Saipem shares fail to score an opening price on the very day in which the 3,5 billion capital increase starts. Actions mark a theoretical +19,9% at 0,6345 euro (0,529 the adjusted price without rights) while the rights to subscribe to the operation slip by a theoretical 15% to 3,12 euros. The option offer to shareholders is 22 new shares for each share already held. The subscription price is 0,362 euros. The capital increase will close on February 11th.
The market's attention today will also be focused on the start of the Saipem capital increase, preceded on Friday by the sharp fall of the share, which slipped by 20%. Shareholders will be offered a share option in the ratio of 22 new shares for every 1 ordinary and/or savings share held at an issue price of 0,362 euro per share.
The subscription price was determined on the basis of the resolution of the Extraordinary Shareholders' Meeting and by applying a 37% discount on the TERP of ordinary Saipem shares calculated on the basis of the official closing price of the Stock Exchange on January 21, 2016, equal to 5,26. XNUMX euros.
Consob announced that it will supervise the capital increase by "carefully monitoring the performance of the shares on the market" in the light of the "strong dilution characteristics" of the operation. These characteristics, in fact, determine “the risk that price anomalies may arise during the offer period of the new shares, consisting in an overvaluation of the market price of the shares compared to their theoretical value”. Consob "recommends that all market players adopt virtuous behavior to minimize the risk of price anomalies occurring during the option offer period".
