The shareholders' meeting of Monte dei Paschi di Siena gives the green light to the capital increase of 5 billion, with an almost unanimous percentage: 96% of shareholders voted in favor of the increase as part of the plan that leads to the sale of 27 billion bad loans with a maxi securitization. Previously, the shareholders' meeting had also approved the reduction of capital due to losses as at 30 September of 1,39 billion, in addition to losses carried forward of 237,3 million to 7,36 billion. Green light also for the reverse stock split.
The meeting was called today to discuss and vote on the recapitalization on which the bank's top management has been working for months and on which the bank received the go-ahead from the ECB for the plan "without alternatives", developed by the advisors JP Morgan and Mediobanca. The Ministry of the Economy also voted in favour, which in the past had participated in meetings but abstained from voting, as MPS's first shareholder with a share of just over 4%. In the morning, the outgoing chairman Massimo Tononi, opening the meeting, said that 22,37% of the capital was present, therefore the necessary quorum of 20% was exceeded. he was then nominated in Tononi's place Alessandro Falciai to the presidency with the entry of Massimo Egidi into the board of directors.
"I returned to Monte dei Paschi because I believe that with a plan made in a certain way, the bank can once again play a role on the Italian market," he said the managing director Marco Morelli. "Success also depends on the attitude that the ECB Supervision has towards the bank". “The bank's industrial plan and the recapitalization - added Morelli - , from the bank's point of view, are detached from considerations related to the referendum. Then someone makes assessments on the outcome of the referendum and on what implications he has on the bank, everyone is free to do what he wants ”.
Monte dei Paschi has "no idea of what a bail-in price might be because the bank does not consider it and therefore has not made any assessment", Morelli clarified later, answering a shareholder's question on the assessment of what it could be. the issue price of the new shares in the capital increase and instead what could be the alternative price of the bail-in which would be the consequence of the non-execution of the plan. In the written responses to the shareholders at the meeting, the bank indicated the value of the bank's liabilities potentially affected by the bail-in, equal to 64,8 billion at the end of 2015, and the potential contribution in the event of resolution by the holders of liabilities subject to bail-in, equal to 13 billion, again based on the numbers as at 31 December last year.
For Monte dei Paschi it is therefore the umpteenth capital increase, the largest in a single tranche, after having burned 8 billion of recapitalization in the last two years. Today, while the assembly was in progress, the Mps share was the best of the Ftse Mib, with a gain of more than 3% to 0,23 euros per share.
