Visibilia, closing with Athena postponed due to Swiss investigation into Wip.

(Alliance News) - Athena Pubblicità Srl has announced, through Visibilia Editore Spa, that the Federal Financial Market Supervisory Authority has initiated an investigation into Wip Finance SA, appointing a commissioner to act on behalf of the corporate bodies.

As a result, the commissioner authorized neither the finalization of the transaction to purchase 75 percent of Athena's capital nor the setting of a new date for the closing, initially scheduled for March 31.

Athena reiterated its intention to complete the transaction as soon as the timing of the investigation allows. If completed, the transaction would give Wip an absolute majority stake in Athena and, indirectly, Visibilia Editore.

In that case, Wip would promote a mandatory takeover bid for the remaining Visibilia shares, pursuant to the Consolidated Law on Finance and Consob's Issuers' Regulations, with the stated aim of maintaining its listing on Euronext Growth Milan.

Visibilia shares are currently suspended from trading. Borsa Italiana has indicated that readmission will require the restoration of an adequate free float and the appointment of a new Euronext Growth Advisor.

Along these lines, Athena has raised binding commitments from three investors to purchase 13.5 million shares of Visibilia, or 3 percent of the capital, with completion expected soon.

Upon completion of the transaction, Athena would fall below the 90 percent capital threshold, thus restoring a minimum free float for readmission.

Finally, should the transaction with Wip fail to materialize, Athena said it would proceed to purchase the remaining Visibilia shares at the request of shareholders, resulting in their delisting.

By Antonio Di Giorgio, Alliance News reporter

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