05/22/2018 | 04:43am EDT
Milan - Azimut Holding S.p.A. shareholders' agreement - update on the strengthening of the stake in Azimut Holding spa
Timone Fiduciaria, which gathers the shareholders adhering to the Azimut Holding S.p.A. shareholders' agreement (the "Agreement), issued three press releases on January 15th, 2018, March 8th, 2018, and May 10th, 2018 on the potential implementation of a transaction (the "Transaction") aimed at strengthening its stake in Azimut Holding S.p.A. ("Azimut"). In such communications, Timone Fiduciaria confirmed its intention to proceed with the implementation of the Transaction, subject to the execution of the relevant documentation and to market conditions.
Further to the previous press releases, Timone Fiduciaria informs that the Agreement has now been modified in order to allow for the execution of the Transaction. Timone Fiduciaria also executed a financing agreement in order to complete the resources necessary to execute the Transaction, together with the capital provided for by the majority of the members of the Agreement that have confirmed their participation in the Transaction.
Timone Fiduciaria may therefore proceed, based on market conditions, with the Transaction through the acquisition of shares on the market and/or OTC, and will communicate accordingly to the public. As already announced, the transaction will involve an overall number of shares lower than the threshold that would trigger the obligation upon the Agreement to launch a take-over bid, and in any case for a maximum percentage of 10% of the capital of Azimut Holding spa