From a political, moral and corporate identity point of view, this is a slap in the face of the entire Shareholders’ Meeting and its sensational delegitimization. Verona deserves much more.
After June 24 the members of catholic have voted on the issues ofAssembly of 27, in the middle of the night the management team of catholic he announced what had evidently decided previously. That is, an agreement with General for the latter’s entry into the company, with the capital increase through an investment of € 300 million, which correspond to 54,054 million shares at the unit price of € 5.55, with a significant premium compared to the current stock price on the stock exchange, which correspond to 24.4% of the share capital.
In tal modo Generali becomes the largest shareholder, and already from this possible condition, it dictated strictly the conditions of the operation which provide for the convening of one Extraordinary assembly from catholic by July 31 to approve the transformation of the company into Spa and consequent change of the Statute. All this as a prerequisite for the investment itself. The board of Cattolica he has also decided on the capital increase of another 200 million to be proposed to current members, albeit General maintains the possibility of subscribing in part or all of this additional quota in order to reach the figure of 500 million by 30 September, indicated by theIvass to adjust the solvency ratio. Halter conditions compared toCatholic identity, also the result of a financial and equity condition that had not been explicit.
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Alberto Minali, Paolo Bedoni
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The president of Cattolica Bedoni it naturally approved the agreement as a strengthening of the company’s capital. Behind the crude reality of this conclusion, in its dramatic meaning, the true purpose of the events of catholic from October onwards. A group of power that had entered the top of the company with the explicit intention of enhancing and preserving its identity of origins, of a cooperative spread as a sign of social participation in the insurance business, first, to protect itself, it hunted a valid CEO who had inserted a new spirit in the corporate structure, then, with a series of non-credible justifications and managerial inability, he undermined the credibility of catholic as evidenced by the collapse of the title.
Lastly, again to save himself, this group did not hesitate to sell the company to General. All with the most shameless humiliation of the shareholders’ meeting, convened to ratify decisions that have become fake and have no real value. Not knowing the technical details of this operation, I am unable to identify any crimes, but I hope that the conditions for ainvestigation by the judiciary in order to arrive at an adequate level of transparency and attribution of responsibilities in a dark sign coup.
Ma from a political, moral, and corporate identity point of view, it is a slap in the face Shareholders’ Meeting and its sensational delegitimization. An inglorious end of a management team that has betrayed the trust of the members to take an oblique path of defending their interest. Another searing defeat of Verona caused by a inadequate ruling class, which the city does not deserve, and which should be definitively overcome.
Luigi Viviani
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