(Finance) – The Board of Directors of Softec has resolved to proceed with the convocation of the ordinary and extraordinary meeting of the Company’s shareholders, scheduled for January 19thto resolve on the proposal to revoke the admission to trading of the ordinary shares issued by the Company on Euronext Growth Milan.
The revocation proposal, in the opinion of the Board of Directors – explains a note – is justified for the following reasons: the listing on Euronext Growth Milan, also considering the strategic repositioning path carried out by the Company in recent years, adequate valorisation of the Company itself was not achievednor has there been any use of new sources of capital to pursue company growth strategies; the Revocation (or “delisting”) would guarantee a concrete rationalization of operating costs, as a consequence of the containment of the obligations and burdens deriving from the status of a company listed on a multilateral trading system, with adequate flexibility for the Company and with the possibility of concentrating greater operational and financial resources on its technical and commercial activities, for the pursuit the growth objectives in the reference market envisaged by the industrial plan; being controlled by the company Beewizea company listed on the regulated Euronext Milan market, the Issuer will be able to maintain, in any case, an adequate profile of information transparency towards the market and the financial system, being able thus preserving the positive characteristics of the listingbeing the main operating subsidiary of a listed Group.
The permanence of the Company’s shares on the Euronext Growth Milan market and the related obligations – we read in the note – “do not currently appear to be in the best interests of the Company itself”.