Fulvio Conti returns to the financial scene with two parallel initiatives, carried out together with other partners. The former CEO of Enel entered not only in the capital of Prelios (as part of the capital increase of the real estate company), but also in that of the new one Italian Fund for Energy Efficiency (FIEE). This is the first Italian equity fund entirely dedicated to investment projects in the energy efficiency sector and will be managed by the asset management company of the same name, authorized last December by the Bank of Italy to provide collective asset management. After completing the procedures required to start up the business, the process of raising capital from qualified investors began.
The team of promoters is led by Andrew Marano, former manager of Enel, and Raffaele Mellone, previously managing director of Merrill Lynch, respectively as managing director and chairman of the SGR - two managers who have gained many years of operational experience in the energy efficiency sector - and includes there Lamse, a holding company controlled by Andrea Agnelli, Fulvio Conti, former CEO of Enel and one of the leading experts in the energy sector in Europe, e Maurice Cereda, previously deputy general manager and director of Mediobanca.
The partners have made a financial commitment to the initiative of 5 million euros. They are also members of the board of directors of the SGR Gianfilippo Mancini, manager with long experience in the energy sector, gained in Enel, and currently managing director of Sorgenia, e George Catallozzi, independent director with many years of experience in the energy efficiency sector.
FIEE has the objective of raising 150 million euros to invest on the national market, with respect to which the commitment of the European Investment Bank to invest 25 million euros. The fund will have a maximum duration of 12 years, and aims to become a long-term partner of energy services companies, with which it will co-invest in technically and economically sound projects.
The goal of the initiative is to repay investors by distributing periodic coupons, with a return target of 10-12%, using the resources deriving from the energy savings achieved as a result of the efficiency measures implemented. The business model therefore envisages a substantial self-liquidation of investments which would allow for a rapid return on invested capital. Unlike a typical private equity fund, which buys companies with the aim of reselling them at higher prices, FIEE is free from the not always controllable dynamics that characterize divestment operations and therefore presents a limited risk profile, in consideration of the nature non-speculative of investments, which are not correlated to the performance of the financial markets.
For Prelios, instead, the consortium of investors who entered with the increase tightened on February 26 a three-year shareholders' agreement on 21,852% of the post-increase capital (assuming it is fully subscribed). Today the offer of unopted rights starts after the increase from a total of 66,5 million was subscribed at a price of 0,1029 euro for approximately 65% of the shares offered. The stock dropped 10% on the stock market today, about an hour after the opening, to 0,1214 euros. The adherents, reads a note published on the website of the real estate company, are the following:
Alexis de Dietrich, which owns 2,069% of Prelios, equal to 9,47% of the agreement;
– DeB Holding (Daniel Buaron), with 6,622% of Prelios and 30,3% of the agreement;
– Feidos Spa (Massimo Caputi), with 3,237% of Prelios and 14,812% of the agreement;
– Renato Corti Foundation (Marisa Busetti), with 2,069% of Prelios and 9,47% of the agreement;
Fulvio Conti, which owns 0,414% of Prelios and 1,894% of the agreement;
– Negentropy Capital Partner (Ferruccio Ferrara and Francois Declerck), with 3,31% of Prelios and 15,148% of the agreement;
– Family energy (Fulvio Angelo Rearrangement), with 1,655% of Prelios and 7,576% of the agreement;
– Merry Port (Gianfranco Paparella), with 0,828% of Prelios and 3,788% of the pact.
York European Distressed Credit Holdings (James G. Dinan), with 1,648% of Prelios and 7,54% of the pact.
None of the participants owns Prelios shares (or voting rights pertaining to them) in addition to or of a different category than the syndicated shares. It is envisaged that, under certain conditions, the participants may acquire new shares or that third parties contribute them to the agreement as long as the takeover bid threshold is not exceeded.
At the end of the three-year period, each participant will be able to freely decide whether or not to renew the agreement. If shares of less than 12% of the share capital with voting rights are syndicated, the syndicate ceases to have effect.
