Since 20 August, date of publication on the Official Gazette, the Italian law allows listed and private companies to issue multiple voting shares. Here are the main changes, as partially amended by the Parliament. Additional voting right: Italian listed companies may assign an additional voting right to each common share uninterruptedly held for at […]
On his concluding remarks at the Bank of Italy’s annual meeting, held on may 31st, the Governor Ignazio Visco reminded the original purpose of the cooperative banks, intended as “restricted to a limited geographical area and marked by a high degree of mutuality”, underlining how such purpose may be in contrast with the status of […]
The Italian banking system has been living a season of deep renewal started on autumn 2011 and continued with the last EGMs of Banca MPS and Intesa Sanpaolo on October 9th and 29th respectively. The co-operative banks were the most affected, in particular Banco Popolare and Banca Popolare di Milano (BPM), that followed completely different […]
On January 27th, ECGS (Expert Corporate Governance Service) sent a letter to the Chairman and the CEO of UniCredit asking them to undertake a strong action aimed at regaining their shareholders’ trust by making every effort to recall the excess money paid to Mr Alessandro Profumo at the time of its departure. On September 2010, […]
UniCredit’s rights issue closed on last January 27th with 99.8% of new shares subscribed by investors. It seems a great success for the bank and such results might demonstrate a high level of trust from shareholders – that is what the UniCredit’s CEO Federico Ghizzoni said to the press. On January 31st, the Managing Director of […]
On December 15th General Meeting, Unicredit’s Directors asked shareholders to approve €7.5 billion share capital increase to be carried on through a rights issue. A capital strengthening was requested by the EBA (European Banking Authority) and Unicredit actually needed it also following third quarter’s €10.16 billion devaluation of Unicredit’s investments. Considering other measures to be taken, Frontis Governance […]
On January 2010 Banco Popolare launched a rights issue allowing its existing shareholder to subscribe to Banco Popolare’s convertible bonds with the following conditions: nominal value of € 6.15, fixed interest rate at 4.75%, maturity March 2014. Starting from November 2011, bondholders are able to redeem the convertible bonds receiving an amount of shares equivalent […]
Last August 25th the Board of Directors of Banca Popolare di Milano (BPM), an Italian listed cooperative bank, has resolved to perform the rights issue approved by BPM’s shareholders at last General Meeting held on June. Maximum amount of the deal: 1.2 billion Euros, versus a current market capitalization of 682 million (closing at September 29th). On […]
September 11, 2014
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