Bosatelli: “I have not sold, but rebalanced my position in Ubi”

The Cavalier of Labor Domenico Bosatelli, 85 years old, patron of Gewiss Spa, in a note he explains his position and that of his family in the shareholding of Ubi Banca and particularly in the Car Agreement (Reference Shareholders Committee).

“In relation to the Public Exchange Offer launched by Intesa Sanpaolo on Ubi Banca, I consider it appropriate to inform about my conduct, to safeguard my reputation, and my assessment of the transaction – he writes Bosatelli -. With regard to the equity investment in Ubi Banca attributable to me, it is useful to specify that before the decision of the Holding Polifin to invest on the UBI stock for a quantity equal to 30,000,000 shares, already the members of my family had invested in a personal capacity for a total quantity equal to 3,100,000 shares “.

“With entry into Car (Reference Shareholders Committee), as a result of the existing rules, the shares of the Holding and the family were aggregated, reaching a total of 33,100,000 shares, equal to approximately 2.85% of the Ubi share capital, owned by Polifin and the Bosatelli family, before Public Exchange Offer – continues the patron of Gewiss -. In light of the management requirements envisaged, the participation of the family was lightened by reducing the number of family members involved (decreased from 5 to 3), with the sale of the related shares (1,100,000 titles) and at the same time, within the expected technical times, Polifin purchased 2,000,000 Ubi shares. The operation was completed today, Wednesday 4 March. After this reorganization of the investment, the Polifin Holding now holds 32,000,000 shares and the 2,000,000 family of Ubi shares, for a total number of 34,000,000 shares, equal to approximately 2.97% of the share capital, at below the 3% threshold which would entail further compliance “.

THE EXCHANGE OFFER OF INTESA SAN PAOLO

“As regards the Public Exchange Offer on Ubi, I consider Intesa Sanpaolo to be a rational and positive project towards market expectations, as it consolidates its competitiveness and its international leadership, but is not rewarding for Ubi who would see his reality and mission fail – Bosatelli says -. I also consider the offer very limited compared to the real tangible and intangible values ​​of Ubi, whose real assets exceed 7 billion euros, even if this value is not recognized by the stock exchange as the results, although good, are not considered sufficient for valorisation of actions. I am very confident in the industrial plan recently presented by the CEO Dr. Massiah for the ambitious planned objectives that I consider feasible and which satisfy Ubi’s mission to contribute to the territorial socio-economic system in support of the economic world and of savings management. The plan is also very reliable for the competence, determination and team spirit of all the Bank’s Governance, from the President and the Chief Executive Officer to the Directors, Executives and all collaborators. I therefore believe that, upon reaching the objectives of the plan, the shares will be recognized in the right values ​​and in the relative remuneration “.

THE CAR? PEDESTAL TO UBI GOVERNANCE

“I am particularly satisfied with belonging to the CAR, a group of shareholders of financial strength and, above all, of strategic and economic competence, who will act as a pedestal to Ubi’s Governance, through periodic consultations, in order to achieve the planned objectives – he concludes Bosatelli -. This communication, in spite of myself, was necessary to give clarity to the reality of the facts and to my medium-long term investment in Ubi’s capital, with reference to some publications appeared in the press and attributable to some patently tendentious insinuations , distant from reality and devoid of any ethical foundation “.

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