(Tiper Stock Exchange) – Camparia company which is part of the FTSE MIB and is active in the beverage sector, communicated that it is completed the conversion of 594,021,404 Special Voting Shares A held bymajority shareholder Lagfin SCA Société en Commandite par Actions (Lagfin) and by other shareholders in as many Special Voting Shares B, in accordance with the special voting mechanism approved by the Shareholders’ Meeting on 27 March 2020 (Special Voting Mechanism).
The Special Voting Mechanism was introduced with the aim of encourage a capital structure more conducive to long-term growth strategy of Campari, i.e. organic growth combined with acquisitions, and to reward shareholders with a long-term investment horizon. In particular, the Special Voting Mechanism entitles shareholders registered in the loyalty register, who have completed an uninterrupted holding period of 5 years, to cast 5 votes for each ordinary Campari share held. Each Special Voting Share B carries 4 voting rights which, together with the single voting right of the ordinary Campari share with which it is associated, allows loyal shareholders to express 5 voting rights.
With the conversion of Special Voting Shares A into Special Voting Shares B, Lagfin “confirms its uninterrupted and long-term commitment to the Group’s growth strategy”, reads a note. Following the conversion, the percentage of majority shareholder’s voting rights increased to 84.0% (from 68.6%).
Following the IPO since 2001, Campari has grown more than 5 times both in terms of net sales and EBITDA-adj. Thanks to a combination of organic and external growth, it has completed more than 40 acquisitions for a total investment of approximately 4 billion euros, and has achieved an organic CAGR of net sales of approximately 7% over the last 10 years, with an accelerating to about 12% over the past 3 years. The market capitalization of the company has grown more than 15 times since the IPO, from €0.9 billion to €14 billion. The total shareholder return (with dividend reinvested) has achieved a CAGR of 15% since IPO, best in class in the spirits industry.
(Photo: © Campari)