The Amber, Artemis and Kairos funds, shareholders of Rai Way, have written a letter to the board of directors of Rai expressing their "perplexity" about a possible sale of Rai Way shares on the market, aimed at finding resources to finance Rai's new business plan, asking instead for a merger between Rai Way and Ei Towers, an "operation of declared industrial value" that would guarantee a "greater enhancement" of Rai Way and an equal "financial flow".
"If Rai really intends to proceed in this direction, it would create, in the opinion of the writer, a prejudice not only to the minority of Rai Way, but to Rai itself" as it would "undermine the essence of the equity story of an infrastructure company like Rai Way, which has long been penalized by an inefficient capital structure and the lack of clarity on strategic-industrial prospects."
On the one hand, it "would have negative repercussions" on a merger with EiTowers, "as it would significantly reduce Rai's negotiating flexibility with EiTowers' shareholders in defining the new governance structure". On the other hand, "it would be seen by institutional investors as a decision devoid of strategic sense and perspective, harmful to the investors themselves and would have the effect of distancing them from Rai Way and, potentially, from the Italian market in general".
"Also due to the public nature of the company and the inevitable reputational impacts", the funds invite the Board of Directors of Rai "to carefully assess the advantages that can be achieved with the various options available for the enhancement of the shareholding held in Rai Way, in order to avoid making decisions dictated more by urgency than by a full evaluation of the solution capable of creating greater value for all shareholders", concludes the letter.
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