The Cdp shareholder Foundations will have to pay around one billion euros over four years for the conversion of their preferred shares of Cassa spa into ordinary securities. According to the first rumors collected by Radiocor, the compromise solution with the Treasury, the majority shareholder, was reached in order not to remove the contribution of the private shareholders from Cassa spa.
The new amendment to the Development Decree will have the support of the Government. For the adjustment everything will revolve around the new appraisal on the value of the company in via Goito after the one carried out by Deloitte at the end of the summer and contested by the private shareholders of Cdp. The immediate go-ahead announced by ACRI at the presentation of the amendment explains how we are faced with a "more equitable solution that takes into account the assessment of the Council of State", according to the assessment of a private shareholder.
The effect of the amendment is a conversion at par which will bring the Foundations down initially to 16,70% of the ordinary share capital of Cassa spa. The institutions, in any case, have the right to go up to 30 percent. According to some observers, a rise to at least 20% of the capital is conceivable, a significant threshold for having a role in the strategic decisions of the company led by Franco Bassanini and the managing director, Giovanni Gorno Tempini.
A contained disbursement corresponds to a yield on the investment in CDP for Foundations that does not fall below 4%, a level considered by many to be minimal, also due to the constraints that the statutes place on investment of assets. The Foundations will also be able to purchase the shares that CariVerona will return, provided that the entity chaired by Paolo Biasi does not retrace its steps in the light of the new conditions for the conversion.
