(Finance) – The Board of Directors of GELan Italian company active in the water treatment sector listed on Euronext Growth Milan, has approved the promotion of a public takeover offer (voluntary and partial takeover bid) for own sharesinvolving a total of 880,000 shares, representing the 12.23% of the capital social.
The company will pay a consideration equal to 1.70 euros (cum dividend)which incorporates a premium equal to: 9.68% compared to the official price as of 28 October 2024; 22.20%, 18.83%, 17.25% and 12.55% compared to the weighted arithmetic average of the official prices recorded, respectively, in the 12, 6 and 3 months and in the month preceding the reference date.
Through the offer, the company intends use part of the liquidity which it has available for remunerate its shareholdersrecognizing in their favor – without distinction and on equal terms – the opportunity to liquidate, in whole or in part, their investment in the company, at more favorable conditions than those currently offered by the market, taking into account both the stock market prices of the shares, and the poor liquidity of the stock. The controlling shareholder Mooring communicated its opinion to the company intention not to join to the offer.
All the maximum total 880,000 treasury shares that will be purchased – equal to the 455,625 treasury shares in portfolio – will be subject to cancellationin order to stabilize over time the effects of the purchase of treasury shares for which the offer is functional on the financial indicator of profit per share (earnings per share), which, with the same operating profit, will be increased.
The number of shares subject to the offer is such as to maintain, even in the event of total acceptance of the offer, a sufficient free float to ensure the smooth running of negotiations and it will therefore not be able to determine the revocation of the shares from the listing on EGM.