Oggi la cronaca sportiva è stata scossa da una notizia, un articolo pubblicato su Repubblica cartacea, che interessa anche il mondo del calcio, inteso come Inter. Riportiamo l'articolo di Walter Galbiati per La Repubblica: Saras gonfiata per la Borsa e per l'Inter
La perizia dei pm, indica 700 milioni il plusvalore pagato per la società di Moratti
Quel titolo valeva tra 4 e 5 euro per azione. Invece le banche e la famiglia Moratti have placed on the market for 6 euro. To do so, according to the reconstruction of the technical advisor of the Prosecutor of Milan, Marco Honegger, would not have published some relevant data in the prospectus.
that the stock of Saras, the company's refining Sarroch, it was not a big deal for the market, it was understood from the beginning, when the day after the listing, which occurred May 18, 2006, the title was lost more than 10 percent of its value. The consultant engineer has reconstructed over 400 pages of a document the reasons for the debacle. He suggested that the collection of admission is mainly served in a branch of the family, that of Massimo Moratti, to meet Inter debts. With a concurrent damage to the market of 770 million. All
, analysts, bankers and institutional investors have understood this well during the various stages which led to the Saras Bag, that the value was too high, yet no one has done nothing to correct the shot. One thing has emerged clearly from Honegger: profit group, the main indicator on which to evaluate the company's value was inflated. "We have seen that from the information Prospectus - writes consultant - had not shown that there is a substantial component of non-recurring gains in the historical data, only data on which to base the decision investment (at least for the general public). " The lack
refers to profits in 2005 amounted to 292.6 million euro. A figure quoted as such in the prospectus, without telling investors that the figure was inflated by gains from stock. From the documents seized by the Guardia di Finanza at JP Morgan, a bank advisor for the listing, however, it is clear that in reports on Saras developed prior to the listing, analysts, including Morgan Stanley and Banca Intesa's Caboto (the other two advisor of Moratti) take into account profits adjusted ("comparable") to calculate the value of the refining companies. The only
not to do so are those of JP Morgan. The same Saras, as claimed by the consultant, he realizes the error and from the press release dated October 25 begins to provide data useful for the quarters, as it requires the practice of analysts. In February 2007, in a separate statement, the company revealed that the adjusted net income for 2005 is 230 million euro. With these profits, the value per share of Saras would have been between 4.1 and 5.1 and between € 5.25 and € 6.5, as indicated in the prospectus.
There is no justification for a price of 6 € even in studies of the three banks that participated in the quotation: 'Based on the ground assessments of investment banks participating in the operation, the range should be between 4 and 5 billion euro (ie between 4.4 and 5.6 euro per share), less then 700 million to that defined in the Prospectus, "says the consultancy .
It is no coincidence, then, that the odds of Saras, the day of landing on the stock market today, you are aligned to the values \u200b\u200bestimated by analysts. They had noticed from the beginning of institutional investors such as Morley, Strategic Market Analysis, Moore, Plutus, General and Polygon, which is already in the process of listing ("bookbuilding") had significantly reduced or canceled purchase orders.
Why then push the listing price? The e-mails seized by investigators offer some guidance. "It is vital that before the price there is a 6," wrote JP Morgan's number one, Federico Imbert, his colleague, while the bookbuilding at a critical stage. JP Morgan, in addition to fees for placement, you will get, something unspoken in the prospectus, including the mandate to manage the Moratti family through its private banking subsidiary, the lavish IPO proceeds.
Another banker JP Morgan, Emily R. Saracho (probably in private banking) reveals another detail in an email: "You have to be aware that we have obtained 1.6 billion euro, that both brothers, but one must repay 500 million in debt, and so that part did not see for a long time . Always
Imbert, March 14, 2006, the curtain rises on the supposed interests of Banca Intesa, "spoke at length with Micciché of Understanding. He is pleased with the work done together on Saras and Intercos. He is personally available to boost the sales force, especially on Saras. Calls to inform him if we see problems or grain. Obviously takes much success because of its exposure and flounder with Moratti. It was from him Galeazzo will Morgan Stanley advising not to go overboard on price. He believes that the face of jealousy towards us. "
In a document, then, found at JP Morgan, entitled "Material for discussion", he explains the choice to support a capital increase, not necessary, the sale of securities by the family. If not, "would be shown a reluctance to invest and would give the idea that the property just wants to cash, paying open to criticism on other initiatives (put the money for Inter).
Walter Galbraith, The Republic of September 23, 2008, page 24
Dagospia asks " JP Morgan and those of BancaIntesa as Moratti Miccichè were aware of the" inflated "? " and concluded that " the conclusions are simply sensational sono arrivati i periti della Procura di Milano sulla quotazione in Borsa di Saras, la società della famiglia Moratti che nel maggio di due anni fa è entrata a Piazza Affari.
Le rivelazioni sulla perizia condotta dal consulente tecnico, Marco Honegger, indicano che quella quotazione è stata gonfiata e che il titolo non poteva essere quotato a 6 euro. Il giorno dopo la quotazione migliaia di azionisti e tifosi dell’Inter si sono accorti subito che qualcosa non funzionava perché le azioni cominciarono a precipitare e anche oggi, nonostante il boom del petrolio, il popolo bue soffre paurosamente.
L’aspetto più clamoroso dell’inchiesta che appare oggi su “Repubblica” riguarda comunque le email che nel 2006 exchanged bankers actors Saras listing in the front row and Emilio Saracho Federico Imbert JP Morgan
[...] In short, the report said that bankers JP Morgan and those of BancaIntesa as Miccichè, were perhaps aware that the share price was inflated to 6 € to meet the needs of Moratti and Inter. The people ox the shareholders did not know, and still crying. "
We note that, of course, the investigation has ended and those are just rumors leaked the papers, though very detailed.
The court seeks to shed light about a possible fraud on the market, the small shareholders and depositors. Those who are having regard to present a statement of investment but not the whole story. Honegger points out that to get to establish the final IPO price was used as a yardstick for a profit of € 292 million that the company recorded in 2005, it was not a repeatable result, since to get the Saras has bottom of the stock in practice has sold more oil than it actually was able to refine.
But emails are JPMorgan, Morgan Stanley and Banca Caboto to make the story even more nebulous. In electronic missives can be glimpsed as pilot operations, in fact, to inflate the price to settle the debts of a family with a promise to grant three investment banks also have the option to reinvest the money made from the transaction. All but $ 500 million which were used to the debts of one of the brothers .
Brothers Moratti who responded in the afternoon, in very different ways, as reported by Corriere della Sera :
S assuming the possible falsification of the prospectus for the flotation.
Saras: Massimo Moratti, "Only Caluna nie '
Inter president dismisses rumors on the investigation on the family business.
MILAN - "No comment." The President of Saras, Gianmarco Moratti, declined to say more about the survey of the Guardia di Finanza securities of the family, Saras, which shows capital gains to cover the costs of Inter, whose president is the club brother Massimo Moratti. "When there is an ongoing investigation does not make comments," said Gianmarco Moratti, outside the offices of Saras.
"They are lies, nothing more," said Massimo Moratti, but that did not want to say more because "there is an ongoing investigation."
Gianmarco Moratti use your brain and made a statement acceptable. Maximus, however, has a lawsuit out of speaking smear as written by the Republic.
Many users on the forums, they asked if the inflated price (currently the case) has been served and reconnected to an affair of the sale of the brand Inter (an Inter Brand Ltd). It did not look as in the 2007 budgets of the Inter debt figure for the brand still; Moratti if, as seems to be suggested by the prosecutor, has "the ridge" on the price certainly seems to have not used the money to ease their debts.
by Ju29ro
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