CREDIT
twelve o’clockMay 29, 2020 – 9:59 am
Other forms of refreshment for shareholders: two-year warrants
and liquidity tranches. The transformation into a joint stock company is required
of Vito Fatiguso
The maxi “check” detached from the Interbank Deposit Protection Fund (Fitd), equal to 1.17 billion euros – including the 364 already paid in advance – will remain entirely available to Banca Popolare di Bari which needs to stabilize its position on the market credit. Most of the resources will be used to cover the losses inherited from the Jacobini management, which according to the best informed amount to an important figure ranging from 600 to 800 million. Obviously, bad debts (NPL) weigh heavily on this figure despite the repeated operations already carried out by the previous management to “reclaim” the credit lines. There is also space for shareholders who will have shares of the future company of 30 million and also Mediocredito centrale will have its participation (thanks to the 430 million expected) to bring the performance of the bank made in Bari upwards.
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Bari, the shareholder protest
And here there is the importance of the members. The independent committee of shareholders of the Bari credit institution protested yesterday with slogans and banners. They have established an allocation of 30 million for shareholders who, in the accounts, correspond to 0.18 euros per share compared to the more than 9 euros that cost us – explained Saverio D’Addario, one of the shareholders in protest – and to these conditions are not there. At least 800 million are needed to restore the 70,000 defrauded shareholders. Without an agreement on adequate refreshment, we will vote no to the Spa. In truth, taking the route of liquidation is not a particularly advantageous solution. This is because there is a risk of a long phase of litigation and bureaucracy which would ultimately increase uncertainty. The extraordinary commissioners, Enrico Ajello and Antonio Blandini, will have a meeting with consumer associations to forge an agreement.
Apparently the positions could converge on a compromise situation that sees the delivery of warrants (i.e. the possibility of optioning new shares over two years) associated with the recognition of a share of liquidity. it is conceivable that at this stage the shareholders will not be able to repossess all the capital invested. And Forza Italia asks for the intervention of the institutions. The government – say the regional commissioner of Forza Italia Puglia, Mauro D’Attis, and the deputy commissioner, Dario Damiani – cannot turn its head away from a serious matter such as the future of Banca Popolare di Bari and the protection of shareholders, savers and jobs. This is a reality that for decades has positively marked the history of the economy of the South than a world apart from the rest of the country.
May 29, 2020 | 09:59
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