Lottomatica: after the rally of the last few months, the "work in progress" does not raise the share

The excellent performance of Lottomatica in recent months (from 9 euros in January to 15 in May) gives Mediobanca the right opportunity to do some trading on the stock, shares mostly linked to the conversion of the mandatory convertible loan of October 2012. Between 2 and 25 May, Piazzetta Cuccia bought and sold securities on the market for an equivalent value of the transactions of around 16 million euro, earning around 2 million euro: it sold around 639 thousand shares for 9 million euro and bought for around 7 million (moreover, on May 24 Lottomatica detached the dividend). Mediobanca holds 12,74 per cent of Lottomatica shares, most of which (approximately 11% of the share capital) are encumbered by a revolving pledge agreement which allows the transfer with the substitution of an equivalent cash guarantee. However, the market remains indifferent to the work in progress: the Lottomatica share loses around 1,6%, slightly more than the list which loses around 1,1 percent