(Finance) – Giglio Groupa company listed on Euronext Milan and active in the field of high added value e-commerce platforms, e Urban Vision have mutually agreed that the conditions for the continuation of the operation do not exist of an increase in the share capital of Giglio Group which, as announced in September, should have been subscribed and released by Urban Vision through the contribution in kind of the relevant company.
The Board of Directors then communicated its opinion intention to proceed with a capital increase in the first half of 2025 aimed at strengthening the economic-financial situation and business prospects.
The board also took note of the receipt of a letter received from Avon and Skyboth based in San Marino, holders of 100% of the share capital of Publinovaalso based in San Marino, operating in the digital marketing and lead generation sector, in which they demonstrate their willingness to participate to the capital increase through the contribution in kind of 100% of the capital in the aforementioned company, following evaluation by an independent expert with adequate and proven professionalism.
Avon and Sky represented that Publinova has an integration agreement with another company is in an advanced stage of implementation of significantly larger dimensions, that therefore the contribution in kind, in accordance with the aforementioned capital increase, will concern the entire corporate complex resulting from the integration and which expects to be able to provide all the details on the business complex to be contributed and on the proposed operation by 10 February 2025at the conclusion of the ongoing integration process. In the meantime, they have declared themselves willing to immediately start the discussions necessary to define the contractual structure and the timing of the operation.