The board of directors of Banca Mps, will meet according to what is learned, already tomorrow in Milan, to follow the start of the conversion of the bonds subordinated and share capital increase. A further meeting of the Board is already on the calendar for Friday at Sie na.
The capital increase of Mps will open on Monday 19 and will close on Thursday 22 December at 14. And' what we read in the prospectus published by the bank. Offered to the public, dedicated to the 30% shareholders and 5% to the general public, the deadline is Wednesday 21 to 14, while there will be 24 hours for the institutional placement (65%) of the global offer). For the general public will be the "most conservative (lowest)" Mifid for the evaluation of suitability, that it will be "blocker" for those who will fail.
the conversion of the bond are subordinated, will close Wednesday. The operation is aimed primarily at 40 thousand small depositors in the possession of subordinate to 2 billion. The offer, however, also affects the titles Fresh orders issued in 2008 for the acquisition of Antonveneta, and in possession of some funds 'led' by the Attestor. Their membership is now given to made. This will yield to the Mps of approximately euro 200 million. The more that the outcome of the conversion, however, the decisive factor will be the response of investors to the capital increase, reserved for 65% of institutional investors and the remainder to investors.
Monday a pool of commercial banks – led by Jp Morgan and Mediobanca will begin to probe the shareholders and investors to understand what their willingness to invest in Mps and, if so, how much they are willing to pay the single actions. The bank of siena has provided for a range between a euro and 24.9 euro: to determine the final price will be the response of the market, though insiders predict that the figure does not deviate too much from the lower. Among other things, the sovereign wealth fund of Qatar, will have to dissolve the reserve on his willingness to invest a billion. Already on Wednesday or Thursday, and then, in the vertices of the Mps will know the moods of the market and understand if the operation was successful or not. If the.d Marco Morelli, you will realize that there is nothing to do, then to save the Mps will require the intervention of the State. The options on the table are different. If the digit collection from the Rocca Salimbeni close to 5 billion, t he State may simply choose to participate in the capital increase, by investing 200 million euros to confirm its current share, which is about 4%. If you need more, then you may try to increase its quota, while always remaining a minority shareholder, but by investing up to 700 million. In that case, however, should deal with the Eu – contacts in this direction are already in progress – in order to understand if this type of intervention is considered to be a State aid.
If the operation of the market will prove to be a flop, however, the Government will have to intervene with a decree. At that point it would be the expense of the shareholders and the holders of bonds subordinate, even if the Treasury is looking for a way to 'protect' small investors. And also the bank would be subject to the strict limitations laid down by Brussels. Would, in fact, a long negotiation between the Government and the Eu for a restructuring plan of the institute. The rules provide for, among other things, the reduction in both assets, i.e. loans, both of State securities, in addition to the stop the payment of dividends and interest on those subordinated.
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