You have reached the quorum for the general meeting of the members of the Mps called to give the delegation to the board of directors for the recapitalization by five billion. The chairman Massimo Tononi opening the meeting said that the 22,37% of the share capital. The bank has informed that from the solicitation of the proxies have arrived 6.880 proxies. The meeting was called to discuss and vote on the capital increase on which the vertices of the institute are working from months. Only yesterday, the Mps has received from the Ecb the green light to the plan "without alternative", which now submits to shareholders. Particularly given the moves of the Qia, the sovereign wealth fund of Qatar, the natural candidate to beco me a member reference.
Mps, there is the quorum: the shareholders ‘ meeting. Follow direct
“there are No plans B”, reaffirmed yesterday the Monte dei Paschi, at the request of Consob. Recalling facts how high the stakes were at the assembly today: without the go-ahead to the increase of capital from five billion to open scenarios which are uncertain and therefore decidedly gloomy. That could be the same with which you will do the accounts if the market turn back to Siena, but with the yes of the members at least the bank if you can play.
And, tell you with every chance today, ceo Mark Morelli, the signals are not as negative as one could fear: the Qia, the sovereign wealth fund of Qatar, is in the data room by day and a natural candidate to become a reference partner by putting on the table a billion (there is those who wait for a formal commitment, while not binding in the next few days), and from the conversion of the bonds could reach a contribution more substantial than that billion and 43 million assumed in the past few weeks (but we knew yesterday), especially where the General – as he said yesterday, the ceo – decides to transform into action its share of subordinates.
Mps: from the translation of the bond expected to be a billion. In the course from weeks inspections Ecb
Much more Morelli today will not say, because the uncertainty is so great and largely tied to the referendum on the 4th of December, to the impact on the market and, consequently, to the existence of the guarantee of the consortium led by Jp Morgan and Mediobanca. In front of the new ceo, who took over in September, Fabrizio Viola, it should be in a little over 20% of the share capital, the minimum to constitute a valid shareholders ‘ meeting: the core reduced to below 10% (of yesterday’s news that the Mps Foundation has further thinned to 0.8% of its share), the foreign funds with the 5% to 6%, and at least as gathered from the thousands of proxies of small shareholders. Destined to be the most adversely affected by the operation, in view of the dilution.
The scaffolding built by Jp Morgan and Mediobanca – which was accompanied by the work of Lazard, advisor of the bank, but the Vital & Co, one of the advisors of the independent directors – has been part of the magazine with respect to the version of July and then yesterday in the area Cesarini came the new and necessary green light to a plan by the Ecb, which, however, – said yesterday the bank still has in the course of an inspection of all field on the credit portfolio of the bank, the results of which you will know in the first half of 2017 and may of course affect the cost of the risk.
in the Meantime, however, the eyes are on the floor. Complex, risky and expensive, as is apparent from the information disclosed yesterday by the bank at the request of Consob, as anticipated yesterday by The Sun, on Tuesday had sent a formal request to the Rocca Salimbeni. From the 43 pages published shows that the total costs of the maxi-yard amounted to 448 million: the increase in the 170, the securitisation of 69, the conversion of the bond 22 million, the business plan of the 2 and then the other 179 million related to the two other subordinated loans. As mentioned, by the conversion of the bond is perpetual and subordinate the Mps hopes that they arrive at least 1,043 billion, of which 208 million from 37mila small investors the holders of the bonds 2008-2018 (which, however, continues to be sold). In reality, the bank aims to collect at least a billion and a half: in that case, it would remain to find the other 3.5 billion, and a further contribution could come from the offer, conversion of loan Fresh 2008, a billion facial, with a value of 23.5% compared to the nominal value: in total, in this case, "dance", a contribution of just under eur 300 million.
The floor of ripatrimonializzazione Mps
To the shareholders convened for today in Siena, the face of the inevitable dilution, will be entitled to a right of pre-emption on the shares for the market and especially the free allocation of the junior tranche of the securitisation of the suffering of 1.5 billion that is currently the subject of evaluation by an expert outside. The preliminary estimates included in the consolidated lead to a fair value of 427 million euro, which, however, may deviate with respect to the final valuation that the appraiser will release it,” explained Monte.
Stored the extraordinary and – opening – the other points of the ordinary, called to deliberate among other things on the proposal for a share capital reduction to cover previous losses, the shareholders will vote to elect a new president in place of the resigning Massimo Tononi. Only one candidate, proposed by the Mps Foundation, is Alessandro Falciai, among the main shareholders of the bank with a share of 1.8%. Furthermore, the general meeting shall appoint, always to replace Tononi, a new member of the board of directors, as identified on proposal of the Foundation, and in Massimo Egidi.
Finished with the assembly, will meet immediately, the board of directors to exercise the delegation granted by the shareholders. An act, however, necessary to start with the conversion of the bond (formally, to the holders will be granted a sum frozen until the subscription of the shares): because it is involved in the retail and serves the publication of a prospectus already in Consob and waited and then for Friday. In parallel, proceed with the preliminary work with the Quaestio and Fonspa to the maxi-securitization with Atlas, which in numbers the definitive differs marginally from the original ones; change the "compensation" for the fund Alessandro Penati: instead of warrants for 7% of the shares of the new Mps, will be an amount in cash of 200 million.
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