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Presentazione Standard Di Powerpoint Anno 144 - N. 7 (1a quindicina di aprile) 8,00 Milano, 15 aprile 2019 ISSN 2499-1457 Pag. 97 Quindicinale finanziario tecnico-culturale fondato nel 1876 da F. Bocconi e A. Brambilla, diretto da Sandro Gerbi 2018 con stacco cedola il 13 maggio 2019 INDICE Attivi su più fattori e record date il 14 maggio 2019. IT0003153415 - SNAM - Il 2 aprile Azioni 2019 l’assemblea degli azionisti ha deli- $'1%.)0**.#1/-1(+. . di rischio 0'.#1/-11-%/'(/. '/!.+0 berato che il saldo dividendo relativo al- 0)0*1$0'.+0 & Intervista a Marco Negri, Managing Director l’esercizio 2018 sarà esigibile dagli aven- 1!1)0-)1 & e responsabile per il Sud Europa di Legg Mason ti diritto contro stacco della cedola n. 30 /-!/%.#1/-1((0$*000 &,"" a partire dal 26 giugno 2019, con stacco Obbligazioni della cedola fissato al 24 giugno 2019 e $'1%.)0**/$$*1.#1/-1(+. &," Veniamo da una fase di forti incertezze sui mercati: l’elevata volatilità come “record date” il 25 giugno 2019. Il saldo $$*1.#1/-1)0*0(0 &," può essere affrontata e quali competenze possono essere rafforzate per conti- dividendo è soggetto a tassazione in Ita- /!0/+.#1/-1 &," nuare a creare valore? lia in base al regime fiscale vigente, che 0)/*0 &,," È vero, veniamo da un anno difficile per gli investitori. Nel 2018 sono emerse una se- varia in funzione della tipologia dei sog- getti percettori e che è quello general- Fondi di investimento rie di complessità che ci stanno accompagnando anche nel 2019. Mai come in que- /-)1 -/!1.+/'1##.+1 &," sto scenario, dunque, è importante affidarsi a operatori professionali, e in partico- mente applicabile per i dividendi distri- 1!1)0-)1/-)1 &," lare a gestori attivi che selezionino i titoli sulla base di approcci testati nel corso di buiti da società quotate italiane. svariati cicli economici. Nei prossimi mesi sarà infatti assolutamente essenziale di- IT0003497168 - TELECOM ITALIA - Analisi del mercato versificare e selezionare con cura le asset class e le aree geografiche in cui investire. Il 29 marzo 2019 la Società ha comuni- 0'%.+1 &,, Per questo una gestione attiva rappresenta la chiave per riuscire ad ottenere rendi- cato che l’assemblea del 29 marzo 2019 /(+/)0*%. 1+.*0 '/ '1/%.*%/*.+/ menti attraenti ed evitare di esporsi a rischi non necessari. ha, tra l’altro, approvato il Bilancio di +'.1+0 &,, esercizio al 31 dicembre 2018 ed ha deli- -)1%10'%.+/.#1/-.'1/1+.*1.-/ &,, -)1%0)0**0$.-%0(1(+01%0 &,, Siamo alla fine di un ciclo? Cosa dobbiamo aspettarci in futuro? berato di distribuire ai soli Azionisti di ri- .((1)1-+0'0((0 01((1/-1 Di certo, il ciclo positivo che ha caratterizzato gli ultimi anni è in uno stato avanza- sparmio un dividendo privilegiato in ra- /!0'-.+1!0 &,, to. Molti si chiedono se sia giunto alla fine, e quanto si riuscirà ancora ad estrarre gione di 0,0275 euro per azione di ri- valore dalle asset class tradizionali. Stiamo assistendo dunque ad una maggior ri- sparmio, che sarà applicato al numero Rubrica dell’azionista cerca di diversificazione: lì dove il ciclo tradizionale non riesce più a fornire un va- delle azioni di risparmio di cui saranno lore soddisfacente, gli investitori cercano asset class alternative, in grado di estrarre titolari alla record date (25 giugno 2019). IT0004720733 - ALERION CLEAN- rendimento adeguato anche in condizioni di scenario avverse. Il dividendo, rappresentato dalla cedo- POWER - Il 22 marzo 2019 la Società ha la n. 16, sarà posto in pagamento dal 26 comunicato che il CdA ha dato mandato Qual è l’approccio migliore per affrontare lo scenario attuale dei mercati? giugno 2019 (con stacco cedola in data al Presidente del CdA di convocare l’as- Stiamo puntando molto sull’approccio unconstrained, ossia su strategie in cui si crea 24 giugno 2019) tramite gli intermediari semblea ordinaria degli azionisti per il un portafoglio di investimenti facendo poco o nessun riferimento ad un benchmark. autorizzati. giorno 24 aprile 2019, in un’unica convo- Il fatto di non essere legati ad un indice dà maggior possibilità di creare un portafo- IT0005037210 - TINEXTA - Il 29 mar- cazione. glio più in linea con gli obiettivi specifici del singolo cliente. Ad esempio, nei mer- zo 2019 Tinexta S.p.A. ha comunicato la Il CdA proporrà all’assemblea ordina- cati azionari questa libertà può essere utilizzata per focalizzarsi sui titoli con il mag- sottoscrizione di un finanziamento per ria degli azionisti l’approvazione del bi- gior potenziale di crescita, su quelli che producono un reddito più alto della media, un importo fino ad un massimo di euro lancio d’esercizio 2018 e la distribuzione su quelli con minor volatilità, o anche su quelli che si concentrano su una certa re- 50.000.000 con Mediocredito Italiano di un dividendo pari ad euro 0,034 lordi gione o un certo settore. Permette inoltre di escludere aziende con una governance (Gruppo Intesa Sanpaolo), per finanziare per ogni azione ordinaria (al netto delle mediocre, pratiche negative a livello sociale ed ambientale, o semplicemente quelle l’acquisizione delle quote di minoranze azioni proprie), destinando a tale scopo maggiormente indebitate. Le strategie unconstrained possono inoltre essere utiliz- di alcune delle società controllate e per parte della riserva denominata “Riserve zate come elemento di diversificazione all’interno di un’allocazione più ampia. far fronte ad altri previsti impegni finan- di Risultato” per l’importo di circa 1,7 ziari tra i quali l’estinzione del finanzia- milioni di euro (con stacco della cedola Legg Mason è al servizio degli investitori in 6 continenti e conta 9 affiliate in- mento con la controllante Tecno Holding n.8), con pagamento a partire dal 15 dipendenti. Quale proposta di valore può offrire ai propri clienti? S.p.A. maggio 2019 (data stacco cedola il 13 Legg Mason ha messo insieme nove gestori indipendenti e specializzati, ognuno col Il finanziamento, a tasso variabile con maggio 2019). suo diverso modo di pensare. A differenza della maggior parte degli altri grandi ge- scadenza al 31 dicembre 2025, è stato IT0003850929 - ESPRINET - Il 1° stori, dunque, non c’è una singola view della casa di gestione. Crediamo che questo strutturato da Banca IMI, la banca d’in- aprile 2019 il CdA della Società ha deli- ci permetta di aumentare la possibilità di scelta per gli investitori. L’assortimento di vestimento del Gruppo Intesa Sanpaolo, berato di proporre all’assemblea degli stili di investimento e di specializzazioni geografiche delle nostre affiliate è molto che ha agito quale Mandated Lead Ar- azionisti di attribuire un dividendo di eu- utile nel creare un’ampia offerta di soluzioni di investimento. ranger dell’operazione. ro 0,135 al lordo delle ritenute di legge, L’erogazione sarà eseguita in una o più per ognuna delle azioni ordinarie in cir- diritto (escluse le azioni proprie che ri- l’assegnazione di azioni a titolo gratuito soluzioni entro 6 mesi dalla stipula. Ti- colazione, escluse quindi le eventuali sulteranno in portafoglio alla data di ai sensi del piano denominato “Piano di nexta intende adottare strumenti di co- azioni proprie nel portafoglio della So- stacco cedola); Performance Shares 2016-2018”, appro- pertura del rischio di tasso di interesse cietà alla data di stacco della cedola tra- per ridurre o eliminare il rischio della va- - la parte rimanente da riportare a nuo- vati dall’Assemblea ordinaria dei Soci, ri- mite l’utilizzo della Riserva Straordina- riazione dei tassi. Il costo del finanzia- vo. spettivamente, del 23 aprile 2015 e del 20 ria. mento ridurrà il costo medio dell’indebi- A fronte del dividendo che verrà posto aprile 2016. Il CdA proporrà inoltre che il dividendo tamento finanziario di Tinexta. effettivamente approvato dall’assemblea in pagamento a partire dal 15 maggio Capitale sociale attuale: euro venga messo in pagamento a partire dal 2019 - data stacco cedola il 13 maggio 51.587.704,80 pari a n. 257.938.524 azio- Operazioni in corso 15 maggio 2019 (con stacco cedola n. 14 2019 e record date il 14 maggio 2019 - il ni ordinarie godimento regolare. Opzioni-assegnazioni-cambi-raggruppamenti-frazionamenti il 13 maggio 2019 e record date il 14 payout ratio risulterà pari a circa il 68% IT0001017851 - ROSETTI MARINO maggio 2019). dell’utile della Capogruppo. - Il 29 marzo 2019 il CdA della Società ha (Dopo il cod. ISIN indichiamo la data di inizio e IT0005221517 - GPI - Il 29 marzo IT0004965148 - MONCLER - Il 3 apri- deliberato di proporre all’assemblea de- di fine dell’operazione) 2019 il CdA della Società ha deliberato di le 2019 Moncler S.p.A. ha comunicato la gli azionisti la distribuzione di un divi- IT0005176299 - 10/04/2019- proporre all’assemblea ordinaria degli nuova composizione del capitale sociale dendo pari a euro 0,70 al lordo delle rite- 17/04/2019 - SMRE: l’8 aprile 2019 la azionisti la seguente destinazione del- (interamente sottoscritto e versato) a se- nute di legge, per ciascuna delle n. Società con riferimento all’offerta pub- l’utile d’esercizio, pari a euro 7,7 milioni: guito dell’esercizio di stock options ai 3.800.000 azioni aventi diritto. Il divi- blica di acquisto (Offerta) promossa da - distribuzione di un dividendo lordo sensi del piano denominato “Piano di dendo sarà messo in pagamento, se ap- SolarEdge Investment S.r.l. (Offerente), pari ad euro 0,33 per ogni azione avente Performance Stock Option 2015” e del- provato dall’assemblea, il 15 maggio totalitaria, ai sensi degli artt. 102 e se- Pag. 98 Bollettino delle Estrazioni 15 aprile 2019 - n. 7 guenti TUF, e obbligatoria ai sensi del- l’art. 41 del Regolamento Emittenti AIM IT0003153415 - SNAM: il 2 aprile per l’impiego delle azioni proprie.
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