(Alliance News) - BFC Media Spa announced Thursday that it has ormalized the divestment, in favor of Franco Cappiello, of the company's entire stake in BFC Space Srl, representing 70.10 percent of the share capital.

"The divestment stems from considerations about the absence of strategic prerequisites with respect to holding a stake in BFC Space, whose peculiar scope of commercial action, relating to the field of astronomy, cosmology and space economics, have failed to find an effective synergy with the company's traditional activities," BFC explained in a note.

"BFC Space closed its 2022 financial statements at a loss and there is no prospect that the trend will improve in the coming years; for the latter reasons, the sale was made against payment of a price at face value, i.e., EUR7,010, with simultaneous conversion of the current shareholder loan from the company to BFC Space amounting to EUR10,787 into a loss coverage reserve."

Thus, the company deemed it a priority, "given the ambitious development plans, to concentrate human and financial resources on the traditional publishing lines and those in synergy with 'L'Espresso,' and therefore not to continue with the development of collateral areas such as that of BFC Space."

BFC closed Thursday unchanged at EUR4.14 per share.

By Claudia Cavaliere, Alliance News reporter

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