Mps, here’s how Mediobanca, Citi and Credit Suisse will save the rise of Monte
Facts, names, times and numbers on the capital increase of the Treasury bank, Mps, which will go through thanks above all to the guarantee consortium composed of Mediobanca, Bank of America, Credit Suisse, Citi, Sch, Barclays and SocGen. The article by Emanuela Rossi
No postponement: the recapitalization of Montepaschi will start on Monday 17 November, as intended by the board. This was announced today by a note from the bank that provides the other dates for the calendar of the operation: the increase will end on November 3, the option rights will be tradable on the Stock Exchange until October 31, while those unsigned will be offered at Piazza Affari, through the auction of the unsigned, on 1 and 2 November and their exercise must take place by 3 November.
In the meantime, Siena has also announced to postpone the date of approval of the quarterly report from 3 to 10 November "to allow for the implementation of the effects deriving from the" voluntary departure of employees ", an operation linked to the capital increase.
FULLY GUARANTEED CAPITAL INCREASE
In the press release Rocca Salimbeni highlights that the 2.5 billion euro recapitalization will be "fully guaranteed": guarantee agreements have been signed for a maximum amount of 857 million euro, of which 807 million euro with the banking consortium comprising Mediobanca , Bank of America, Credit Suisse, Citi, Sch, Barclays, SocGen and Stifel – separately from each other and without a bond of solidarity – and 50 million with Algebris. From the Treasury, owner of 64.23% of the capital, will come 1.606 billion euros. From third party investors, however, the commitments of are equal to 37 million.
THE ROLE OF THE TREASURE
Mps clarifies that the Treasury, due to the Community constraints on state aid, "will not be able in any case to exceed" its current share of the capital following the outcome of the increase. "Therefore – continues the press release – the MEF underwriting commitment will become effective only pari passu with the other shareholders" in order to "keep unchanged" the shareholding and "once the portion of the Capital Increase subscribed by other shareholders has been determined ".
Another clarification also comes from Siena, namely the fact that the recapitalization has a “hyper-dilutive nature” and therefore “the so-called rolling method will be applied”, an instrument promoted by Consob to mitigate the price anomalies that can occur in capital increases. recapitalisations. "Consequently – it continues – the right to receive the new shares will be recognized to the shareholders who request them at the end of the trading day on which the related option rights have been validly exercised, starting from the third day of the offer provided that the operating procedures envisaged by Monte Titoli are complied with ".
THE SUBSCRIPTION PRICE OF THE SHARES
As regards the subscription price of the shares, Mps announces that it has been set at 2 euros, with a discount of 7.79% compared to the theoretical price after the detachment of the option right. The bank's shareholders will be able to subscribe 374 new shares for every 3 shares.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/mps-ecco-come-mediobanca-citi-e-credit-suisse-salveranno-laumento-del-monte/ on Thu, 13 Oct 2022 09:46:07 +0000.