(ANSA) – MILAN, JUN 24 – Saipem sinks again on the stock market, now worth € 27.41 (-9.5%) after having lost over 27 percent in just one week. Consob has given the green light to the prospectus on the increase which can thus start next Monday but wanted the risks to be highlighted, including the characteristics of strong dilution and the strong volatility of the share price that could occur during the operation.
The group has lost 68% since the beginning of the year. In recent days, the collapse was determined by the 30% discount for the capital increase. In fact, the market did not like the discount on the theoretical ex-right price (Terp) recognized by Saipem, which was however lower than the cut in other transactions.
Leaving aside the fact that the discount on the Terp indicates the loss of value that a shareholder who fully subscribes to the pro-rata increase, according to some explanations circulated in the operating rooms, the inseparable increase weighed on the stock, which will be perfected only with the full subscription of the offer, making the shares unavailable before that date to whoever buys them. The outcome of the increase will be announced by Saipem by 15 July, with guaranteed success, given that the shareholders Eni and CDP will purchase their share in full, equal to approximately 44%, while the rest is covered by the banks. With the increase, Saipem believes that it will be able to reach a “congruous” capitalization level and definitively archive the 2.4 billion red line in 2021, in order to be able to achieve the objectives set in the 2022-2025 Strategic Plan. (HANDLE).
Source: Ansa
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