The settlement offer to shareholders in exchange for the waiver of compensation claims for the zeroing of the shares closed yesterday and fell short of its 80 percent target. In the case of Veneto Bank, subscriptions came from 54.359 shareholders, equal to 73% of the total and 67,6% of the shares covered by the proposal. Net of untraceable positions, the percentage of adhering shareholders is approximately 75% of the total, equal to 68,2% of the Veneto Banca shares falling within the perimeter.
The bank's board of directors, at its meeting on 11 April, will have to decide whether to renounce the condition precedent which set the minimum membership at 80% and in any case proceed with the payment of the financial reward due to the shareholders who have accepted the offer. Lastly, Veneto Banca recalls that on 7 March it decided to set up a fund for a total of 30 million euro to support shareholders who are in difficult conditions.
as to Popular Bank of Vicenza, membership was equal to 66.712 members, equal to 71,9% of the total. The percentage of the total shares covered by the proposal is 68,7%. "The board of directors - explains the bank - expressed its satisfaction with the results of the offer, results which, even if the 80% acceptance threshold envisaged in the offer regulation has not been reached, testify to the will of the territory and of the communities in which the bank operates to accompany it in the ongoing restructuring process".
For this reason, the board is oriented towards waiving the condition precedent of 80% of adhesions and proceeding with the recognition of the 9 euros proposed to the shareholders who have adhered to the transaction. The decision will be made official in the council meeting on April 13.
In addition to the transaction, Popolare di Vicenza has undertaken two other initiatives to mitigate the losses of the shareholders: one concerns those shareholders affected by the case of the so-called "non-compliance with the chronological order of sale", i.e. who had been unjustly seen walking past when they had asked to sell shares; and then a 30 million euro fund to support shareholders who are in difficult conditions.
The institute explains that "the costs associated with the outcome of the aforementioned conciliation initiatives with BPVi shareholders are covered by specific provisions for risks and charges and have led to an integration of what has already been set aside for complaints and disputes on actions BPVI of 180 million euros”.
Furthermore, Banca Popolare di Vicenza announces that it closed 2016 with a maxi-loss of 1,9 billion euro compared to the loss of 1,4 billion in 2015. The institute explains that the net result is penalized "above all by the evolution of non-performing credit and the further increase in coverage levels, also following the implementation of the valuation differences that emerged from the inspections carried out by the ECB on credit risk during 2016 and at the beginning of 2017”.
The further "significant reduction in intermediated volumes", "the economic and equity impacts associated with the decision taken on August 4, 2016 by Cattolica Assicurazione to withdraw from the partnership agreement" and the "further provisions for risks and charges mainly attributable to the complaints and litigation on BPVI shares and the cost of the settlement offer to the shareholders”.
