on The eve of theshareholders ‘ meeting called to approve the capital increase, the Monte dei Paschi di Siena has released at the request of the Consob a document that supplements the information previously submitted to the market on some of the points to the order of the day. The notes emerge many new details, including the expectation of "cash in" 1.043 million euros from the conversion of the bonds are subordinate to it. Compared to 4.289 million nominal value of the securities to which the offer is addressed, it is a percentage of the membership of 24.3%. This is quite surprising, which clashed sharply wit h the dramatic tones with which the bank has proposed to the small investors (retail) the conversion of the bond into shares. the Mps also has to ” collect "3.912 million as cash consideration of the subscription of thecapital increase". In fact, it is only of the assumptions used to prepare the pro-forma balance sheet as of 30 September, but it is worth asking how these assumptions are realistic. Just really the conversion of a little less than a quarter of the bond to whom it is directed the offer to be considered "satisfactory" level of participation and proceed with the capital increase? At this point, the explanatory notes do not clarify at all.
by contrast, emerge with clarity, the costs of the rescue operation if it has happened, and also the conditions by S sgr, the fund management company Atlas, to participate. Total costs are estimated at 448 million euros of which nearly 45% (200 million) will go to Confession, thanks to the surrender to the warrants that would have given you the right to Atlas to subscribe for shares MontePaschi at a predetermined price. It is not the only condition posed by the Question: the management company which is headed by Alessandro Penati wants to buy separately from the main operation in a "portfolio of non-performing loans and rights deriving from financial leasing contracts, together with the assets which constitute the collateral". The gross amount of these receivables amounts to 926 million euros and, in a first moment, MontePaschi had agreed to surrender them to Question, to 320 million euros, that is, at a price equal to 34.5%. From the notes we learn, however, that the conditions of the sale have changed and the portfolio from 926 million will be sold to 252 million, for just 27.2%. An extra discount of Confession or recognition of those loans and the assets which constitute the collateral are valid in reality much less than you had thought initially? It’s difficult to answer this question, but always from the notes one learns that a fund Quaestio for the purchase of the package will be the same as MontePaschi, who will put on the plate is 150 million on 252 of the purchase price, i.e. almost 60%.
The institute siena confirms that a'inspection of the Ecb on all loans ("the object is almost the entirety of the portfolio"), and that some positions are "the subject of specific study from the supervisory authority," which is, in particular, focusing on the "classification of the credit risk for the entire portfolio", on the "provisions made", and on "revision of the values of the collateral relating to exposures of non-performing loans", as well as on "controls of the first, second and third level related to the evaluation of credit risk". The final results of the inspection, however, you will know only "in the first half of 2017", i.e. much after the closure of the rescue operation. A real shame that such an operation, the truth has not been made before knocking at the money on the market. And if the next year blew out that the situation is even worse than the already dramatic in which the bank is located today?
However, the Mps has made it known that it does not have to study a plan "B" in the case where the transfer of the sufferings and the capital increase should not go in the port. And in support of the bank of siena comes General. The company triestina has in its portfolio some 400 million bond subordinated Siena and chief executive officer Philippe Donnet has confirmed that the group intends to participate in the rescue: "we can Not do at the same time a conversion of the bond and [inject funds, ed] the Atlas 2. The conversion has more value, said Donnet -. For us, the priority is the Mps. We will make a choice in the interest of all stakeholders, both shareholders and policyholders. If so, at least 40% of the amount expected from the conversion of the bond would already be covered. Do?
