(Alliance News) - Portobello Spa announced on Monday that its board of directors has resolved to increase its share capital for cash, on a divisible and progressive basis, up to a maximum amount of nearly EUR8.0 million through the issuance of ordinary shares.

The purpose of the transaction, the company note said, is to help strengthen Portobello's capital and financial structure in order to support the group's working capital and related development strategies.

Portobello also specified that the shareholder Expandi Srl, a company jointly owned by Pietro Peligra and Simone Prete, will become the assignee of the option rights to subscribe to the capital increase by shareholders Simone Prete, Pietro Peligra and Roberto Panfili, the latter in his own right and through Matilde Sas di Mabe Srl Semplificata & C., thus becoming the holder in the state of option rights to subscribe to the capital increase for 47.89 percent of its full amount.

At the same time, Expandi, in addition to having confirmed to the company its commitment to subscribe to a portion of the capital increase equal to the percentage of the option rights it holds, has also confirmed its willingness to guarantee the successful outcome of the same for a total aggregate amount of EUR5.0 million, thus also making itself available to subscribe to any unexercised rights within the limits of the maximum amount indicated above, having already paid this amount into Portobello's coffers as a payment on account of future capital increase.

Portobello's stock is down 2.4 percent at EUR9.96 per share.

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.