What a shame…

Those who read me and followed what I have done since leaving Gambero Rosso, almost six years ago, know that towards my ex-employer, which some 30 years ago I helped create, I have never used words that were not affectionate or respectful. I left without making a fuss, without demanding what by law I was legally entitled to and, above all, without raising polemics with legal consequences. There were no reasons for this and the bitterness I felt at the time was only that of someone who would have liked to have seen things go differently, without any painful incidents which were in some cases unjustified, like the firing of Stefano Bonilli which even the courts later determined was unfounded.

Today, on the 30th anniversary of that creation and the beginning of an adventure that for many was exalting, I could not help but take a look at how Gambero Rosso Holding’s share price was doing on the stock market. On December 9, 2016, one share was valued at 0.33 euros. And while it is true that the stock market has in the meantime lost 25% of its value, Gambero shares have lost more than three times that falling to almost 80% of their initial price. This was a terrible performance and despite it having balance sheets that were not that bad. Why this has occurred I have no idea and the only thing that worries me now is the future of so many colleagues and friends I left behind. And they, too, have expressed their well-founded concerns to me, those based on facts and figures. Gambero Rosso’s adventure on the stock market, on the AIM trading board dedicated to small enterprises, has not be fortunate from the beginning. Its listing was handled by Banca Popolare di Vicenza which under the management of Gianni Zonin had enormous problems. Nevertheless, no one would have imagined such a vertical plunge, without any recoveries, over the course of a full year.

Management has given no explanations or analyses, almost as if all this was normal and there was nothing to be concerned about. Perhaps they thought all this was not so bad considering only 30% of the Gambero Rosso’s capital was floated on the market. What is for sure is that such a phenomenon could have dire consequences for the value of the brand and how it will be evaluated on future balance sheets. And believe me when I say I really hope I am wrong.