The Astaldi convertibles have approved the Concordato Preventivo, but the bonds
Read MoreFurther to our email this morning:
1) The Astaldi "Bridge Financing” provided by banks includes the Fortress facility - the E75m drawn and the E125m undrawn. That was apparently necessary ahead of the deadline yesterday to allow
Read MoreWe think this will work. It must have been pre-discussed with the courts as per our last mail.
Salini made a non-binding offer for the majority of Astaldi. It is billed as an “update” to the one made in
Some further rumours are surfacing:
Apparently the hectic meetings in Italy this week suggest that the process may be running late. The CDP have
Read MoreClearly a plan of this magnitude and complexity should be brought with execution risk. But we think that its precisely for the magnitude and complexity that the plan has effectively
Read MoreFriday’s storm around Astaldi was over before it had started, but thanks to further press reports on Saturday we know more about it now.
Read MoreAccording to recent rumours traded in Italy the CDP and Salini may have arrived at a deal, whereby Pietro Salini has to take significant dilution, but becomes CEO of the combined entity
Read MoreAstaldi have this week hired Paolo Amato (Alitalia) into CRO position. Paolo has a reputation to loose and is a prominent and competent appointment underscoring that Project Italia
Read MoreAstaldi’s board decided yesterday to indefinitely postpone publishing its FY18 financials - until it can take into account the full effects
Read MoreWe think the mega contract is the ideal backdrop to the previously discussed E400m rights issue by Salini.
Read MoreAstaldi-Salini: have been awarded a E600m contract to build another 18.7km of the Napels-Bari railway. The contract is a JV between the two companies with 40%
Read MoreSalini: Had to disclose it is still chasing E300m of Receivables from Ethiopia and the Italian authorities are as delinquent as they have been for Astaldi and CMC. Circles around Pietro Salini are
Read MoreIntralot: Playtech to report today. UBS amongst other recommendations flagged a risk of tax issues, apparently from Italy. Through their 20% stake in Gamenet Intralot are also exposed to the market. So we are looking forward to learn more
Read MoreAttached is this evening’s press release from Astaldi on
Read MoreSome thoughts in the evening:
- Galapagos: We understand that he company is hiring advisors. This may still only be a rumour.
Some more notes:
- Thomas Cook: A January research note from Bernstein has apparently been surfacing, according to which in the first week of January
Read MoreJust some miscellaneous notes (not exhaustive) while going through the bottom of the market:
- Nyrstar: we are glad we’ve stayed out of it