In the wake of the (unhoped-for) success of Bpm's capital increase, today we rejoice for a few hours: by mid-morning the stock in Piazza Affari rises by more than 5 points, leading the Ftse Mib. However, the time for celebrations will be short: more than one problem knocks on the doors of Popolare di Milano and its new strong partner, Andrea Bonomi, who with Investindustrial is rising to 9,9% of the shareholding.
Around the corner, as early as Thursday, what is destined to be one of the busiest and busiest meetings of Bpm is scheduled, which has already seen some good ones in the past: the meeting for the restructuring of the notorious convertand for which they have already triggered Consob sanctions. And today the CDS and the CDG will try to take stock of the position of managing director who will hopefully be able to relaunch the Institute and restore the powerful internal trade unions to their rightful role.
THE CAPITAL INCREASE
Yesterday the offer of unexercised rights concluded, bringing the number of shares subscribed by the market to 94,02% of the total offered. A result that is all the more important if one considers that in recent weeks the share prices have traveled below 0,30 euro and therefore it would have been more convenient to buy shares on the market. 5,98% of the capital has not been subscribed and remains with the banks of the guarantee consortium led by Mediobanca, but Bonomi's Investindustrial has already confirmed that it will subscribe about 3%.
BONDHOLDERS ON THE FOOT OF WAR
15 are preparing to land on Thursday at the assembly. They are the bondholders of the famous Bpm convertible placed in 2209 by the institute to raise liquidity but on which Consob's beacon was soon lit on the method of subscription to retail customers: after the institutions had snubbed it, in fact, the bond is placed at individuals with "questionable" criteria that would have overlooked the riskiness of the instrument with respect to the real risk profile of the buyers.
For this reason, Consob has already imposed sanctions on some Bpm managers, the former general manager Fiorenzu Dalu and Enzo Chiesa, at the time co-manager and now general manager (for a moment also in the running for the future position of CEO), as well as the compliance officer Ivano Venturini. Now the bondholders are called to vote on the advance of the maturity date of the loan from 1 June 2013 to 29 December 2011 and the reduction of the minimum conversion price from 6 to 2,71 euros. With this restructuring, made necessary by the need to strengthen the bank's assets and which is part of the guidelines of the business plan, savers risk losing between 70 and 90% of the paid-in capital.
THE SEARCH FOR THE NEW CHIEF EXECUTIVE OFFICER
On the Bank's management front, the internal solution seems to have been shelved, even under the blows of the Bank of Italy's moral suasion. The CDS and the CDG are meeting today to examine the profile of the new managing director on whom the headhunting company Egon Zehnder has been working for some time. By January there should be a new summit in Piazza Meda to take over the reins of the institute.
