European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

Liquid Universe of European Ordinary and Preferred Shares: December Report

Liquid Universe of European Ordinary and Preferred Shares: January Report

Liquid Universe of European Ordinary and Preferred Shares: February Report

Event-Driven

Danieli & C. Officine Meccaniche / Event-Driven

Danieli & C. Officine Meccaniche (DAN IM)

In this note I explain the main features of Italian non-voting savings shares and provide a list of those currently traded.
Both Buzzi Unicem and <a href="https://www.smartkarma.com/entities/danieli-c-officine-meccaniche" target="_blank" data-smartkarma-citation="entities:21177:1" rel="noopener">Danieli &amp; C. Officine Meccaniche (DAN IM)</a> have announced the mandatory conversion of its savings shares into ordinary shares, after approval at their respective EGMs and Savings Sareholders Special Meetings.
On 24 September, the Board of Danieli &amp; C. Officine Meccaniche S.p.A. resolved to submit the following proposal to the EGM:
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<ul>
<li>
the compulsory conversion of savings shares into ordinary shares, on the basis of a conversion ratio equal to 0.65 ordinary shares for each savings share;
</li>
<li>
the distribution of an extraordinary dividend equal to €1.20 for each existing and newly issued ordinary share resulting after the conversion.
</li>
</ul>
The mandatory conversion and extraordinary dividend were approved on the shareholders meetings on 28 October. The conversion date is yet to be announced but expected soon.
Since announcement, the adjusted spread has ranged between -2.1% and 4.6%. It is currently 1.7%.
I recommend long Danieli savings shares/short Danieli ordinary shares.
Average liquidity since conversion proposal: 234,788.
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In this note I explain the main features of Italian non-voting savings shares and provide a list of those currently traded.
Both Buzzi Unicem and Danieli &amp; C. Officine Meccaniche (DAN IM) have announced the mandatory conversion of its savings shares into ordinary shares, after approval at their respective EGMs and Savings Sareholders Special Meetings.
On 24 September, the Board of Danieli &amp; C. Officine Meccaniche S.p.A. resolved to submit the following proposal to the EGM:



the compulsory conversion of savings shares into ordinary shares, on the basis of a conversion ratio equal to 0.65 ordinary shares for each savings share;


the distribution of an extraordinary dividend equal to €1.20 for each existing and newly issued ordinary share resulting after the conversion.


The mandatory conversion and extraordinary dividend were approved on the shareholders meetings on 28 October. The conversion date is yet to be announced but expected soon.
Since announcement, the adjusted spread has ranged between -2.1% and 4.6%. It is currently 1.7%.
I recommend long Danieli savings shares/short Danieli ordinary shares.
Average liquidity since conversion proposal: 234,788.


Danieli & C. Officine Meccaniche

Italian Savings Shares, Danieli