Mps aims to return to the Stock Exchange within a few weeks. The Sienese bank is working with Consob on drafting the registration document necessary to return to Piazza Affari, where the institution's shares have been suspended since last December, when the last attempt to save the institution with the intervention of investors failed private.
Once the go-ahead from Consob has been obtained for the document, which Siena expects to arrive by September 23, trading on Montepaschi shares will be able to resume. The readmission date should be between the last week of September and the first week of October.
The next step will be the restoration of the former holders of retail subordinated bonds, bonds that are then exchanged for shares of equal value. New shareholders will be able to swap their securities back for senior bonds owned by the Treasury.
If all interested parties adhered to the offer, the Ministry of the Economy would cash in such a quantity of MPS shares that it would allow it to rise to 70 percent of the Bank, from the current 52,2 percent.
In reality, the important thing is that the Treasury manages to exceed the 60 percent quota, the quota necessary to autonomously approve the new Montepaschi statute. This is why the shareholders' meeting will probably be held in November: before then, the state must close the stock exchange and refreshment issues.
