Back from nightmare holidays for Carige. The title for two hours failed to make money, registering a theoretical drop of 18,75% to €0,0013. At 11.30 the start of trading with shares down by 12,5%. A slight recovery in the afternoon: at 15.40 the red is 6,25%.
To cause the stock exchange debacle of the institute, which has been in financial difficulty for some time, is the lack of green light for the capital increase 400 million euros by the extraordinary shareholders' meeting held on 22 December. The recapitalization, a cornerstone of Carige's capital strengthening plan, is necessary to meet the conditions imposed by the ECB for the bailout.
"The non-approval of the capital increase further reduces the room for maneuver available to management and increases significantly the relative uncertainty about the institution”explains Equita.
The result of the vote is due to the failure to reach the deliberative quorum, due to theabstention from Malacalza Investimenti (top shareholder of the institute with 27,5% of the capital) whose position is allegedly due to the lack of a new industrial plan and the possible need for further loan adjustments. Later they also arrived the resignation of two board members, Lucrezia Reichlin and Raffaele Mincione.
"We are unable to understand what the objective of those who favored this outcome is and we are left with the doubt of a very dangerous game of massacre that risks damaging everyone and which does not take into consideration the workers of the group", write the unions of credit, who reserve the right "to evaluate all the consequences of this decision and to take all the initiatives that the situation requires".
We recall that, the day before the meeting (therefore 21 December), the European Central Bank had given the go-ahead for the capital strengthening maneuver (Tier 2 issue plus capital increase) and the extension to 31 December 2019 of the deadline for compliance with capital requirements. The Eurotower has requested, between today and tomorrow, a meeting with the top management of the institute – CEO Fabio Innocenzi is expected in Frankfurt – which will be followed by a meeting between the Malacalza family and the ECB.
'At this point - the analysts of Equita underlined - it is necessary to verify whether, after the failed resolution of the assembly, these terms can still be considered valid.'
In this context it is also necessary to underline what was written by Financial Times in an article on the "Carige case". The British economic daily takes the bank's resolution for granted, envisaging possible state intervention, as happened for MPS, in order to avoid an even heavier impact on the banking system.
(Last update at 15.45 on 27 December).
