Cairo: “We are able to cope with enlargement up to 62% of RCS ‘- Il Sole 24 Ore

Cairo Communication is able to cope with the accessions to the public mixed up to 62%. Urbano Cairo, during a press conference after the meeting of the shareholders of Cairo Communication, explains how the company is able to absorb the amount of adhesions, which may migrate from the consortium Bonomi, equal to about 13%. “If all those who adhere conferred takeover bid Bonomi their actions, equal to 13%, we have sufficient cash to pay the fee cash. It is an outlay of 65 million for the 48.8% stake that we will have on July 22, a sum that could rise to 80 million to reach 62%, “explains Cairo, adding that besides cash on hand, the company may rely on financing to 60 months of Intesa SanPaolo. The latter institution, however, said he was willing to cover any debt amounts banks could draw back according to claudola of “change of control”. Regarding the entry of a new investor, Cairo stated that ‘at present there is this hypothesis. We resolved a capital increase that could be realized within a year. We currently do not need it. “

Cairo arriving this morning at the meeting had commented on the success of its Opas of RCS,” Very good, good results beyond the most optimistic expectations, not I could imagine a better result. ”

“It was to be part of the funds – continued Cairo – a good preparation. I’m really happy. Now you need to do a great job in the company and what I want to do is have all the powers and understand when it comes out a euro, because it comes out and it comes out. ” No indication, yet, on what will be the new top management structure and composition of the new board of directors. Again, since the same Cairo in recent weeks he had made it clear that he would replace the current board. “In the composition of the board we have not yet thought of anything too, because Friday we knew the outcome of the membership and also for good luck never do this kind of reasoning – he said -. We did not do no reasoning as to who will be part of
council or president. At the moment there is nothing. ” Certainly, though, it will be a “council of great and immediate operation,” he stressed Cairo news conference, adding that “the convening of the shareholders of RCS is up to the president of the company, which is currently Maurizio Costa. The majority shareholder, as soon as he shares, it will apply. We’ll see what sranno time. “

Cairo, behind the climb At the Corriere there is Berlusconi

During the meeting there have been today the actions of the Cairo Communication shareholders, who asked for clarification on the operation RCS . In response to demand for a shareholder instead arrives by Cairo clarification: “Silvio Berlusconi and Fininvest have had, directly or indirectly, to deal with.

What will happen now?

Urbano Cairo has won, then the game for control of RCS and Bonomi consortium announced this morning that waiver to do battle. International Media Holding, in fact, announced that the offer for RCS “is considered ineffective” not having reached the minimum quantity.
roped Bonomi, therefore, will return the shares tendered to the offer today. It is almost 67.5 million shares equal to 12.9% of the capital of RCS. Holders of this action will accept the offer of Cairo. Therefore the publisher of La7 could exceed the threshold of 60%, having achieved with his offering the 48,82% of the capital of RCS.

“On 22 July we will have control of 48.8% of RCS. Then 22-28 those who joined takeover bid Bonomi potrenno migrate to our Opas and August 4 will be the payment of the securities into shares and cash. Then we will know what will amount to our participation, “said Cairo in conrso post meeting press conference.

Cash on hand even with total migration Opa actions

And, just about the possible transfer of Cairo offer of securities contributed to the failed takeover bid of the consortium Bonomi, comes a clarification of that Cairo, always by the extraordinary shareholders for a capital increase of up to 70 million euro of its publishing group.

If all shares tender offer loser of Imh (12.9% stake) would migrate towards the winning of Urbano Cairo “we should deal with a cash outlay of about 80.6 million euro and this would enable Cairo Communication to still have a little ‘cash, so we should not touch the Intesa San Paolo loan “amounting to 140 million. This was underlined by Urbano Cairo, in the extraordinary meeting for the capital increase of up to 70 million euro of its publishing group, referring to the faculty that will have the shareholders who accepted the takeover bid by Bonomi and partners to transfer their bonds offer prevalent.

for their part, the historical shareholders of RCS MediaGroup, which supported International Media Holding (Mediobanca, Della Valle, UnipolSai and Pirelli) will retain 22.60% RCS of the capital to which must be added the 11.34 million shares, representing 2.17% of the RCS capital, acquired from Imh on 13 July.

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