DeA Capital intends to continue with the share buyback, until the maximum limit of 20% of the capital is reached. This is what the top management of the investment company of the DeAgostini group, the CEO Paolo Ceretti and the president Lorenzo Pellicioli announced. Speaking at the shareholders' meeting, which approved, among other points, a new plan for the purchase of treasury shares (currently DeA holds 15,48% in its portfolio), Pellicioli explained that the treasury shares "could be used for acquisitions paid by card".
The chairman expressed perplexity regarding the attitude of the market, which considers the investment company a holding company and, consequently, applies a discount on the nav; hence the opportunity to buy treasury shares. “We have time to decide how to free up the value of treasury shares”, added Pellicioli, answering a question about the possible cancellation.
On the sidelines of the meeting, the CEO confirmed: “We will remain flexible for a possible cancellation or for acquisitions paid for in paper; there is nothing concrete, however, at the moment”. Regarding the opinion of the market and the discount holding company, the top management underlined the process of transformation of the mission that has been underway for years. “We are gradually exiting direct investments”, explained Pellicioli.
"We do not exclude some direct investments, of more fractional dimensions, perhaps alongside the funds we sponsor". Ceretti emphasized the attractiveness of DeA platforms in the current low interest rate scenario, given that investment in alternative assets, however illiquid, guarantees higher returns. “The start of the year is positive”, added the CEO, “in the sense that we have conducted and closed important operations, above all in the real estate sector; but also in the other sectors we see good prospects for the whole of 2017”.
Ceretti confirmed DeA's intention to push the NPL market but in a selective manner, working on smaller operations than large international funds.
