(Alliance News) - Iren Spa said Tuesday in a statement that it had "learned from the press of the application of an order of precautionary measures against CEO Paolo Emilio Signorini ordered by the judicial authority of Genoa."

The crimes charged and reported in the Genoa Public Prosecutor's Office press release, "refer to his previous role as president of the Western Ligurian Sea Port System Authority and would therefore not concern Iren," the company points out.

"The group," the statement reads, "has already activated the necessary procedures to immediately guarantee full business continuity, and to this end an extraordinary board of directors meeting has been convened by early afternoon of today for the temporary assignment of proxies.

Iren trades in the red by 2.8 percent at EUR1.83 per share.

By Chiara Bruschi, Alliance News reporter

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