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In
a now distant meeting, Arrigo Recordati, then Chairman, went to great
lengths to describe the advantages to investors of acquiring the savings
shares deliberated during the meeting in question. Arrigo Recordati
also added that his wife would be the first to take advantage of the
opportunity.
On
25 October, Giovanni Recordati, who succeeded his father in the "government"
of the company, called and presided over a meeting during which it was
resolved to convert compulsorily all outstanding savings shares into
ordinary shares.
It
is still somewhat controversial that a majority not only "imposes" on
the holders of savings shares to forfeit the relative rights and advantages,
but also levies a heavy surcharge on the "exchange", as demanded by
Giovanni Recordati.
Thus
holders of Recordati savings shares are "punished" twice: first they
are deprived of the financial advantages and tax savings they are entitled
to and then they are made to pay a considerable price for the ordinary
shares which are not even in keeping with their interests.
Over
the past few months, many companies have resolved to give shareholders
the option of converting savings and preference shares whilst at CIR,
the "compulsory" conversion was carried out on a one to one ratio and
without a "surcharge".The compulsory conversion of savings shares into
ordinary shares with the payment of a "surcharge" is a sly, typically
Italian move and a cunning way of filling the corporate coffer. At Recordati,
the ratio between the price of savings shares and dividends was over
4.1%. After the conversion, shareholders will be entitled to one ordinary
share for every savings share by paying 4 Euro per share and the capital
invested will only bring in 1.8%! Nonetheless, the shareholders' "sacrifice"
will allow the company to make money and pay less tax. Big Deal!
(traduzione
Interpres sas-Giussano)
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