Olidata S p A : Press release Presentation of the Composition plan in continuity - Integration

Pievesestina di Cesena, September 18 2021

Press Release

OLIDATA S.P.A.

COMPOSITION PLAN IN CONTINUITY

Agreement with creditors plan pursuant to Articles 161 and 186-Bis L.F. 8

With reference to the press release issued on September 11, 2021, the company Olidata SpA, while waiting for the Court of Forlì to express itself on the merits of the proposed plan presented, deems it appropriate to inform the market about the adjustments made to its accounting records as a result of which the economic and financial situation originated on May 13, 2021, the starting date of the maneuver, shown below.

It should be noted that, with respect to the "instant" valuation of company assets contained in the report by Dr. Arrighi, the flow available to creditors in the proposed maneuver is higher by Euro 1,433 thousand, by virtue (i) of the lower cash flow deriving from the failure to implement the "Olidata" trademark within the framework of the presented Plan, valued in the appraisal pursuant to art. 160, co. 2, l.f. in an amount equal to the estimate resulting from the appraisal prepared by Prof. Riccardo Tiscini, concerning the value of the brand in a scenario of forced liquidation; (ii) the greater cash flow deriving from external finance for Euro 2,127 thousand, which is entirely destined to service the pre-deductible, privileged and unsecured debt (including the component of privileged debt downgraded to unsecured rank).

THE COMPOSITION PLAN

The Plan is based on direct continuity, through the continuation of business activity by the Company and is of a mixed type, with a prevalence of flows deriving from business continuity over those deriving from the liquidation of assets not functional to the exercise of the same.

In particular, this Plan is based on the following assumptions:

• Contribution of external finance by Sferanet S.r.l., for Euro 500 thousand;
• Contribution of external finance by Le Fonti Group S.r.l. Benefit Company, for Euro 1,627 thousand;
• Sale of the 100% shareholding held by Olidata in Italdata S.p.A., for a value of Euro 350 thousand, equal to the estimated value of the investment in a scenario of forced liquidation resulting from the expert opinion of Prof. Riccardo Tiscini.

THE OFFER OF SFERANET S.R.L.

On June 23, 2021, the Company signed a letter of intent with Sferanet S.r.l. (hereinafter also "Sferanet"), a company with registered office in Rome, Via Giulio Vincenzo Bona 120, Tax Code 10223951004, in the person of the Chairman of the Board of Directors, Cristiano Rufini, and with its shareholders, Cristiano Rufini (majority shareholder) and Luca Proietti.

In particular, Sferanet has been a leader since 2008 in the sectors of System Integration and Digital Transformation through the design, implementation, and management of solutions and services and is able to undertake important systems integration projects, implement the security of traditional IT platforms, implement new digital platforms.

Sferanet works with the most important companies in the public and private sector and collaborates with the main technological players, and is present with offices in Rome, Milan and Cagliari.

Sferanet currently has a turnover of over Euro 30,000 thousand, with a gross operating margin of over 10%. Furthermore, Sferanet has already sent the Company the descriptive lines of its industrial plan 2021-2024, which show, for 2021, an expected turnover of Euro 35,000 thousand and an EBITDA of approximately Euro 3,900 thousand; and, for 2022, an expected turnover of Euro 40,000 thousand and an EBITDA of approximately Euro 4,900 thousand.

The letter of intent had as its subject the main terms and conditions for the acquisition by Sferanet or its shareholders of an investment in Olidata up to 40% of its share capital, possibly also by means of the transfer of a company or business unit to following a resolution to increase the share capital in kind reserved for Sferanet.

Following the completion of the due diligence on Olidata, Sferanet and its shareholders confirmed their willingness to subscribe to the capital increase that will be approved by the Company.

In particular, on September 10, 2021, Olidata and Sferanet signed a private agreement pursuant to which the second undertakes to pay to the first, by way of non-repeatable external finance, the amount of Euro 500 thousand to be used for payment. of bankruptcy debts according to the provisions and deadlines indicated in the composition plan. In particular, the contribution is subject to the occurrence of the following conditions:

1. admission, pursuant to art. 163 of the Bankruptcy Law of Olidata to the composition procedure; (ii) homologation of the Proposed Agreement of Olidata;

1. assumption of the resolution of the Shareholders' Meeting and of the Olidata Board of Directors of the share capital increase reserved for the shareholders of Sferanet equal to 40% of Olidata, resolution suspended and enforceable only upon full execution of the composition plan;

1. payment by Le Fonti Group in favor of the composition procedure of Olidata, of the sum of Euro 1,627 thousand within 10 days of the final approval of the agreement of Olidata.
   For its part, Olidata has undertaken within 30 days of the approval decree, in compliance with the provisions of special laws, including the Consolidated Finance Act and the Consob Issuers' Regulation and the current European provisions applicable to companies listed on regulated markets, to call the Extraordinary Shareholders' Meeting to approve an increase in the share capital (equal to 40% of the share capital of Olidata with no debts) reserved for the shareholders of Sferanet to be released through the contribution in kind of at least 51% of the shareholding in the share capital of Sferanet, in accordance with an expert report pursuant to art. 2343 of the Italian Civil Code and in compliance with the applicable legislation for the trading of securities of listed companies.

AGREEMENT PROPOSAL AND SATISFACTION PERCENTAGES

In consideration of the above-mentioned active flows and having regard to the value of the corporate assets in the liquidation scenario as estimated in the report pursuant to art. 160, co. 2, l.f., the composition proposal provides:

1. the full payment of pre-deductible debts;
2. the full payment of the privileged debts towards employees pursuant to art. 2751-bis n. 1 c.c.;
3. the degradation to unsecured:

• partial payables due to professionals pursuant to art. 2751-bis n. 2 of the Italian Civil Code, to the extent of 95%;
• full amount due to artisans pursuant to art. 2751-bis n. 5 of the Italian Civil Code.;
• full compensation VAT pursuant to art. 2758, co. 2 of the Italian Civil Code, on the basis of the appraisal pursuant to art. 160, paragraph 2, of the Italian law of the professional appointed Dr. Alessandro Arrighi;
• full social security payables pursuant to art. 2753 (payables to INPS and INAIL) and 2754 (payables to supplementary welfare institutions and payables for accessories referring to payables pursuant to Article 2753) of the Italian Civil Code.;
• full of privileged tax debts pursuant to art. 2752, paragraphs 1 and 3 of the Italian Civil Code.

4. the partial payment of the unsecured debts, including the privileged debts downgraded to the unsecured point referred to in the previous point, to the following extent for the individual classes:

• Class 1 - payables to professionals pursuant to art. 2751-bis n.1 of the Italian Civil Code and artisans pursuant to art. 2751-bis no. 5 of the Italian Civil Code degraded to unsecured: 7% satisfaction;
• Class 2 - tax and social security debts downgraded to unsecured, also subject to settlement pursuant to art. 182- ter l.f .: satisfaction of 6%;
• Class 3 - other unsecured debts: satisfaction to the extent of 5%.

No satisfaction is expected for subordinated creditors under the composition plan.

BALANCE SHEET ECONOMIC SITUATION AS OF MAY 13, 2021

	Account Description		Balance
	costi di impianto Olidata IID			5.246,74
	F.do Amm. C.Imp. Olidata IID	-	5.246,74
				-
	costi di impianto e ampliamento			-
				-
	Marchi Olidata			4.924.821,46
	F.do Ammort.Marchi Olidata IID		-	551.891,27
				-
	concessioni, licenze, marchi e			4.372.930,19
				-
	immobilizzazioni immateriali			4.372.930,19
				-
	Impianti generici			10.880,98
	Macch.Op. e Impianti specifici			11.307,41
	f.do amm.to Impianti generici		-	10.880,98
	f.do amm.to Macch.Op.Imp.spec.	-	11.165,53
				-
	Impianti e macchinario			141,88
				-
	Attrezzature			3.937,39
	Mobili			47.007,84
	macchine d'ufficio elettroniche			18.122,86
	Automezzi			-
	Cespiti Inferiori a € 516			66.042,48
	Impianto Di Allarme			30.050,56
	F.do amm.Attrezzature	-	3.937,39
	F.do amm.to mobili		-	46.615,27
	F.do Amm.to macchine d'ufficio	-	18.122,86
	F.do amm.to Automezzi			-
	F.do amm. Cespiti inf. a € 516	-	66.042,48
	F.do Amm.to Impianto Di Allarm		-	30.050,56
				-
	Attrezzature industriali e comm			392,57
				-
	immobilizzazioni materiali			534,45
				-
	Componentistica in manutenzione			77.560,75
	Prodotti finiti			272.828,69
				-
	Rimanenze			350.389,44
				-
	ELETTRONICA ROSSI			108,58
	GDC DI G. CASCIO			1.387,14
	DATA POLARIS S.R.L. IN LIQUIDA			42.057,48
	OLIDATA ENERGY S.R.L. IN LIQUI			169.832,12
	UFFICIO GAMMA			3.241,54
	DISMANO DISTRICT S.R.L.			150,47
	Crediti In Contenzioso			4.751,41
				-
	verso clienti SOHO			221.528,74
				-
	AZIENDA USL DI REGGIO EMILIA			514,80
	I.N.A.I.L-DIR.CENTR.SERV.INF.E			11.166,35
	SOGEI S.P.A.			138,47
	MINISTERO DELLA GIUSTIZIA			756,09

	COMUNE DI CAPO D'ORLANDO	57,45
	MINISTERO DELL'INTERNO		65,33
	MINISTERO DELL'INTERNO	127,72
	PROVINCIA DI RAVENNA		1.408,56
	COMUNE DI SASSO MARCONI	184,88
	COMUNE DI RICCIONE		250,93
	COMUNE DI MONTEVARCHI	115,39
	COMUNE DI PALMA DI MONTECHIARO		106,15
	COMANDO GENERALE GUARDIA	8.988,91
	COMUNE DI FICARAZZI		278,63
	PROVINCIA DI TERNI	941,36
	COMUNE DI BARI		279,69
	E.N.E.A. - CASACCIA	440,39
	COMUNE DI PERUGIA		320,17
	AZIENDA OSPEDALIERA	1.150,51
	MINISTERO DELLA GIUSTIZIA		260,88
	COMUNE DI TERNI	2.078,04
	A.U.S.L. N. 5 ORISTANO		143,57
	CUP 2000 SCPA	1.348,90
	GUARDIA DI FINANZA		112,40
	COMUNE DI ANCONA	901,33
	AZIENDA OSPEDALIERA DI PADOVA		257,42
	AZIENDA ULSS N. 16 PADOVA	427,95
	COMUNE DI EBOLI		569,50
	PROVINCIA DI MILANO	362,67
	COMUNE DI ARCUGNANO		113,64
	COMUNE DI CASCINA	866,58
	AZIENDA OSPEDALIERA DI COSENZA		259,44
	AZIENDA OSPEDALIERA	1.586,61
	ASUR MARCHE-AZIENDA SANITARIA		196,64
	AZIENDA ULSS 14	757,68
	ASL FOGGIA		470,66
	ASL COMO	102,39
	CRA-CONSIGLIO PER LA RICERCA E		149,35
	COMUNE DI REGGIO CALABRIA	371,96
	AZIENDA ULSS 12 VENEZIANA		865,20
	AZIENDA UNITA' SANITARIA	870,43
	IRCCS IST. GIANNINA GASLINI		88,07
	COMUNE DI ASTI SETT.RIS.UMANE	379,25
	GRUPPO TORINESE TRASPORTI SPA		5.062,68
	PROVINCIA DI NAPOLI - AREA	132,26
	MINISTERO DELLA DIFESA		86,74
	UFF.TERRITORIALE DEL GOVERNO	80,70
	MINISTERO DIFESA COMFOTER		383,95
	ENAV SPA	65,80
	AZIENDA REGIONALE ASL N.13		137,80
	CAMERA DI COMMERCIO DI CROTONE	170,21
	A.F.O.R.-AZIENDA FORESTALE		359,55
	SICILIA E SERVIZI SPA	102.933,03
	COMUNE DI BACOLI		1.595,50
	COMUNE DI GELA	1.210,54
	MINISTERO DELLA GIUSTIZIA -		122,51
	COMUNE DI COMISO	123,90
	ASL CASERTA		233,04
	COMANDO GENERALE CC REP. AUT.	138.429,64
	DIR. CASA CIRCONDAR. TRIESTE		91,91
	LEGIONE CARABINIERI CAMPANIA	173,79
	COMUNE DI BOLOGNA		1.182,22
	AZIENDA OSPEDALIERA	3.502,99
	COMUNE DI MESSINA DIP.		244,15

	MINISTERO DI GIUSTIZIA	351,24
	ASL SALERNO		3.516,78
	STATO MAGGIORE DELL'ESERCITO	18.205,43
	AZIENDA SANITARIA PROVINCIALE		552,58
	A.O.R.N MONALDI-COTUGNO-CTO	131,21
	AZIENDA SANITARIA PROVINCIALE		2.111,68
	PROVINCIA DI TERNI	1.265,92
	ASL CN1		3.454,16
	COMUNE DI CASTELLAMMARE DI	711,60
	ASM AZIENDA SANITARIA LOCALE		163,85
	AERONAUTICA MILITARE	5.102,44
	COMUNE DI CATANIA		348,52
	COMUNE DI ALBISOLA SUPERIORE	315,42
	COMUNE DI MEZZOJUSO		140,16
	COMUNE DI CATANIA	4.101,40
	PROVINCIA DI NAPOLI		2.673,57
	COMUNE DI ROMA	817,32
	UFFICIO 2 - MOTORIZZAZIONE		1.161,85
	MINISTERO DELLA GIUSTIZIA	1.902,02
	I.R.C.C.S.-ISTITUTO NAZIONALE		390,55
	I.N.P.S. - DIREZIONE CENTRALE	149.663,97
	COMUNE DI MARCIANISE		68,87
	COMUNE DI CAVA DE' TIRRENI	123,36
	COMUNE DI CASTEL SAN GIORGIO		333,79
	AZIENDA SANITARIA PROVINCIALE	935,92
	COMUNE DI AGRIGENTO		366,66
	ASL AL	385,56
	COMUNE DI GRAVINA IN PUGLIA		258,63
	AZIENDA OSPEDAL. UNIVERSITARIA	903,43
	COMUNE DI PAGANI		801,67
	COMUNE DI BIASSONO	373,58
	ASUR MARCHE		190,91
	COMUNE DI FIVIZZANO	145,79
	PRESIDENZA CONSIGLIO MINISTRI		197,62
	MINISTERO DELL' INTERNO	181,72
	MINISTERO ECONOMIA E FINANZE		170,23
	MINISTERO DELLA DIFESA	185,55
	COMUNE DI FIGLINE VALDARNO		108,95
	MINISTERO DELLA DIFESA	167,68
	ISTITUTO NAZIONALE DI FISICA		346,64
	REGIONE SARDEGNA	681,00
	ASL AVELLINO		373,92
	REGIONE CAMPANIA	505,29
	COMUNE DI MEOLO		301,85
	MINISTERO POLITICHE AGRICOLE	544,08
	COMUNE DI POLICORO		134,35
	AUSL 1 SASSARI	286,83
	UNIVERSITA' DEGLI STUDI PAVIA		106,15
	COMUNE DI AGRIGENTO	163,38
	COMUNE DI L' AQUILA		249,56
	COMUNE DI SALERNO	1.778,66
	UNIVERSITA' DEGLI STUDI UDINE		540,23
	PROVINCIA DI RAVENNA	211,91
	AZIENDA SANITARIA UNICA		242,65
	MIN. INTERNO POLIZIA DI STATO	305,98
	COMUNE DI POMEZIA		207,94
	IRSAP - ISTITUTO REGIONALE	533,14
	UNIVERSITA' STUDI DI PALERMO		100,76
	D.A.P. - CASA DI RECLUSIONE	106,74
	AZIENDA POLICLINICO UMBERTO I		929,77