Saipem, what will Intesa Sanpaolo, Unicredit and Bnp do after the capital increase
Saipem capital increase completed: the guarantor banks will cover 29.6% of the outstanding amount equal to an outlay of 592.3 million euros. But 20% will return to the market: the consortium announces that it will place approximately 67.8 of the unsubscribed securities. Facts, numbers and comments
Saipem collapses in Piazza Affari after the completion of the capital increase.
The stock of the company that builds energy infrastructures loses 27% on the stock market after almost three hours of trading.
The massive dilution of 95 shares to 1 for € 1,013 was subscribed up to 70% of the new shares, for a total value of around 1.4 billion. At the end of the option period, 6,284,082 rights were therefore not exercised, relating to the subscription of 596,987,790 new shares.
The guaranteeing banks of the capital increase subscribed, at € 1.013 per share, the unexercised shares in the 2 billion capital increase completed yesterday. This was announced by the group which stresses that the missing subscriptions have come from the credit institutions for over 592.32 million euros, equal to 29.6% of the capital.
Bnp Paribas, Citigroup, Deutsche Bank, Hsbc, Intesa Sanpaolo and Unicredit (joint global coordinators) and Abn Amro, Banca Akros, Santander, Barclays, Bper, Goldman Sachs, Société génerale and Stifel (joint bookrunners) undertook to take over the possible unexercised (for a maximum of 1.12 billion).
But in the middle of the morning the consortium of banks explained that they had signed an agreement to place 67.8% of the total number of unsubscribed shares on the market. That is 400 million shares representing just under 20% of Saipem's post-increase capital.
At the news that the banks are preparing to sell the shares, the Saipem share is now trading at € 0.82 (1 pm). On Wednesday the company led by Francesco Caio lost 43.2% on the stock exchange , after the -48.5% recorded on Tuesday.
All the details.
HOW THE SAIPEM CAPITAL INCREASE WAS CONCLUDED
Saipem's capital increase, the core operation of the group's relaunch plan after the 2.4 billion red card in 2021, ended with the collection of around 2 billion euros.
This morning the company announced that the guarantor banks have completed the purchase of new shares, worth almost 600 million euros, which have remained unsold. Saipem offered the unexercised rights to Euronext Milan in the sessions of 12 and 13 July. In compliance with the commitments undertaken, the shareholders Eni and Cdp Industria subscribed all the new shares due to them in proportion to the investments held respectively in Saipem, totaling approximately 44% of the capital increase, the group added.
BNP PARIBAS, INTESA SANPAOLO, UNICREDIT AND NOT ONLY HAVE SUBSCRIBED THE REMAINING SHARES
Therefore, today Saipem announced “that pursuant to the guarantee contract signed on 21 June 2022, no. 584,726,520 newly issued shares deriving from the capital increase and not subscribed following the option offer and the stock exchange offer, for a total value of € 592,327,964.76, were subscribed by Bnp Paribas, Citigroup, Deutsche Bank, Hsbc, Intesa Sanpaolo and UniCredit (as joint global coordinators) and Abn Amro, Banca Akros – Banco Bpm Group, Banco Santander, Barclays, Bper, Goldman Sachs International, Société Générale and Stifel (as joint bookrunners) ".
THE NEW SHARE CAPITAL OF SAIPEM
Following this subscription by the guarantors – continues the Saipem note – the share capital increase involving no. 1,974,327,430 New Shares are therefore fully subscribed for a total amount of € 1,999,993,686.59 (of which € 41,460,876.03 as capital and € 1,958,532,810.56 as a share premium).
The new share capital of Saipem is therefore equal to Euro 501,669,790.83, divided into no. 1,995,557,732 ordinary shares and n. 1,059 savings shares with no par value.
THE ANNOUNCEMENT OF UNICREDIT & CO
But the institutes are preparing to lighten their exposure by selling part of it on the market, reports Il Sole 24 Ore .
The banks of the Saipem guarantee consortium will place on the market approximately 68% of the securities not subscribed by the investors as part of the capital increase, a package equal to 19.8% of Saipem's capital post-transaction. In a note, Unicredit announces that Bnp Paribas, Citigroup, Deutsche Bank, Hsbc, UniCredit, Abn Amro, Barclays and Stifel "have signed an agreement aimed at the orderly placement on the market of 396,425,617 shares equal to approximately 67.8% of the total number of shares not subscribed by investors ".
“If the partial placement initiated by the banks is successful, the credit institutions will collectively retain just under 10% of Saipem,” adds Radiocor .
"But with such a large stake in their hands and a falling market price, the process may not be easy," says Reuters .
THE COMMENTARY OF THE FINANCIAL TIMES
"No lessons have been learned," the Financial Times harshly comments today. “In 2016, Saipem tried to raise 3.5 billion euros from shareholders, but failed and left its insurance banks in possession of a stake of around 400 million euros,” recalls the British financial daily.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/saipem-cosa-faranno-intesa-sanpaolo-unicredit-e-bnp-dopo-laumento-di-capitale/ on Fri, 15 Jul 2022 11:17:10 +0000.