La Fondazione Carige is ready to sell a block of shares equal to 5-6% of the Bank to reduce your debt. The Ligurian body is already proceeding with the request for the go-ahead from the Treasury ministry to then entrust a bank with the task of handling the placement at the best market conditions.
The operation will probably take place with an accelerated bookbuilding and, at current stock exchange prices, could allow the Foundation to make a drastic cut in debt before defining the strategic choices in view of the recapitalization of the bank.
The Foundation has an exposure close to 100 million towards Mediobanca as well as a bank credit line from Banca Carige which in September was less than 40 million and which has however been reduced in recent months with the sale of some blocks of shares of the bank on the market. The disbursement commitments not yet respected can be quantified at around twenty million.
At yesterday's closing values of Piazza Affari, i.e. at 0,52 euros per share, the placement would allow for collection of between 56-68 million, without however considering the discount at which this type of transaction usually takes place (just last week the Mps Foundation sold 12% of Monte dei Paschi through an accelerated procedure with a discount of approximately 5% on the market price).
Should the sale of the envisaged stake materialise, the Carige Foundation, currently owner of 45,1% of the Bank, would fall below 40%.
In mid-morning today, Banca Carige's stock on the Stock Exchange gains 0,6%.
