After long hours of uncertainties, intense negotiations and the search for investors, the green light came during the night for the capital increase by 2,5 billion of Monte dei Paschi di Siena Bank, operation “fully guaranteed”, says a note.
Today the Sienese bank capitalizes 252 million euros after losing 72% since the beginning of the year.
Il Board of Directors of the Sienese bank under the chairmanship of Patricia Grieco, he set last night at condizioni and terms definitive, on the basis of the resolution of the shareholders' meeting of last September 15 of the operation, which will start the 17 October and will end on 3th November.
The offer envisages a ratio of 374 new shares for every 3 MPS shares held
The operation will take place in separable form. The tbsp resolved to issue a maximum of 1.249.665.648 new ordinary shares without indication of the par value, with the same characteristics as the outstanding BMPS shares, including regular entitlement, which come quote as an option to those who already own BMPS shares with a subscription price of 2 euros for each new share, with a ratio of 374 new shares for every 3 shares BMPS owned. The maximum equivalent value of the offer will therefore be 2.499.331.296 euros and the subscription price incorporates a discount equal to 7,79% compared to the theoretical price (the so-called Theoretical Ex Right Price -TERP) of the BMPS shares, calculated on the basis of the official closing price of the BMPS shares on 11 October 2022, i.e. 25,58 euro. This morning the title on the stock exchange at 1045 is down 13,29% a 22,18 euros. The general Ftse Mob index is up 0,48 pct
The Guarantee consortium is joined by Algebris and third parties for a total of 894 million
Lo State will inject, as expected, 1,606 billion euros. guarantee consortium composed of eight banks, which in the last few hours has raised doubts about its complete participation, has put its signature on 807 million, while others 50 million they came from algebris (of which 30 million pari passu with the guarantors and 20 million as sub-underwriter) thus bringing the total commitments on any unopted shares to 857 million.
Furthermore, the Bank - the note says - has received subscription commitments from third party investors For others 37 million, with which one arrives at arrives at 894 million, close to the 900 needed to cover the extra Treasury share. Finally, inform the note, some investors have undertaken commitments to the guarantors for the subscription of new shares for an amount for more than 50% of the share reserved for shareholders other than the Treasury. Participation was expected of some Foundations, above all Tuscan, in particular the CR Florence Foundation. Also waiting DearLucca e Savings Bank Foundation of Pistoia and Pescia, In addition to Social security funds such as Enpam and Cassa Forense, and Inarcassa, with which the Mef had established some contacts.
The banks of the Consortium are BofA Securities Europe SA, Citigroup Global Markets Limited, Credit Suisse Bank (Europe) SA, Mediobanca – Banca di Credito Finanziario SpA, as joint global coordinators (the “Joint Global Coordinators”) and Banco Santander, SA , Barclays Bank Ireland PLC, Société Générale and Stifel Europe Bank AG as joint bookrunners (the “Joint Bookrunners” and jointly with the Joint Global Coordinators, the “Guarantors”).
Highly dilutive operation on a rolling model
The transaction, the launch of which is subject to the approval of the prospectus by Consob, is qualified as "strongly dilutive" and the reference legislation of the so-called rolling model is applied. This is the introduction of an additional delivery window for the new shares on each day of the offer period and not only at the end of the operation. The objective is to avoid price anomalies on equities.
Shareholders who request it will be granted the right to receive the New Shares at the end of the trading day of the open Stock Exchange in which the related Option Rights have been validly exercised, starting from the third day of the offer, provided that the operating procedures established are respected from Monte Titoli.
MPS capital increase: payment and negotiation of unopted rights
Full payment of the new shares must be made upon subscription of the same through the authorized intermediary to which the subscription request was presented. The new shares subscribed by the end of the Option Period for which the Rolling Delivery Faculty has been exercised will be credited to the accounts of the intermediaries adhering to the centralized management system managed by Monte Titoli at the end of the accounting day on which the related Option Rights have been validly exercised, starting from the third day of the offer.
The New Shares subscribed by the end of the Option Period for which the Rolling Delivery Faculty has not been exercised and the New Shares subscribed by the end of the Unsubscribed Auction will be credited to the accounts of the intermediaries adhering to the centralized management system from Monte Titoli by the end of the accounting day of 4 November 2022, for availability on the same date.
The rights will also be tradable on Euronext Milan from 17 October 2022 to 25 October 2022.
I unexercised rights within the end of the option period they will be offered on Euronext Milan in the unsubscribed auction on 1 and 2 November 2022. The option rights purchased during the unsubscribed auction must be exercised by 3 November.
Postponed the quarterly to November 10th
Monte dei Paschi di Siena also communicated that the interim report of management of the third quarter of 2022 will be submitted to the approval of the Board in the session of November 10, 2022instead of the November 3, 2022 date originally envisaged in the financial calendar published last January. "This postponement is necessary to allow for the effects deriving from the voluntary redundancy of the Bank's employees (part of the 2022-2026 Business Plan) to be implemented in relation to the outcome of the Bank's capital increase operation", it is underlined in a Note.
