Very black morning for the Saipem stock: it entered the trade with difficulty, it makes a first price of 3,3 euros and is immediately stopped for having ripped off. At mid-session, it was 2,558 euros, down 32,59%.
The operation of capital increase of the Company from 2 billion euro is in the final stages.
Yesterday, the last day for the option to be exercised, Saipem announced that the operation was concluded with approximately 70% of the new shares subscribed (14.498.312 option rights were exercised), for a total amount of 1,4 billion.
Eni and CDP who control Saipem have subscribed all the new shares in proportion to their shareholdings equal to approximately 44% of the capital increase.
Today (and if anything tomorrow) is the turn of the negotiation of unexercised option rights (6.284.082 unopted) offered on the stock exchange (on Euronext Milan organized and managed by Borsa Italiana, through Unicredit) for a total value of approximately 600 million euro at a value of 1,013 euro with a subscription ratio of 95 new shares for each unexercised right.
The exercise of the rights acquired at auction and the subscription of the related shares must be carried out by 14 pm on Thursday 14 July, says the company statement.
A syndicate of banks guarantees the unsubscribed shares
Saipem recalled that there is a underwriting agreement with the banking consortium relating to the capital increase operation up to a maximum total amount of 1,119 billion, or the difference between the total value of the increase and the value of the new shares subject to the subscription commitment by Eni and Cdp.
The consortium on the Saipem increase includes Bnp Paribas, Citigroup, Deutsche Bank, HSBC, Intesa Sanpaolo and Unicredit (as joint global coordinators) and Abn Amro, Banca Akros, Santander, Barclays, Bper Goldman Sachs, Société Générale and Stifel as joint bookrunners who therefore undertook to purchase the new unsubscribed shares at the end of the unsubscribed auction.
The communication ondefinitive outcome of the capital increase it will be supplied by the market opening on Friday 15 July.
The new shares subscribed will be credited to accounts with ISIN code IT0005497273 by the end of July 15, 2022. The new shares will take on the regular ISIN code IT0005495657 equal to that of Saipem ordinary shares currently in circulation and will be available for liquidation on July 19.
