The Rcs share is still in the volatility auction, which at the beginning of the afternoon marks a theoretical rise of 21,77%, to 2,422 euros. Very high volumes: by the end of the morning, over 2,69 million shares had already changed hands, against a daily average of 1,89 million shares in the last month. In this same period the share value grew by 337,14%. The completion of the sale of Flammarion is expected for today.
Yesterday, with markets closed, the company that publishes Corriere della Sera communicated at the request of Consob that it did not have sufficient elements to justify the recent performance of the stock. The group simply reiterated that it wants to relaunch itself with the new industrial plan, which will have to focus above all on multimedia.
So where does so much speculation come from? Some rumors speak of an imminent climbing attempt, which would be heralded precisely by the roundup of titles in progress. Rumors on the possible sale by Mediobanca of its relevant shareholdings.
The institute of Piazzetta Cuccia – which today also brings together the board of directors – is the first shareholder of the RCS group with over 14% of the capital included in the shareholders' agreement, which binds 58,1% of the shares until 14 March 2014. Important could also be the moves of a shareholder of weight like Joseph Rotelli, to 13% of the capital, but outside the agreement as XNUMX Diego Della Valle (at 5,49%).
For sure, Rcs must strengthen its capital, having to face a debt of 0,77 billion euros (including the sale of Flammarion) against the approximately 150 million euros of ebitda expected for 2013. The prospect of recapitalization arose after the decision to further devalue the assets Spanish in the first semester.
The option considered most probable by analysts remains the capital increase, which could be softened by issuing a convertible bond and accompany the early termination of the syndicate agreement. Other analysts indicate as possible alternatives the sale of properties and partnerships. But it is not yet to exclude the entry of a foreign partner.
