The Juventus FC capital increase of 400 million euros started on the stock market today, November 29th, with a new, sharp drop in share prices, after those of last week. It is the first test on the stock exchange after the blow that hit the company on Friday 26 November, with the investigation by the Turin Public Prosecutor’s Office for false accounting and invoicing of non-existent transactions. The president Andrea Agnelli, the deputy Pavel Nedved, the former head of the football area Fabio Paratici and three managers or former of the finance area are under investigation. At the opening of the stock exchange at 9 the stock did not make a price, and then ended up closing at 0.4314, with a drop of 6.34%. On Friday 26 it closed at € 0.5745.
A blow to the shareholders
The price difference is -23%, in reality since the new shares are offered at a lower price, 0.334 each, the previous price has been adjusted downwards, considering the detachment of the option rights for the capital increase (called “ex price”). According to this calculation, the decline of the securities with respect to the “ex price” is -5.1 per cent. Around 12 o’clock the price is 0.4432, -3.78% compared to the “ex” adjusted price. Juventus shares ended the day at € 0.4314, -6.34 per cent. However, a sharp drop to the detriment of shareholders, also considering that the rights for the share capital increase, which from today are spun off from securities and are traded on the Stock Exchange separately from the shares, do not make a price, that is, at the moment they have no value. This is because there is no demand.
The offer until December 16th
The offer on the Stock Exchange includes 9 new shares (at a price of 0.334 each) for every 10 shares held until November 26th. The new securities can be subscribed until December 16, while the option rights can be negotiated, that is, bought or sold, until December 10. Juventus in a statement on Saturday evening confirmed the timing of the operation, despite the negative impact of the investigation for the accusation of false capital gains on the transfer market in the budgets of the last three years.
Suspicious capital gains and relations with Ronaldo
The suspected capital gains, according to the decree for the search of the Juventus offices, amount to almost 282 million, largely for exchanges of players (so-called “mirror” operations) and sales and simultaneous purchase of very young players from the counterparty club, at valuations considered by the pm to be higher than the reference parameters. The judges are also looking for a private agreement, a “charter” that would concern contractual relations with Cristiano Ronaldo and back wages.
Seventh in the league
Juventus lost at home to Atalanta on Saturday (0-1). In the Serie A standings, after 14 games, the team is seventh with 21 points, 14 less than Napoli who is in the lead, 7 less than Atalanta who is fourth. If he does not finish in the top four, Juventus would be excluded from next year’s Champions League, with serious economic damage: participation in the first group stage alone is worth around 80 million.