Launched the Alternative Capital Market (Mac)

Easier access to capital for SMEs

Dec 04 2006 - 10:00

MAC is a organised share exchange system, reserved for institutional investors, based on the easy access and a strong link with key local banks. A company owned by banks, institutions and Borsa Italiana will promote the development and knowledge of MAC. The market will be managed by Borsa Italiana. MAC activities will begin in the first months of 2007.

Milan, 4th  December – The Alternative Capital Market (MAC), a organised share exchange system reserved for institutional investors to ease SME access to risk capital, has today been launched in Milan at Palazzo Mezzanotte.

The initiative has been promoted by a Committee composed of key persons from the economic, financial and scientific Italian community and by Borsa Italiana. 

The objective is to create a new channel to diversify the financial strength of SMEs, increase the growth potential of the Italian productive structure and valorise innovation.  

MAC will reduce the requirements for SMEs to access risk capital and develop strong links with local banks.

Admission requirements and advantages for companies

Access to MAC will be possible through an easy and low-fee procedure that the company could implement quickly with an authorised bank, or Sponsor, active in its area, that will also follow the company after admission to MAC. The procedure will require a maximum of six weeks since the first contact with the sponsor.

To be admitted the company should:

  • Be established as a joint stock company and guarantee free shares portability;
  • Have its most recent balance sheet certified by an auditing company registered with Consob.

MAC will encourage the development of new partners, offer an SME showcase to Italian and international institutional investors and facilitate a transparent benchmark for the determination of the value of a company.  

The market will enable companies to increase their capital, without impacting governance and organizational structure, and valorise investment projects over the medium to long term, being exclusively open to professional investors.

Structure and functioning rules

The Promotion company, in the early phase, will facilitate the development and knowledge of MAC. The company will have an initial capital of €120,000 that will increase to €5 million during the early part of 2007.

Equity capital is being provided by participant banks, SIM and institutions: presently. 15 banks and SIM and seven institutions are participating. Discussions with other potential participants are ongoing.

The banks and SIM that have agreed to participate include Banca Akros (Gruppo BPM); Banca Antonveneta; Banca Finnat; Banca Intesa; Banca Sella; Banca Nazionale del Lavoro; Banca Popolare dell’Emilia Romagna; Banche Popolari Unite; Banco Popolare di Verona e Novara; Capitalia; Centrosim; Euromobiliare SIM; Gruppo Monte dei Paschi di Siena; Sanpaolo IMI; and Unicredit.

The institutions that have agreed to participate are ABI; Associazione Italiana delle Aziende Familiari; Assonime; Assosim; Borsa Italiana; Infocamere; and Instituto per la Promozione Industriale (IPI).

Borsa Italiana will oversee the exchange of shares and will supervise the normal development of the operations of MAC. 

Negotiations will be in a telematic auction with weekly base. The round lot for the value of securities will be €50,000.

MAC is expected to begin activities during the early part of 2007.

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