Creval shares start to drop sharply and option rights sink on the day of the launch of the 700 million capital increase. The securities of the Valtellinese institute, which started trading with an adjusted reference price of 0,1122 euros, dropped 6,7% to 0,1046 euros by mid-morning on Monday. Option rights, which debuted at a price of 7,6880 euros, fell vertically to 2,615 euros (-64%).
The operation provides for the issue of 6.996.605.613 ordinary shares at a price of 0,1 euro per share, in the ratio of 631 new shares for every old one held. It should be remembered that the quotations have come to lose around 25% after the diffusion of these conditions. The information prospectus shows that the total capital strengthening envisaged is equal to 803 million, also considering the other initiatives that the bank is implementing. Furthermore, the same document shows that an inspection by Consob has been underway since 23 January, as well as the fact that Bankitalia expresses some observations on the institution's recovery of profitability.
Consob itself, gave the green light to the increase but it led the Lombard bank to declare, in compliance with Mifid 2, that its shares (both new and old), which are now worth only 0,1 euro, are "at maximum risk".
16.37 hours update: Less than an hour after the closing, the shares recorded a plunge of 7,65% to 0,1036 euro (0,1122 euro the opening price), while the rights collapsed by 71% to 2,26 euro compared to the price of the debut equal to 7,6880 euros
