Sisal emise, a suo tempo, delle azioni, cosi dette privilegiate, destinate ai ricevitori per circa il 3% del valore totale dell'azienda sisal (fissato da Sisal in €.9.058.080 ) per un numero di 15.030 del valore nominale di 35.000 LIT (€.18,08 ) al prezzo cadauno di 1.450.000 LIT (€.749) con una commissione bancaria per azione di 50.000 LIT(€.25,8228).
Il ricevitore ha quindi pagato un prezzo maggiorato rispetto al valore venduto, che e' stato di (749,00-18,08)=730,92 euro per azione; questa maggiorazione per azione (15030*730.92=€10.985.717 ) costituisce il fondo di riserva di liquidità corrente, pronta cassa, che sisal poteva impiegare come voleva.
A questo va aggiunto il fondo sbobba, pardon il costo commissione per azione, anch’esso pronta cassa, che e’ stato di (15030*25,8228) €.388.117,34.
Una bella trovata, non c’e’ che dire: con il solo 3% di azioni vendute, Sisal racimola dai ricevitori ben più del suo presunto valore totale; in cambio promette investimenti produttivi, i cui beneficiari sarebbero stati gli stessi ricevitori. E i ricevitori capirono perché queste azioni vennero chiamate “privilegiate”.
Recentemente, con altre operazioni finanziarie, l’assetto proprietario di sisal e' mutato: sono state cedute le rimanenti azioni, rappresentate dal 97% del valore residuo di Sisal, cioè da tutte le altre azioni non possedute dai ricevitori; i nuovi proprietari sono dei fondi d'investimento internazionali.
In contemporanea, Sisal ha fatto un po’ di maquillage sulle azioni:
1) Ha portato il prezzo nominale delle azioni privilegiate a €.18,50 (è un aumento gratuito); 2) Ha deciso di restituire parte della maggiorazione, pagando €.668,00 per ciascuna azione privilegiata acquistata, lasciandosi nelle sue mani un piccolo residuo, per singola azione, di (749-668=) €.81 che comunque fa ancora una bella sommetta (15030*81)= €.1.217.430,00; 3) Ha emesso nuove azioni privilegiate al prezzo nominale euro 1,00; 4)Ed ha fissato il con - cambio con le vecchie azioni rivalutate (punto 1) in 1/20; ergo, la vecchia azione privilegiata va sostituita con 20 azioni delle nuove, a valore nominale di €.1,00.
Formalmente, tutto il maquillage fatto da Sisal, compreso la vendita del 97%, NON muta, sul versante azionario, l'investimento complessivo iniziale dei ricevitori in sisal: il valore nominale è sempre del 3% del valore della società, sia ieri che oggi; oggi c’è la differenza formale di sostituire il numero 20 (di azioni privilegiate attuali) al numero 1 ( delle vecchie privilegiate azioni); anche il privilegio dei ricevitori e’ rimasto formalmente immutato, anche se Sisal lo ha diminuito come valore assoluto monetario, portandolo a soli €.81,00 per ogni vecchio privilegio dato al ricevitore.
Certo, ci si può anche immaginare le domande che il ricevitore tipicamente privilegiato possa fare.
Del tipo, ad esempio:
"Quanto vale questo 3% del capitale sisal (e quindi delle azioni) che possediamo?" Risposta: Attualmente zero (0), anzi meno di zero.
Domanda:" Perche' dici ciò?" Risposta: Perchè “i fondi” che hanno acquisito la proprietà di sisal - è stata una tipica operazione di leverage buyout!-, si sono già ripresi quasi tutti i soldi che avevano speso per comprarla (come minimo €.1.217.430,00+€.217.742,40( dato da 18.08*15030) se li sono già messi in tasca), indebitando ovviamente, la stessa sisal.
Resta, però, la consolazione che, in fondo, il privilegio di essere proprietari del 3% del valore dell’azienda Sisal rimane, è costato poco, ed è appannaggio di una piccola schiera di ricevitori eletti.
Anche per gli altri, però – cioè, la stragrande maggioranza dei ricevitori sisal esclusisi da questo privilegio- c’è qualcosa di cui consolarsi, anche se è comune a tutti: quella di aver sempre dato, in maniera costante, ogni mese, un grosso contributo ai “fondi sisal”.
E se la memoria non ci inganna, c’e’ un’altra consolazione in comune a tutti i ricevitori: che tutte e due le operazioni sono frutto di serrate trattative di alcune (o tutte?) associazioni dei ricevitori con Sisal.
E questo, non è poco!.
Revisione By LuberDoc di un testo di Chimoffafà del 14.04.2007-04-14
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• Le azioni privilegiate sono nominative e possono godere, rispetto alle ordinarie, di una maggiore partecipazione agli utili (l'entità del privilegio è determinato dalla società e indicato nello statuto) oltre che del diritto di prelazione nel rimborso del capitale ( fatti salvi i diritti delle risparmio).
Il vantaggio sul dividendo e il diritto di prelazione comportano, in genere, un sacrificio in termini di partecipazione alle decisioni della società.
Le privilegio possono essere (ma non necessariamente devono) a voto limitato: l'atto costitutivo può stabilire che il diritto spetti nelle sole assemblee straordinarie, fatto salvo il diritto di impugnativa delle delibere delle assemblee ordinarie (art.2351 C.C.).
Le privilegio, in concorso con le altre azioni a voto limitato, non possono superare il 50% del capitale sociale; la ratio della norma è di associare potere di comando e capitale che si investe in proprio: il diritto di nominare amministratori e sindaci compete a chi rischia il proprio capitale.
Ai titolari delle azioni privilegiate competono il diritto di opzione e di recesso, oltre che i diritti di impugnativa e di convocazione, di informativa e di controllo.
non essendo piu' un ricevitore sisal e non avendo trovato alcun acquirente delle azioni privilegiate in mio possesso chiedo di restituirvele , contenplando il regolamento quetsa possibilita'
non essendo piu' un ricevitore sisal e non avendo trovato alcun acquirente delle azioni privilegiate in mio possesso chiedo di restituirvele , contenplando il regolamento quetsa possibilita'
non essendo piu' un ricevitore sisal e non avendo trovato alcun acquirente delle azioni privilegiate in mio possesso chiedo di restituirvele , contenplando il regolamento quetsa possibilita'
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Ladri e truffatori autorizatinel 2000 avete preso 5 milioni di vecchie liro .ora mi offrite 120 euro dopo 20 anni.
Una vera truffa autorizata .balordi e ancora una volta imbroglioni profittatori
Ladri profittatori imbroglioni una vera truffa autorizata.e lo stato che non interviene ? Perché è complice .
Sono dei maledetti,pure io ex ricevitore, mi trovo con queste azioni pagate a caro prezzo ed ora non valgono nulla. Miserabili
Che si tratti di truffa legalizzata non vi è dubbio, oltre tutto da ricevo quota dividendo da anni
Sono un ex ricevitore sisal .ci obbligarono " con la somma di 5 milioni di lire a comprarle ora vogliono ricomprarle dopo 22 anni per 150 euro .ladri ladri truffatori autorizzati . Alfredo Carfagna
Ladri truffatori autorizati dalla legge che permette simile truffe .che ancora continuano con le giocate di enalotto complice lo stato
Ric .3633 latina sono stato truffato dalla sisal con la vendita di azione privelegiate per loro ladri .
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