There is news on the conversion of Unicredit savings shares into ordinary shares which last week sent Piazza Affari into a tailspin, recording a record rise of 35%.
The decision of the board of directors in Piazza Gae Aulenti is aimed at pursuing the objective of "achieving a general simplification of the capital structure, with consequent cost savings" and will be submitted to the extraordinary and ordinary shareholders' meeting and to the special meeting of savings shareholders to be held on 4 December.
We recall that the proposal provides for the mandatory conversion of the current 252.489 savings shares into ordinary shares. The conversion ratio was established by the BoD as follows: for each savings share subject to conversion, 3,82 ordinary shares with regular entitlement, plus an adjustment equal to 27,25 euro, attributing newly issued shares and/or treasury shares and, in any case, without any change in the value of the share capital.
Unicredit also informs that, in the event that the operation should receive the expected green light, the unit liquidation value of the ordinary shares of Unicredit and that of the savings shares, in relation to which the right of withdrawal should be exercised, will be of:
- 16,34 euros for each ordinary share,
- 61,1 euro for each savings share.
