If, as appears extremely probable, the capital increase aimed at the IPO of Banca Popolare di Vicenza will not be covered entirely by the market and will therefore see the intervention of the Atlante fund, the price at which the entire operation will be carried out (before the increase, then the placement) will be 0,1 euro, the minimum value of the range indicated by the Board of Directors (0,1-3 euro). The CEO of the institute explained it, Francis Iorio, on the sidelines of the ABI executive.
“Everyone buys at the same price – he underlined – There will be bookbuilding with a competitive procedure, we will see how much bookbuilding will be filled by the institutional offer. Then Atlante will have the right to withdraw the unsubscribed amount at the minimum price of 0,1”. Therefore, if Atlante intervenes, the placement price will be 0,1 euro.
Previously Atlante had undertaken to subscribe shares of Popolare di Vicenza at a price not higher than the minimum of the valuation proposal, precisely 0,10 euro per share and up to a maximum amount of 1,5 billion.
The clarification was communicated by Unicredit Wednesday morning. Figures in hand, therefore, the pre-increase valuation of Popolare di Vicenza is calculated at 10 million, while after the recapitalization it will be 1,51 million. The valuation of the bank thus went from 5,83 billion in 2014 to 4,82 billion in 2014 to 1,51 billion realistically conceivable at the end of the last capital increase.
"I am highly confident that the thing will go through positively", added the CEO of Unicredit, Federico Ghizzoni, regarding the stock exchange listing of Banca Popolare di Vicenza. Ghizzoni then underlined that the threshold of a minimum free float of 25% for the success of the listing, envisaged by the Stock Exchange rules, might not be binding: "It is Consob that decides in the end the free float it deems necessary, so we will see what will decide – he explained – there is the rule but then there is the possibility of Consob” to decide otherwise. As for the placement price, Ghizzoni confirmed that, in the event of intervention by the Atlante fund, it will be 0,1 euro per share: "It's a technicality - he clarified - when the fund is unopted, it buys at 0,1, 0,1 euro and therefore by definition everything goes to XNUMX euro”.
Consob's go-ahead is expected for the whole operation in the afternoon.
