THE EXTRAORDINARY SHAREHOLDERS’ MEETING OF CENTRALE DEL LATTE D’ITALIA APPROVES THE CAPITAL INCREASE UP TO € 30 MILLION WITHIN 5 YEARS TO STRENGTHEN THE COMPANY’S ASSETS AND CONTINUE TO GROW.
Turin, 29 April 2020 – – The Extraordinary Shareholders’ Meeting of Centrale del Latte d’Italia S.p.A. (“CLI”), a company listed on the Star segment of Borsa Italiana and today the third Italian player in the fresh and long-life milk market, has approved the capital increase, with or without option rights, up to a maximum of € 30 million within 5 years.
The objective of the Capital Increase is to respond efficiently, promptly and flexibly to the needs for capital strengthening, according to the needs that have arisen as a result of the development of the corporate activity and in pursuit of the strategic objectives set by the approved 2020-2022 business plan by the Board of Directors on 10 February 2020.
2020 will be the first year of implementation of the business plan approved on 10 February. For 2022, management estimates revenue growth of € 187 million (+ 1.3% CAGR), with EBITDA growing to € 17.5 million, EBITDA margin of 9.3% and a net profit of € 5.5 million.
The Extraordinary Shareholders’ Meeting also approved the proposal to eliminate the indication of the nominal value of the shares and the consequent modification of the articles of association, giving the company greater flexibility in determining the definitive conditions for the issue of the shares deriving from the capital increase.
Finally, in compliance with the provisions contained in the budget law 2020 on gender balance in the corporate bodies of listed companies and in accordance with the applicable Consob guidelines, the modification of articles 11 and 20 of the articles of association was approved, to comply with the criterion which guarantees gender balance, in particular by requiring that at least one third of the administrative and control bodies is guaranteed to the least represented gender for three consecutive mandates.
With 4 factories and some 415 employees, Centrale del Latte d’Italia Group produces and sells more than 120 products, ranging from milk and milk products to yogurt and drinks of plant origin, distributed in over 16,000 traditional shops and large retail chains in the pertinent areas under the brand names TappoRosso, Mukki, Tigullio and Vicenza.
This press release is available on the Company’s website at https://centralelatteitalia.com/ and on the authorized storage mechanism eMarketstorage at the following address www.emarketstorage.com.
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