Liguria increasingly poor on the stock exchange. The companies in the coastal region listed on the Piazza Affari will be reduced to three. In fact, Boero Bartolomeo will leave the trading list 35 years after entering it (the debut dates back to 22 December 1982). The Genoese Erg (Garrone-Mondini family), Banca Carige (Malacalza reference shareholder) and Orsero di Albenga remain.
On 15 September, in fact, the Board of Directors of Boero Bartolomeo, a historic company of paints for the building, yachting and naval sectors, resolved to convene a shareholders' meeting called to approve the purchase of its shares through a voluntary public offer in order to then obtain the delisting, i.e. the exit from the Italian stock market.
The result is obvious. There is already an agreement, a pact, between the six groups of shareholders who together hold 97,4% of the capital, which rises to 98,7% with the securities already in the portfolio of Boero Bartolomeo, whose free float it is therefore limited to 1,26%. Andreina Boero alone, president of the holding, owns 55,3% of the company, in which her daughter, Cristina Cavalleroni Boero, also owns shares.
The explanation of the decision is emblematic: "In consideration of the de facto absence of a significant free float, there is an interest of the Company, which has never resorted to the capital market after the listing and which faces significant compliance costs related to the listing regime, to do everything possible to obtain the delisting of the title”, reads the press release, which also reports the news of the co-optation of Giovanni Pericu, an esteemed law professor and lawyer, former parliamentarian and mayor of Genoa, on the Board of Directors.
Boero Bartolomeo heads the group of the same name which has about 300 employees and had a turnover of 85,4 million in 2016. Its share closed on Friday at a price of 20 euros and its capitalization was just over 87 million.
Also on Friday 15th, the Orsero shareholders' meeting approved the paid capital increase reserved for the Spanish group Fernandez, which will thus have 5,66% of the Albenga-based company, whose group is one of the main European importers and distributors of fruit and vegetables (in 2016 it had a turnover of 685 million, has 20 plants and over a thousand employees). The share capital of Orsero will thus rise to 69,1 million. The last stock exchange price was 13,67 euros, which corresponds to a capitalization close to 230 million.
Della Orsero is vice president, managing director and general manager, as well as a major shareholder, Raffaello Orsero, nephew of Antonio Orsero, who founded the company in 1940.
From the blog Northwest.
