Veneto Banca and Banca Popolare di Vicenza have given the go-ahead to set up a solidarity fund of 30 million euro each to support members in situations of particular socio-economic hardship, to be assessed on the basis of the ISEE. This was announced this morning in separate notes by the two Venetian institutes destined for the merger.
The funds are reserved for shareholders who fall within the scope of the settlement offer and who waive their claims for damages. Furthermore, the funds will only become active after the successful outcome of the offer itself.
POPULAR BANK OF VICENZA
Banca Popolare di Vicenza offered 94 shareholders 9 euros per share (14,4% of the maximum price reached by the stock, i.e. 62,5 euros). The offer began on January 10th and will close on March 22nd (but could be extended until June 30th). It will be valid only if the holders of at least 80% of the shares concerned join, ie those purchased in the last ten years.
Those who adhere to the transaction offer "will be granted exclusive commercial conditions - wrote the Bank - which will allow them to benefit from increased returns" on term deposits and "substantial concessions on certain banking products and services", such as mortgages and current.
To date, the offer has seen 53.521 expressions of interest, equal to 55% of the shares, against which 35.027 settlement agreements have already been signed (equal to 29,1% of the shares).
VENETO BANK
As for Veneto Banca, so far “approximately 94% of the total shares in the perimeter have been contacted, of which over 34% have already signed up. 14% have expressed their intention not to join, while the remainder is represented by those who have made an appointment at the branch or have not yet expressed their choice".
The Board of Directors of Veneto Banca is evaluating the opportunity to extend the terms associated with the expiry of the offer, today set for 15 March 2017, so as to align with the expiry of Banca Popolare di Vicenza.
Unlike the Vicenza institute, Veneto Banca did not offer shareholders a fixed price, but a repayment percentage, ie 15% of the value of the share at the time of purchase. This offer is also aimed at those who have purchased the securities in the last 10 years.
The 15% refund for those who have seen the value of their shares reduced to zero is between 4,5 and 6 euros per share, from which, as in the case of Popolare di Vicenza, the dividends collected in the meantime and net of stock sales.
