(Alliance News) - UCapital24 Spa announced Wednesday that the board has approved the terms of a EUR2.1 million capital increase -- without share premium.

The aucap will take place through the issuance of a maximum of 14.1 million new ordinary shares that will be offered at EUR0.15 each. The majority shareholder, UCapital Ltd, which holds about 72 percent of the capital, will participate for its full share, for a total consideration of ERU1.5 million.

In addition, independent director Werther Montanari has resigned, leaving the company's board due to unforeseen professional commitments.

UCapital24's stock closed Wednesday unchanged at EUR0.40 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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