Tinaba, fourth capital increase in a few years: a “black” hole with no way out
Yet another recapitalization for Tinaba, this is not a bank, the Italian fintech startup launched in 2015 by Sator Private Equity Fund, the fund owned by the banker and entrepreneur Matteo Arpe, which in four years of history has accumulated losses for 32 million. L’capital increase, this time, it is 30 million. To report it is Milan Finance which emphasizes that the recapitalization it will be subscribed pro-quota by the Luxembourgish Arepo Ti, an emanation of the Sator Private Equity fund, which has approximately 70%, followed by the same Sator and from Bank Profile, controlled by Sator, each with 15%.
This is the fourth capital increase subscribed by the shareholders since the launch of the activity, after those of 1.5 million and 12.5 million, both subscribed in 2018 and by that of 6 million in the autumn of 2020. The recapitalization was therefore necessary to cover losses and tackle the new plan.
As the note specifies, “the share capital action was launched in consideration of the need to find financial resources to support the industrial plan and the prospective development of the company in the short-medium term “.
In particular, he writes Milan Finance, “the share capital increase is nominal 165 thousand 744 euros with a total premium of over 29.8 million through the issue of 165 thousand 744 new shares with no par value each with a premium of 180 euros “which for each share” corresponds to a discount on the Terp of approximately 30% compared to the fair value of 380 euros, in line with similar transactions on the regulated market “.
In short, Tinaba, in the hands not only of Matteo Arpe, but also of Luca and Riccardo, respectively cousin and son of Matteo, if in 2016 he had required two and a half years of work and 30 million investment to be launched, now, after four capital increases, the risk of failing to recover the capital invested it becomes more and more concrete.
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