(Finance) – New reverse stock split for Saipem, a few days after the previous one. The Board of Directors resolved to proceed with the reverse stock split of ordinary shares in the report of n. 1 new ordinary share (ISIN code IT0005495657) each n. 10 existing ordinary shares (ISIN code IT0005495616) and n. 1 new savings share (ISIN code IT0005495 673) for every n. 10 existing savings shares (ISIN code IT0005252165), after the cancellation of no. 8 ordinary shares and no. 8 savings shares to allow the overall balancing of the transaction without changes to the share capital.
The operation is aimed at reducing the number of shares in circulation in anticipation of the € 2 billion capital increase and at “thus simplifying the administrative managementallowing, at the same time, to improve the perception of the stock on the market in consideration of the effects of the grouping on the unit market price of the shares “, reads a note.
In order to facilitate grouping operations and monetize any fractions that may emerge, Saipem has conferred the assignment to Equity to surrender counterpart from 13 June 2022 to 17 June 2022, at the request of the intermediary, for the purchase or sale of fractions of the new grouped shares missing or exceeding the minimum necessary to allow shareholders to hold a whole number of shares. The grouping operations will be carried out at Monte Titoli by all authorized intermediaries.