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The
IMI - Banca d’Intermediazione Mobiliare, a Company belonging to the
S.Paolo-Imi Group - believes it is entitled to disregard the Consob
recommendation 90373 dated 20/11/98 emphasising the need for press representatives
to attend the meetings of the Company with analysts. Consistent with
this “conviction”, the Road Show of the OPS of Engineering was divided
into two: the morning for the analysts and the afternoon for the journalists.
A
few days before, a similar behaviour was witnessed on the part of the
representatives of the Banca Toscana for the presentation of El.En.
S.p.A. and on those of the Banca Commercio e Industria in the meeting
promoted to illustrate the purchase of Carime. In Italy unfortunately,
“opaque schemes” and “distorting mirrors” are put in between Company
situations and rightful information.
Several
times, for instance, it has been remarked and emphasised that in the
absolute majority of “Information Leaflets”, relating to quoting companies,
reference is made to “proforma” financial statements and consolidated
results. It is a known fact that “proformas” are the result of “assembled”
figures of different origin, and consequently they can only have and
have only an approximate value, but they cannot, and must not, be taken
as “summary” data on financial statements. Furthermore, constant reference
to the consolidated is equivalent to focusing the attention of the potential
investor on a situation different to that represented by the shares
for sale.
Again,
by way of example, it is right to remember that at the time of placings
we read (in the notice published in the press) that the documentation
of the Public Offer is available. Ninety-nine times out of a hundred,
on the other hand, when we have promptly asked the Companies, the sponsors,
the appointed banks and even the Consob, the reply we received was:
“maybe tomorrow; but who knows!”
With
the new directives, in the USA, the single investors can follow the
meetings of top company managements, financial analysers and institutional
investors live on internet. In Milan, even journalists are prevented
for taking part in the Road Shows, while in the U.S. even private individuals
can participate.
In
the USA, information is illuminated by the lights of transparency. In
Milan, meeting are staged with the lights “switched off”.
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