FONSAI-UNIPOL DISCUSS TO THE ULTRANCE. PREMAFIN: A 225 MILLION CONVERT
“It is right that there should be a discussion on swaps” comments Emanuele Erbetta, CEO of Fonsai, on the sidelines of the savings shareholders' meeting of the Milano Assicurazioni company. Erbetta confirmed that the negotiations on the exchange ratios between Fonsai, Premafin and Unipol are in full swing (this morning managing director Domenico Peluso is discussing Fonsai): it will only be known later in the afternoon whether, once the agreement has been reached, it will be possible to proceed to a company board meeting tonight or whether the summit will be held in Turin, after the Tomorrow.
Meanwhile, the extract of the agreement between Premafin and Unipol on the reciprocal commitments relating to the merger integration project involving Premafin, Fonsai, Unipol Assicurazioni and Milano Assicurazioni and which provides for an indemnity on the part of Consob was published today at the request of Consob of Ugf compared to the three companies of the Ligresti group involved, considered by the Commission as a real shareholders' agreement. Thesis not shared by the top management of the holding: Premafin itself explains that it publishes the text "for the sole and exclusive purpose of complying with the indications contained in the Consob Communication, but without prejudice to the reasons of Ufg and Premafin, which do not share the reconstruction made by 'Authority'.
"However, we can say - Erbetta pointed out in the meeting, addressing the Milano Assicurazioni shareholders - that it will be our absolute priority to guarantee appropriate financial treatment for minorities, allowing for a valuation of the share due to them which in any case reflects the economic value of Premafin" . "It should be remembered that part of Premafin's debt - he added - is of the convertible type of 225 million, which once converted into shares of the combined entity will lead to an increase in Solvency Capital".
Meanwhile in Piazza Affari the stocks of the former Ligresti galaxy are proceeding in positive territory: Premafin (+2.55%), Fonsai (+4.69%) and Milano Assicurazioni (+4.43%). Speaking of Milan, Erbetta said that the company "is orienting itself in a virtuous circle, in a virtuous trend". The operations carried out "will be expressed in a positive way" and even if "the first three months have not yet been approved, with these premises it is very likely that they will have a positive trend". The company, added Erbetta, is oriented towards the "search for solidity from an industrial point of view and profitability from a financial point of view".
The sword of Damocles remains in the bankruptcy request of Imcpo and Sinergia advanced by the Milan prosecutor's office. Milano Assicurazioni, said the chairman Angelo Casò, "will follow the evolution of the situation carefully" to protect its own interests. Between the company and the two companies there is a "contract for the sale of a future thing concerning buildings to be built". "As regards the amounts - he explained -, the total book value is 130 million, of which 73 for a property in Rome, in via Fiorentini, and 57 million for Milan in via Confalonieri, at the corner with via dei Castilla".
