Genoa - The date has been confirmed by several sources: as anticipated by Il Secolo XIX, in a week, on Saturday 15 September, the Court of Genoa will examine the urgent appeal filed by Malacalza Investimenti to block the appointment of financier Raffaele Mincione’s list to the board of directors of Banca Carige. Five days later the assembly of the Ligurian court will take place and on that date the judge will have to decide whether to recognizing the merits of the appeal and accept Malacalza’s request, or to reject it, possibly leaving the path open for an ordinary civil case.
Meanwhile, the two contenders are looking for votes. With the final round looming, Mincione’s proxy advisors are actively looking for others that share their position: it’s a real mopping up process that’s in progress. With regards to the market, however, for now the climate does not seem to be turbulent: yesterday just over 231 million shares were traded, and the stock closed up 1.15%, after being down 4.4% the day before.
Malacalza Investimenti has recently increased its stake to 24% and has the green light to go up to 28%. Mincione is at 15% - if you include the shares of those with whom he’s made pacts, which includes Volpi and Spinelli - and is aiming for 20%. And it is that potential increase which Malacalza is trying to block on the grounds it lacks the necessary authorization from the ECB.
A response from the Mincione faction came in the pages of Il Secolo XIX: “It is a reckless action and is irresponsible towards shareholders, employees and account holders.”