Consob's clearance for the information prospectus of Credito Valtellinese (Creval) for the 700 million capital increase that starts on Monday arrived on time, but the Stock Exchange Supervisory Authority induced the Lombard bank to declare, in compliance with the Mifid 2, that its shares (both new and old), which are now worth only 0,1 euro, are "at maximum risk".
A great puzzle for the small shareholders, who are the vast majority and who risk losing almost everything if they do not subscribe to the new shares of the capital increase, which is super-guaranteed by a consortium of banks which will take over any unopted shares, but which unfortunately will not be enough to meet the needs of the bank identified by the latest industrial plan aimed at 2020.
It is the same bank that underlines, in the prospectus approved by Consob, that, even if the capital increase were to go through regularly, the appeal would still lack 103 million euros.
In short, Creval remains an open case and from tomorrow the games on the Stock Exchange will open after the sensational reductions in the share which has lost 82 percent in the last seven months.
