Inviata seguente email a IR, vediamo che risponde.
To the attention of the Head of Investor Relations.
Good afternoon,
I represent a group of investors who currently hold several millions Euro
of each one of the 2 following Dexia LT2 securities:
XS0307581883 Dexia Credit Local 09/07/2017 callable 2012
XS0284386306 Dexia Credit Local 12/02/2019 callable 2014
We are writing to you regarding the many liabilities management operations( ie tender, exchange or debt/equity ) that have been happening on the marketin the last 6 months: all the banks are making great profits and increasingtheir Core Tier 1 ratio in this very "inexpensive " way. We are following closely Dexia and we do not understand the reason why Dexia has not performed yet such liability management exercise on the 2 above mentioned LT2 securities.
We are aware of the tender offer that you have made on perpetual securities back at the beginning of 2012 as we have partecipated to it and therefore we are even more surprised by the fact Dexia has not yet committed to such an important transaction more recently.
The aim of our email is not obviously to get insider knowledge as we do not want to know if something is being discussed or not within your organization in relation to such an operation. What is important to us is to know if there are any impediments to such an operation. This should be considered a public information and should be disclosed. Impediments can be of regulatory nature ( the Bank of France might oppose it unless same quantity/quality of capital replaces the amount boughtback
( i.e. this is happening in Austria ), the EC might oppose it as Dexia is under state aid( i.e. this is happening in UK )) or economic reason ( ie for an unknown to us to us Dexia might not able to book a capital ratio improvement following such a transaction).
We have reason to believe that a tender offer at a price equal to 60% will be very well accepted by all the investors and will have full partecipation. This will be beneficial to Dexia from a capital, income and reputation point of view.
We would be greatful if you could bring our email to the attention of your CEO and CFO.
We are at your disposal for any further information you might need and topic you might want to
go into.
If you think it is beneficial we could organise a call together with our main investors and our lawyer.
Thanking you in advance for your reply,
With best regards,
Hai una cultura pazzesca
