(Finance) – Ki Group Holding signed a contract with Ortigia Investimenti and Andrea Mastagni for the acquisition of a shareholding in ILLA, a company incorporated under Italian law, based in Noceto (Parma), whose shares are admitted to trading on Euronext Growth Milan and active in the production and marketing of non-stick aluminum kitchen utensils, in the production of coffee makers as well as in the marketing of household items.
The Board of Directors of the Company, which met on 23 May, had favorably resolved on the acquisition operation, giving a mandate to the current Chairman of the Board of Directors Stefano Crespi to proceed with the negotiations for the purchase by the Company of an equity investment equal to 15.85% of the share capital of ILLA.
As part of the acquisition agreement (the “Agreement”), signed today with Ortigia Srl and Andrea Mastagni, the acquisition by the Company of n. 2,010,000 shares of ILLA (in particular through the purchase of 1,788,230 shares from Ortigia Srl and 221,770 shares from Andrea Mastagni), corresponding to a share equal to 15.85% of the share capital of the same, at a price per share equal to Euro 0.15 (substantially corresponding to the price of the share as per the weighted average of the last semester) for a total amount of Euro 301,500.00.
For the purpose of completing the acquisition of the shareholding, the Company has also signed a non-competition agreement with Ortigia Srl today for a total consideration of Euro 75,000.00 (the “Non-competition agreement”). The non-competition agreement provides for the commitment of the shareholders of Ortigia Srl not to start a new business which by object, location or other circumstances is capable of misleading ILLA customers and, in any case, to exercise their professional activity in favor of others. competing companies for a period of 18 months from the date of sale of the share package to Ki Group. The territory for which the limitation object of the non-competition agreement is valid is the Italian one.
The completion of the transaction through the transfer of the share package and the relative payment (the so-called “Value Date”), will take place in the next few days, and in any case by 21 June next, due to the time required to complete the assignment (withdrawal of securities against payment) by the intermediaries with whom the shares are placed. The Company currently has the financial resources to complete the share purchase transaction and settle the consideration for the non-competition agreement at the same time as the transfer of the shares.