There is a “yes”, but it is not a “no” to that yesterday the board of directors of Mps has reserved to the plan presented by Corrado Passera. As anticipated by The Sun 24 Hours, after a confrontation which lasted eight hours, the bank’s board has decided – without a vote – for an opening, albeit interlocutory, in the scheme of recapitalization proposed by the former ceo of Intesa Sanpaolo. “We’ll talk with the plan”, it is limited to say the ceo Marco Morelli, at the end of the board of directors convened in the milan office of the institute.
According to what is learned, the council, after having examined the different simulations carried out by the advisors Lazard and Bonelli Erede on the two plans on the table and on the possibilities of their convergence, has decided not to be in a position to refuse have been prejudicially any potential investor, and therefore, we have to continue with the in-depth studies; also because the market appreciates: yesterday, the Mps stock dress has the pink jersey of Piazza affari, with a bounce of the 12,82% to eur 0.19.
it Is a fact that in Siena there is little time and much to do, and then you try to proceed one step at a time: “The cda – reads a note – has continued the investigations in relation to the contents of the industrial plan, which will be passed the next October 24th”, and that, therefore, remains a firm point that will allow all potential investors to make their own choices without misalignment information. Then all on the system of the plan of recapitalization and sale of the sufferings: in this regard, clarifies the bank, “the board of directors confirms the firm intention to continue the implementation of the operation of the recapitalization and the related transfer of the sufferings of the previously communicated to the market”, that is, the scheme Jp Morgan, Mediobanca, but at the same time took note of the update by the to and of the advisors on the proposed non-binding received from dr. Passera October 13th”.
On which, as you said, there is the intention not to close, seeing that “the council has decided to proceed, immediately after the presentation of the industrial plan, the insights started”. In any case “has been finally confirmed the timing of the convening of the shareholders ‘meeting by the end of October”; it is precisely the convening of the shareholders was already on the agenda of the meeting yesterday, but have not had time to prepare the necessary documentation and therefore you will do it all next Monday during the new session of the board of directors: the shareholders ‘ meeting, with all probability, will be held at this point on Thursday 24 or Friday 25 November, the window of the eventual conversion of the bond will open on Monday 28th and two weeks after, on the 12th of December, and then after the referendum, it will start to increase.
beyond the official note, necessarily cerchiobottista, the next few days will be intense and delicate. A part ilceo Marco Morelli will work his belly to the ground on the industrial plan that will bring Monday in the council, the other ministers will be working to clarify some of the elements considered determinants of the plan Flounder: who are the investors, for example, but also to the approval of the Ecb, as well as the possibility of a convergence with the plan of Jp Morgan and Mediobanca, clearly faithful to the plant built at the end of July with the then ceo Fabrizio Viola.
The plan presented by Corrado Passera, who has pushed the title of the Monte to the Piazza affari, has been the subject of an interview of the manager to Consob. The authority has convened in the afternoon for more, and after a half an hour, the former ceo of Intesa is released from the see of rome, together with the chairman, Giuseppe Vegas: “it Can be a beautiful project that, if all goes as it should go, would see Italy get out of it”. More is not said, even if according to what leaked would see the arrival of the 3.5 billion of fresh resources.
Plaice would have a letter of intent of some institutional investors – the only pr, now known is the bottom of the Atlas of Bob Diamond – for a total of about 2.5 billion, and another billion would be expected as the increase in option to current members, while you would expect any conversion of the bond. As in the plan, you will point to maxi-securitization of receivables in tandem with the fund, the Atlas, for a higher amount – 32 billion instead of the 27.7 – but especially in a stage immediately subsequent, and not context, of the increase. In this way, according to the scheme Flounder, the quota (i.e. the junior tranche of the securities of securitized loans) of the Spv would end up to all new shareholders of the Mount, and not the current.
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