The half billion euro capital increase decided by Fincantieri to support the purchase of Uas (Underwater Armament Systems, the former Wass) from Leonardo is off to a flying start. On the first day of the operation, the stock jumped by 23.9%, with option rights, valid for subscribing to new shares and warrants, which gained 41.88%.
«I didn’t watch the last round before going on stage, but I can say that both in terms of the price of the right and the price of the share we are doing well», commented the CEO, Pierroberto Folgiero.
Regarding the appointment of the new president, after the death of Claudio Graziani, the top manager reiterated that «it is an issue that is very close to our hearts obviously, but it is a question that concerns the shareholder CDP, its chain of command and control (the spa belongs to the Ministry of the Treasury, ed.)”. The name of the new president could arrive even before the summer break, with a name that today appears to have the greatest opportunities, that of the current general commander of the Carabinieri, Teo Luzi.
Returning to the capital strengthening operation, on Friday Fincantieri had given up a point and a half after having made known the characteristics of the operation, to be carried out in two stages: 400 million to be raised immediately and the other 100 million subsequently (capital increase through warrant), immediately after the conclusion of the first step. In particular, the subscription rights for the new shares will be exercisable until 11 July, while the option rights will be exercisable from 24 June to 5 July. Unexercised rights will be offered by the company for at least two open market days.
The possibility of analyzing every detail more carefully over the weekend, however, led to a different reading, with the stock taking off in yesterday’s session. The board of directors determined the price at which the Fincantieri shares resulting from the rights issue will be offered at 2.62 euros (0.10 for share capital and 2.52 for share premium), and consequently resolved to issue up to 152.419 million new shares, with the same number of free option warrants for shareholders in the ratio of nine new shares for every 10 Fincantieri shares held.
The exercise price of the rights was set at 4.44 euros. The subscription price of the new shares incorporates a discount of 32.2% compared to Thursday’s closing. At the Milan event, Folgiero spoke about the characteristics of the market in which the Trieste-based company operates and the underlying framework. The model for competing with the East is to be the supplier of a ship that can do multiple things and save on the cost of assets. Italian engineering capacity and genius remain a value capable of making the difference with our competitors. —
© ALL RIGHTS RESERVED
