We had already known for months that more money would be needed. The point is: results in hand, Is it worth putting them on the plate or not?
This is the crossroads at which the Province finds itself with respect to Catullo, the company it manages the airports of Verona and Montichiari. After the one of 35 million euros approved in 2021, yesterday the shareholders’ meeting approved it a new increase in share capital worth 30 million euros. Funds, these, that are needed for investments in the airport linked to the Romeo project to expand the terminal.
But if the Province and Chamber of Commerce of Verona have already proclaimed a certain yes – like the Province of Trento – Brescia took all the time available. The countdown has begun: the verdict must be communicated within 45 days.
Priority
«Montichiari airport is a strategic infrastructure which, if developed, would make a great contribution to the overcrowded Lombardy airports, which have become a point of reference for eastern Lombardy. The potential of this airport, already widely highlighted over the years, would also guarantee economic development for the territory” is the position of the president of the Province, Emanuele Moraschini. However, he points out: «To obtain these results, however, it is necessary for not only the Province, but the entire Brescia system to move in that direction». Broletto’s number one does not say too much about the final decision, but from his words it emerges, albeit in a nuanced way, some doubts: «We had decided to remain in the team with a small share to always be updated on the developments and future of the airport, which, despite discussions, meetings and proposals, continues to remain in a stalemate phase. In recent days the discussion with the provincial councilors is ongoing and we will soon make a decision on the matter.”
Moraschini on the other hand represents a bipartisan majority: political steps are crucial. Next week the center-left has a moment of discussion on its agenda, as does the center-right. In both cases, according to a first informal survey, the orientation seems to be not to contribute to this capital increase. The elements and reasons (for now still informal) that have emerged are essentially two. The first: to the Brescia wallet this move would cost around 600-700 thousand euros, very precious resources for a Province that is not rich in gold and which above all – the councilors pointed out in a bipartisan way – currently has other priorities to look at. The second aspect is that by staying out of this recapitalization, Brescia would not emerge particularly weakened according to the councilors. In figures, we would go from a 2.6% stake to one which – according to estimates – would fluctuate between 1.8 and 1.6%.
Public concession
The new capital increase, however, is at the center of the discussions also because it could mark the reduction of public participation and, in turn, the potential consequent growth of the majority share held by Enrico Marchi’s Save. We need to understand how the Municipality of Verona will move, which is struggling with budget problems and which currently holds 4.6%. The second actor on which the spotlight is focused is the CariVerona Foundation, which in June had already made official its intention to sell its stake (3.01%). A puzzle to which the Brescia piece could also be added.
From a technical point of view, once the increase has been approved, the shareholders – i.e. Save; Province of Trento; Chamber of Commerce, Province and Municipality of Verona; CariVerona Foundation; Province of Bolzano and Province of Brescia – have until November 30th to exercise. At that point, in the event that some shares were unopted due to the failure or partial subscription of some shareholders, any share that would allow Save to exceed 50.01% of the capital would be put up for tender. On this Anac, lawyers and sentences were crystal clear: the concession was entrusted to a public majority, therefore the tender cannot be ignored. The issue price will start from 23.70 euros per share, a figure defined by the Board of Directors on the basis of a valuation signed by the Intermonte company.
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2023-09-23 19:00:28
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