After the yes of the City Council of Milan, yesterday evening and after a river session, at Sea-Serravalle resolution which provides for the stock exchange listing of the airport company and the sale, through a joint tender with the Province of Milan, of the shares in the motorway company, today Sea's board of directors has decided to restart the company's listing procedure, which began in 2011, with a view to being listed on the stock exchange within the year.
Now, after the decision of Palazzo Marino, the ball passes into the hands of the Province of Milano, which holds 14,6% of Sea and whose decision is expected in the next two weeks.
In the event that Palazzo Isimbardi decides to take part in the IPO, a free float equal to 25% of the share capital would be placed, made up in part of the share held by the Province and, for the remainder, through a capital increase, with the issue of new shares. The post-listing structure would see the Municipality at 48,1% and F2i at 26,1%
Otherwise, the free float put on the market, still 25%, would be sold for 8,10% by the Municipality of Milan and the remainder through a capital increase. The shareholding structure would see Palazzo Marino at 38,12%, the Province at 11,9% and F2i at 24,28%.
In this case Palazzo Isimbardi would be required to respect a lock-up period of six months, during which he will have the obligation not to sell his shares.
The Bruno Leoni Institute has also expressed its opinion on the case of Sea who, starting from the apparent dualism between Linate and Malpensa, suggests in one of his studies to put airports in competition more and more, expanding the number of hourly movements of Linate and, above all, privatize SEA by entrusting the management of the two airports to operators in a competitive regime.
