The Mps Foundation bids farewell to Monte dei Paschi di Siena, announcing that will not participate in the forthcoming capital increase of the bank. After the transaction, the Entity will only keep a symbolic share in the institution's capital.
If it really will be 5 billion, as rumors tell us, the disbursement pertaining to the Foundation would have been around 75 million, an unthinkable figure for Palazzo Sansedoni's coffers. On the contrary, the Foundation has decided to evaluate the modalities of disposal of a large part of the residual package in his possession, 1,49% of the share capital, before the start of the recapitalisation.
This will conclude the disposal process started with the historic decision of February 2012, when the MPS Foundation decided to renounce control over the bank, held with 51% of the capital, to meet the debts contracted with the banks and gave a first package of 15% of the capital. The last act was written on 21 July: the bodies of the Foundation led by Marcello Clarich decided to modify the strategic planning documents, one long-term and the other annual, which give the guidelines for acting on the transferee bank.
“In the light of the recent events concerning Banca MPS – reads the report published in the 'transparent foundation' section of Palazzo Sansedoni – the planning documents have been modified in order to allow greater flexibility of action for the administering Deputation, in relation to any strategic operations concerning the transferee and in any case excluding the total disposal of the shareholding".
The Palazzo Sansedoni institution will now have to evaluate the best options with the appointment of a financial advisor who cannot be the one used for last year's capital increase, Fonspa, as the Bank headed by Panfilo Tarantelli is committed in the disposal of the bank's non-performing loans with the Atlante fund. The divestment process started in 2012 by the institution reached its climax in 2014, with the sale of 31% of the capital of Banca Mps which allowed the Foundation to pay off the residual financial debt of 340 million and to acquire a cushion of liquidity of over 400 million.
The Mps Foundation, under the chairmanship of Antonella Mansi, decided on the occasion of the sale of the last round tranche of Mps shares in its possession, to maintain a 2,5% stake in the shareholding, syndicated with the shareholders Fintech and BTg Pactual finalized maintain a say in the governance of the bank. That choice, however, forced the institution to make further write-downs in the balance sheet (160 million in two years) and to disburse the last capital increase of 2015 billion in 3, partially subscribed, which led to the dilution of the share current 1,49% of the capital.
The former majority shareholder of Mps, to support the bank in the unfortunate adventure of the purchase of Antonveneta, bled to death: assets from 5,7 billion in 2008 were reduced to 450 million in 2015, an amount almost equal to the dividends received from Rocca Salimbeni in just two years, the last of the golden age (2008 and 2009: respectively 376,5 million and 64 million).
Meanwhile, waiting for the foreseeable rejection of the Eba stress tests the results of which will be communicated in the evening, meets today an extraordinary Board of Montepaschi on the extraordinary measures to be taken to restore the bank. But surprisingly, it arrived on the administrators' table an alternative proposal to that of JP Morgan: the author is Corrado Passera, which came forward with the support of Swiss giant UBS.
The proposal, anticipated in the evening by a letter of four folders containing the salient aspects of the operation, will thus have to be examined by the Sienese bank's board of directors and will be formalized by the former minister himself. According to what is learned, they would play a key role the big American funds.
