After Draghi's anti-spread shield, the yes to the ESM from the German Court and Bernanke's bazzoka, the markets could find the road to stabilisation. There are several companies in Piazza Affari that have launched capital increases and that now, with more favorable markets, could be able to launch the recapitalization.
Waiting for the right window there is for example Bialetti, the famous coffee maker brand, which estimates that the operation, approved on 20 June to strengthen the capital structure, could be executed by the end of 2012. The deadline is, however, 31 December 2013. The company has approved a capital increase payment and inseparably through the issue of ordinary shares with no par value, to be offered as an option to all shareholders, for a maximum of 15 million euros, including any share premium. Bialetti Holding, controlling 63,5%, will subscribe shares for 9,083 million.
Autostrada To-Mi would also like to proceed by the end of 2012, although the authorization for the increase approved on 20 April can be exercised within 24 months. The maximum amount foreseen, in one or more times, is 500 million euros but the use on the agenda for now is 200 million. Shares with a nominal value of 0,5 euro each will be issued, to be offered as an option to shareholders.
He then tightens on recapitalization Dmail which just today convened the Extraordinary Shareholders' Meeting for 26, 29 and 30 October 2012, “to resolve on the recapitalization provisions pursuant to art. 2447 of the civil code” (which governs the case of reduction of the share capital below the legal limit), “also pursuant to art. 2441, paragraph 5, of the Civil Code, or to appoint liquidators". The board is also evaluating the use of insolvency proceedings to protect all the interests involved. In May, the group had approved a capital increase to be carried out by 31 December 2012, against payment and in divisible form, for a total maximum of 15 million euro, through the issue of new ordinary shares, to be offered as an option to shareholders, with free combined one warrant for each newly issued ordinary share.
Could wait a little longer instead, BeeTeam, an IT consultancy company, which in July approved an acda proxy for a capital increase of a maximum of 12,5 million euros to be completed by the end of 2013. The increase, against payment and in divisible form, is aimed at enabling the development of business with higher added value, particularly in the “Consulting” and “ICT” segments, also through a greater presence on foreign markets, as well as the payment of overdue and falling due debts and the strengthening of the Group's capital and financial structure.
Then there are those who approved the increase recently. As Synthesis, a holding company focused on stable investment activity in the Private Equity, Real Estate and, eventually, Long Term Investments sectors, which only last September 4,9rd launched a paid recapitalization for a maximum of 28 million euro to be carried out by February 2013, 25,9 to obtain sufficient financial resources to allow the full settlement of the losses recorded and the reconstruction of the share capital. The company then gave a mandate to the board of directors to issue an increase up to 25,9 million, with or without warrants, and to issue bonds convertible into shares, with or without warrants, up to a maximum amount of XNUMX million.
Also at the beginning of September the multi-utility Ivy launched a capital increase for a maximum of 85 million as part of the merger with Acegas-Spa. Fondo Strategico Italiano (FSI) will subscribe to any unopted shares or will purchase the rights to the capital increase.
There is no shortage of banks with the People of Spoleto which last August conferred a mandate to increase the capital, against payment, in divisible form and in one or more tranches, up to a maximum amount of 30 million euro. Furthermore, the BoD has been given a mandate to issue convertible bonds up to a maximum nominal amount of 70 million euro, with the bank possibly having the option to repay, on maturity or even in advance, the loan by delivering ordinary shares and / or cash consideration.
Finally, on the agenda there are also increases for As Roma (up to a maximum of 80 million), Gabetti (up to 6 million to be offered as an option to the market), Ikf (for a fee and in divisible form up to 445.250 euros to be offered as an option).
