Mps ahead with plan in July, but does not close the proposal will pass – The Sun 24 Hours

Banca Mps go ahead with the original plan of July, at least with regard to the recapitalisation and the "context" transfer of suffering, but does not close the door to the proposal advanced by Corrado Passera. This is stated in a note at the end of the board of directors of the bank held in Milan.

The board of directors, reads the note, confirm the firm intention to continue the implementation of the operation of the recapitalization and the related transfer of the sufferings of the previously communicated to the market, and took note of
of the update by the chief executive officer and advisors, in the matter of the proposed non-binding received from Dr. Passera last October 13. The board of directors has decided to proceed, immediately after the presentation of the industrial plan, the assessment launched, through its advisors”. The meeting, presided over by the chairman resigning Massimo Tononi, has continued the examination of the business plan that will be approved the next 24 October and confirmed the timing of the shareholders of the bank by the end of the month. Here is the press release. A counselor, at the exit from the meeting in Milan, has stated that next Monday, on the occasion of the board of directors, will set the date of the meeting. This last one will be held probably on the 18th of November. The order of the day, there will be the capital increase and the appointment of the new president.

The proposal to Corrado Passera, who would have been forwarded on time to the Government and the subject of a first presentation to Morelli, in the middle of last week, includes a letter of intent of some institutional investors – the only pr, now known is the bottom of the Atlas of Bob Diamond – for a total of about 2.5 billion: a written commitment but is subject to a due diligence exercise on the bank to be realised in the course of a few weeks, therefore, in time to meet the deadlines agreed with the Ecb; another billion, we learn, would be expected to increase under option to existing shareholders, while not meaning any conversion of the bond. As in the plan, you will point to maxi-securitization of receivables in tandem with the fund, the Atlas (which would have given his approval, even if there is confirmation), for a higher amount – 32 billion instead of the 27.7 – but especially in a stage immediately subsequent, and not context, of the increase.

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