Mps announced yesterday night in a statement to the Italian Stock exchange the final results of the public purchase offer on 11 subordinated bonds, the first step to attempting a capital increase of 5 billion euros.
The total has reached 1.028.811.231 euro so divided, as explained by the bank in its note: the titles given during the acceptance period (November 28, 2016 -2 December 2016) "were equal to 229.572.000 in terms of nominal value (1.022.741.000 euro in terms of nominal value, including securities awarded within the scope of the institutional offer Lme), for an amount by which the aggregate of 226.263.049 euro (1.028.811.231 euro, including the amount payable for the securities awarded within the scope of the institutional offer Lme)".
The bonds are subordinated, will be converted into new shares, remember the bank, by December 31 next, provided that you fulfilled two conditions: the bank will be able to find financers for the increase from 5 billion within the current month and that is yielded completely to the portfolio by € 27.7 billion euros.
The bank of siena had launched the voluntary public purchase offer, subject to the obligation of the reinvestment of the proceeds in shares in Mps issue of new shares on 14 November last year, 11 subordinated securities issued or guaranteed by the same bank for 4.3 billion nominal in the complex. Of these, the General Insurance had 400 million euro, which then has announced his intention to make the tender offer.
In the explanatory notes published by the bank and the request by Consob prior to the meeting, which would have given the go-ahead for the increase from 5 billion euros, it is written that the Mps estimated to collect 1,043 billion from the offer to purchase the subordinate. The result obtained is slightly lower, but it is significantly if you think that informally the bank is expected to 1.5 billion.
Siena, what an accession to 57% by the perpetual (At1) corresponding to an amount of 221 million, to 34% from subordinated Lower Tier2 (614 million), to 10% from the Upper Tier2 (208 million). The Fresh has not been inserted in the opa at the end, because it was considered too expensive.
TRADING. Meanwhile, Mps continue, from ten days to this part, to trading on government bonds are subordinate to it. In the note this morning of the bank it is written that 73 different purchase transactions were made yesterday (for a total of 1.246.000 euro) related to the variable Rate subordinated Upper Tier II 2008-2008. The weighted average price in percentage on the nominal value of the securities was 55,07, the maximum price 56. The same obligation, always yesterday, it was sold for the equivalent nominal of securities amounting to 97,000 euros (17 transactions) at a weighted average price as a percentage of 56,85 on the nominal value of the securities.
THE STATE. If the first step, the opa, has been porato in the end, it remains still open the question on external investors to support the increase. According to MF today, at the newsstand, although formally the negotiations with potential anchor investor are still standing (from those with the sovereign wealth fund of Qatar, who expect clarity on the new government), the scepticism about the outcome of the operation is strong. And’ in fact possible that a plan B, government intervention, averted up to now by the premier, Matteo Renzi, to take shape in the next few days.
The Treasury ministry may directly engage in a recapitalisation measure of the bank with the burden-sharing (clearing of equities and subordinated bonds). The directorate of the Competition of Brussels requires that the costs saving are shared between the State and the private. If the government accepts the mechanism of burden-sharing, the Treasury could acquire the control of Siena.
Meanwhile, for the late afternoon of tomorrow in Milan is a meeting of the board of directors.
No comments:
Post a Comment