Who dares wins – on a Vespa

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Sergio Cusani has sent me a letter about Piaggio on the Stock Exchange. I’m attaching the letter and presenting the start of it here.

" On 12 June at Pontedera there was a national conference promoted by national FIOM-CGIL and categories, jointly with the territorial structures of Lecco, Pisa and Venice together with ADUSBEF e FEDERCONSUMATORI that are historic associations that defend savers, consumers and users. Pontedera is the town where there is the HQ of the biggest factory in Italy of the Piaggio Group. This is owned by Roberto Colaninno’s IMMSI holding. (Colaninno, Gnutti and Consorte of Unipol are the ones who privatised Telecom while D’Alema was leading the government. They mostly used bank loans, that is, they used debts and these are still weighing on the new Pirelli/Benetton management.)

I too was present representing Banca della Solidarietà. Together with the small company Practice Audit di Milano I had already analysed the balance sheet and the current economic and financial situation of the Immsi/Piaggio group. Though small, Practice Audit di Milano is an unfettered company that has been working on behalf of the Trades Union and has been monitoring the situation of Fiat and other big industrial groups.

Among those present at the conference were representatives of local, provincial and regional institutions, journalists and women and men delegates from the companies Piaggio, Aprilia and Moto Guzzi (part of Colaninno’s Group). These delegates talked about their direct daily experiences and told us of how things really work in the various factories. And it’s not all about roses and flowers. Quite the opposite.

The national Conference was also aiming to provide critical but constructive analysis of the future launch of Piaggio & Co SpA on the Stock Exchange.

Among the points discussed were those made in the letter dated 1 June 06 (attached) that was sent to the Ministers Padoa Schioppa, Bersani, Damiano, and Ferrero and to the President of Consob, Cardia, and in particular:

- the operation of launching Piaggio on the Stock Exchange must be considered to be a unique and never to be repeated opportunity to source new financial resources to inject into Piaggio directly so as to sustain and reinforce the revitalisation process and the commercial and industrial development of the Piaggio Group in Italy, in Europe and in the world.

- for these reasons, and so as to sustain the development project that had been announced “urbi et orbi”, by the President, Colaninno, and by the CEO, Sabelli , it is thus absolutely necessary to modify the structure of the way Piaggio is to be launched on the Stock Market from an Offerta pubblica di vendita (OPV){Public Sales Offer} that is an operation by which the IMMSI holding only pays back its creditors and private financers, funds and banks, not with money but with quoted shares of Piaggio that is controlled, that is with pieces of paper (Piaggio shares): that is definitely a financial operation that does not affect the Piaggio company but remains exclusively within the realm of the relations between the IMMSI holding and its partners and creditors.

- in a mixed operation of OPV and Offerta pubblica di sottoscrizione (OPS) (Public Subscription Offer} that sees an increase in capital in money that comes through the Stock Exchange, to the market of public savings and unlike for the OPV, fresh new capital really enters directly into the company, that is into Piaggio.

In fact we have discovered that the structure of the launch of Piaggio onto the Stock Exchange, as devised by Colaninno in financial terms, only offers the Piaggio’s controlling shareholders , that is Immsi/Colaninno, the chance to resolve their financial relationships, that is their debts, with their partners by giving them paper rather than money. They are given Piaggio shares that have the fundamental advantage that once they are quoted on the Stock Exchange, they can be sold easily in the stock market and placed with savers. Such savers are often referred to as “signora Maria”, the many many people who invest the labour of a lifetime in Piaggio shares but they are handing over their savings to the banks. The banks come out fine as they have passed on the so-called “hot potato” to the wider general public. But the savers are not injecting money directly into the Piaggio company even though they are becoming shareholders and thus to a tiny extent, owners….” Sergio Cusani.

Posted by Beppe Grillo at 01:50 PM in | Comments (0)
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