Unicredit has set the price of the 1,943 billion capital increase at 7,5 euros per share, with a terp discount of 43%. And large shareholders are ready to underwrite up to 24%.
The bank in Piazza Cordusio communicated it in a note today. In detail, the offer of Unicredit ordinary shares as an option to shareholders will concern newly issued ordinary shares, with no par value, to be offered as an option to shareholders holding ordinary shares and to holders of savings shares at the subscription price of 1,943 euro per share, in the option ratio of 2 newly issued ordinary shares for each ordinary and/or savings share held. A maximum of 3.859.602.938 new ordinary shares will thus be issued, for an increase in the share capital and a total value of 7.499.208.508,53 euros. The subscription price of the new shares, notes Unicredit, also takes into account market conditions and incorporates a discount of approximately 43% compared to the theoretical price (Theoretical Ex Right Price or TERP) of UniCredit ordinary shares, calculated according to current methodologies, based on the official stock market price of 3 January 2012.
The option rights can be exercised from 9 January 2012 to 27 January 2012 and will be tradable on the MTA from 9 January 2012 to 20 January 2012. The option rights not exercised by 27 January 2012 will be offered on the MTA.
The large Unicredit shareholders are ready to subscribe up to 24% of the shares covered by the option offer. In fact, in the note Unicredit specifies that Allianz, Carimonte Holding, Cassa di Risparmio di Modena Foundation, Cassa di Risparmio di Torino Foundation, Monte di Bologna and Ravenna Foundation and the director Luigi Maramotti have undertaken to subscribe, directly or indirectly, newly issued ordinary shares for a percentage equal to 10,68% of the new shares. Fondazione Cassa di Risparmio di Verona Vicenza Belluno and Ancona resolved to subscribe new shares for 3,51% of the offer. Furthermore, "some current shareholders, although not having made binding commitments" have started the procedures for subscribing up to a maximum of around 10%.
The underwriting syndicate is coordinated and directed by BofA Merrill Lynch, Mediobanca and UniCredit Corporate & Investment Banking and has undertaken to subscribe any unsubscribed ordinary shares up to a total amount of Euro 7,5 billion. On the Stock Exchange Unicredit drops 7% compared to a drop in the Ftse Mib of 1,28%.
