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The Fincantieri board of directors officially turns on the engines of the 500 million capital increase (400 million immediately and another 100 million in a second step once the first tranche has been concluded), after the green light from Consob, at a subscription price equal to 2.62 euros for each new share. The recapitalization will start on June 24th and will serve to support the acquisition of the former Wass from Fincantieri, a crucial point in CEO Pierroberto Folgiero’s plans to ensure the navalmeccanica group’s leadership in diving.
32.2% discount compared to the Terp
The last piece, as mentioned, arrived late on Thursday evening with the approval of the board, which met under the presidency of Folgiero himself – after the death on Monday of president Claudio Graziano, honored yesterday at the funeral home set up at the Celio also by the prime minister Giorgia Meloni -, at the subscription price of 2.62 euros of the new shares linked to the capital increase, which incorporate a 32.2% discount compared to the so-called Terp (i.e. the theoretical price of the shares after the detachment of the right of option relating to the increase) and for a maximum of 152,419,410 shares, while the exercise price of the warrants was set at 4.44 euros for each conversion share up to a maximum of 22,414,615 warrants (and a discount of 14.9% compared to Terp).
The total value of the operation
The overall value of the offer, we read in the press release issued by the board of directors shortly after midnight on Thursday, will be 399,338,854.20 euros, while for the warrants the bar will amount to 99,520,890.60 euros. The increase will start, as mentioned, on June 24th and close on July 11th while the securities will be negotiable until the 5th of the same month. The start date of trading of the warrants will be decided by Borsa Italiana with a specific notice.
The commitment of the banks and Cdp Equity
Simultaneously with the approval of the board of directors, Fincantieri then signed the guarantee contract with the banking consortium (BNP Paribas, Intesa Sanpaolo, Jefferies, JP Morgan and Mediobanca, the joint global coordinators) which undertook to underwrite any unopted for a maximum amount of 113.5 million euros, while, as is known, Cdp Equity, the main shareholder of the shipbuilding group, will subscribe pro quota for 295.8 million euros of the capital increase.
