Good Morning Everybody, I’d like to comment with you the BIO ON case. What happened is terrible: more than a Billion capitalisation was burned and small shareholders are ready to bring civil actions. The Bio On collapse at Piazza Affari, the highest in one year, is related to a negative report issued in summer by the American Fund Quintessential Capital Management highlighting some problems about the technology developed by Bio ON and putting under observation the financials of the last Years. The report reached the conclusion that Bio On would be “a pack of cards, a scheme created by the management to grow wealthy on the backs of the shareholders…” Then, as always happens in this kind of situations we should focus on the control system that failed, system that may jeopardise the reputation of the AIM Italia market, the SME segment of Borsa Italiana desperately in need of certain rules and stability in order to remain the reference market for the Italian SMEs (with about seven billions capitalisation). The League considers AIM Italia a strategic infrastructure for the growth of the Italian productive system, and a privileged environment for the development of innovative corporations, constituting already 30% of the segment. What are we going to do then? We’ll ask the government to focus on the subject starting from the Finance Committee of the lower house where we asked for a survey to ascertain the status of Alternative Capital Markets in Italy. The market doesn’t need new obligations, the existing ones (the rules are there!) have to be enforced stressing the rules of access to the market: these rules have to represent the real access barrier to those companies presenting weak points already in the pre admission phase.
Right now in the budget law there’s nothing stimulating the capital markets alternative to the banking system; the League will suggest measures going in this direction because the bio on case can not be used as an excuse to stop the growth of the Alternative Capital Markets.