million expected fees) but the bank is still saved thanks to the fund Atlas, on purpose constituted so as not to end up in a resolution the institute: the first, 5 billion paid by the trust are key to indent the bank in the minimum capital set by the ECB and avoid a bail-in disastrous.
Popolare di Vicenza thus ends at Atlas for 99.33%, with shares subscribed for 0.10 euro each. The remaining 0.7% of the capital is all that remains of the old shareholders, 119,000 small shareholders only in 2014 had subscribed the shares to 62.5 EUR. Now it’s up to Atlas and the manager Quaestio sgr chaired by Alessandro Penati and led by Paul Petrignani take forward the restructuring, with a view to subsequent sale or a new hypo. Penati has already indicated that stand out from the stock exchange could be a boon for the renovation work that awaits him in the next 18 months. Even the chairman of Consob, Giuseppe Vegas, “it is said that the evil does not give rise to a good thing”, confirming that the exclusion, “if there was no floating, it was obvious.” The CEO of PopVi, Francesco Iorio, look instead to the substance, the fact that the money has arrived “in order to return to work in an orderly and ordinary. The main brick was put, we go forward with great confidence and determination. ” Unicredit was the only guarantor of the increase but has been replaced by Atlante after the bank has said he wants to pull out, “We have made particular mistakes,” said the CEO, Federico Ghizzoni, foretelling his version of events.
Milan Stock has instead reacted badly: Monday was the only stock exchange to close in negative in Europe (-0.97%), with losses especially on bank: Banco Popular (-7.30%), BPM (-6%), MPS (5.5%), Ubi (-4.9%). Reading Ghizzoni is that ‘the market expects precise information to assess the impact of the long-awaited decree “announced on Friday by the Government suffering. But the market has also looked at the possible consequences of the failure of the operation Vicenza, in particular the possibility that it can be accepted also negatively another increase coming, that of Veneto Banca 1 billion. “We’ll see in a few days” if Atlas will also intervene on Veneto Banca, said the CEO of Intesa Sanpaolo, Carlo Messina, who with Banca Imi is the leader of the underwriting syndicate, “I am confident.” If Atlas were to get back on the field, the other his mission – the acquisition of non-performing loans of banks – would remain around 1.7 billion, and this might ridurrne the firepower is no accident Ghizzoni pointed out that Atlas “It can grow in size.”
2 May 2016 (edited May 2, 2016 | 22:16)
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