Difficult day in Piazza Affari for the title Prysmian, which at the end of the morning was in the red by 4,26%, at 29,24 euros. This is the worst fall of the Ftse Mib, which in the same minutes dropped by 0,2%. The sell-off on the energy and telecom cable maker was triggered by the latest move by Tamburi Investment Partners (Tips), which on Monday evening communicated that it had sold 10 million Prysmian shares, equal to 3,729% of the share capital. The operation yielded 292,5 million euro, gross of charges and commissions, and was carried out through the company Clubtre, of which Tip controls 66,226%.
The transaction closed at the price of € 29,250 per share and will be settled with the delivery of the securities and the payment of the consideration on 14 January 2021. For Tip, the sale means monetizing a gross capital gain of 86,3 million euro.
In detail, the sale of Prysmian shares took place through a procedure accelerated bookbuilding reserved for qualified investors in Italy and abroad. Clubtre was joined by Equita and Morgan Stanley as joint bookrunner. The initial investment in Prysmian dates back to 2010 and was made as part of a club deal involving important family offices.
However, Clubtre will keep approximately 3,577 million Prysmian shares in its portfolio, which correspond to 1,334% of the share capital. "As part of the transaction and in line with market practice, Clubtre has undertaken a 90-day lock-up period on the remaining shares," reads the note.
