Green light ofextraordinary meeting of MPS to the statutory changes on governance that introduce board list as a method for renewing the bank's governing body. Other approved changes include reducing profit reserves to 5%, increasing the variable portion of managers' compensation, and eliminating the limit on directors' terms.
The meeting, which took place today, Wednesday 6 February, with the designated representative modality, was attended by 68,01% of the capital and all seven items on the agenda of the meeting were approved with "Bulgarian" majorities: over 99% of the capital represented.
Monte dei Paschi, through a note, recalls that "as of today the ECB has not yet released the authorization provision relating to the aforementioned statutory amendments. Their effectiveness therefore remains subject to the issuance of this provision."
MPS: the assembly vote
In detail, the possibility of allowing the outgoing board of directors to present its own list Of the candidates for the renewal of the body, the shareholders of Monte dei Paschi said yes with a majority of 99,92% of the capital represented. A slightly lower percentage was reached on raising the "ceiling" of the variable rate to a ratio of 2:1 with the fixed salary: 99,48% of the present capital were in favor.
The green light from the assembly, therefore, to the elimination of the term limit for councilors (with 99,89% of the vote in favor), a measure that in this case only affected the chairman, Nicola Maione, who is nearing the end of his third three-year term on the board. In a previous meeting, Siena had removed the age limit for CEOs, which was 67, allowing Luigi Lovaglio (70) to continue as CEO.
Broad consensus, among other changes, on the elimination of the statutory reserve for profits so as to be able to increase the dividend payout 100% as already anticipated by the bank.
The two main shareholders participated in the meeting and handed over their shares. Delfin and Caltagirone with the latter having further strengthened its capital, increasing its share in the Sienese bank at 11,45% from the previous holding of 10,26%.
MPS: Focus on the business plan, Mediobanca flies in the face of delisting possibility
Now the focus returns to the board of directors led by Louis Lovaglio, called to define the new business plan that, second Mf-Milan Finance, it could arrive as early as the end of the month. And The market is already betting on the delisting of Mediobanca, with the title of Piazzetta Cuccia which on Wednesday closed the session with a 5,84% markup: investors believe the possibility of a residual takeover bid for the few remaining shares of the investment bank (MPS holds 86,35%) is increasingly concrete.
The offer at current stock market values of MPS would value almost 24 euros per Mediobanca share, 25% more than the 19 euros traded at Piazzetta Cuccia, which has lost 14% since the takeover, compared to the 15% gains made by Siena (up 1,15% on Wednesday to 9,044 euros). Hence the rush to buy.
(Last updated: 12:40 PM, Thursday, February 5)
