The Extraordinary Shareholders’ Meeting of Cementir Holding S.p.A. resolved upon vesting the Board of Directors with a five-year delegation to increase the share capital pursuant to article 2443 of Italian Civil Code, without exclusion of pre-emption rights with subsequent amendment to article 3 of the Bylaws.
In particular the delegation concerns the power to the Board of Directors to increase the share capital, in one or more tranches, for consideration and in divisible form, through the issue of ordinary shares. The increase, including any share premium, shall not exceed €300 million. Exercise of these powers will allow the Board to augment the capital resources and the financial flexibility of the Company as part of the implementation of its growth strategy.
In addition to supporting external growth, the resources raised may be used to enhance the value of existing investments. The timing of the exercise of the delegated powers, as well as the terms and conditions of any issue, shall depend upon the actual opportunities that may arise and shall be announced promptly to the market in accordance with applicable laws and regulations as soon as those aspects are determined.
It should be noted, finally, that the amendment of the Bylaws does not give rise to any right of withdrawal by the shareholders under the Bylaws or applicable laws and regulations. The minutes of the Shareholders’ Meeting will be made available within the terms provided by Law.
Adapted from press release by Katherine Guenioui
Read the article online at: https://www.worldcement.com/europe-cis/24022015/cementir-shareholders-agree-to-increase-share-capital-392/