M & C a discount on cash waiting for new deal
FTA Online News
For Management & Capital, an investment company formed in 2005, 2008 should be the year of change. They are indeed two, as evidenced by indiscretions of the press dossier being advanced that the company led by Carlo De Benedetti is considering carefully.
The first relates to the acquisition of Agusta Mv, historic home of motorcycles, in serious financial crisis. The company led by Claudio Castiglioni it needs new financial resources before the situation precipiti, lacking the money to pay suppliers. M & C would come out with an offer from 50 million euros (through a capital increase reserved) along with Sanpaolo Intesa. For now Castiglioni would not support this proposal because too diluirebbe its current share.
The second is to Roots Film, the third European company and the sixth worldwide in the production of polypropylene films biorientato, material used in the production of plastic packaging for food products. The deal would be about 200 million euros.
Password but it is prudence. The current situation of financial markets after credit crunch with the relevant restrictions credit to companies from the banking system, determines a scenario more investment opportunities. However, the difficulty to finance potential acquisitions induce private funds to greater caution and selectivity, with the effects of multiple scale exploitation of possible targets.
In the next meeting of shareholders, scheduled to end in April in the first convocation, will be changing the current system of corporate governance by the adoption of a traditional system. This as a result of entry capital SeconTip (second member of M & C with 6% from March), group companies drums Investiment Partners and the subsequent transformation into private equity company.
Meanwhile, the new year started off on the right foot. M & C because in the first two months has achieved a gross capital gain of 5.2 Mln Euro in a total initial investment of 15.1 million euros thanks to the acquisition of rights Tiscali then resold on the market next tear on the upside.
What is certain is that M & C now offers a unique opportunity more rare. At the closing price Friday (0.70. Euros) it allows you to buy for cash equivalents (0746). If one considers that the company has in the stomach 68% Saiag-Comital (paid 45 million euros) and 60 million euros of bonds convertible Tiscali and 33 mln euros of bonds Treofan discount on Nav (0996 euros per share) is equal to 29.7%.
According to statements by the management in the Assembly on December 19, 2007, M & C would have made application to the Italian stock market to move in bargaining continues. Choosing that would most interest to the title and that would allow a more adequate evaluation. (R.V.)