(Alliance News) - Enertronica Santerno Spa announced that as part of the company's capital strengthening and debt restructuring operation, an agreement has been signed between investors and relevant shareholders.

In detail, investors Oxy Capital Italia Srl, Oxy Capital Advisors Srl and illimity Bank Spa have entered into an agreement with shareholders NTS Spa, Carraro Spa and Carraro International SE whereby the shareholders have confirmed their commitment to contribute all the shares they hold in the company, representing about 58% of the share capital, to a newly established joint-stock company; OXY Ad, either directly or through a corporate vehicle, will purchase at a value of EUR1.00 60% of the share capital of NewCo; the receivables of EUR6.6 million claimed by the shareholders will be transferred to NewCo.

As a result of the incorporation and subsequent contributions, NewCo's share capital will be divided as follows: OXY Ad 60% of the share capital; NTS 10%; CSE 15%; and Carraro 15%.

The transaction also provides for a rights issue of the company's capital up to a maximum of EUR8 million through the issuance of a maximum of 16.0 million ordinary shares, at a price per share of EUR0.50, of which EUR0.01 is capital and EUR0.49 is share premium, with suspensive effect subject to approval, to be executed by January 31, 2024.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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