(Tiper Stock Exchange) – Civitanavi Systemsa group listed on Euronext Milan active in the field of inertial navigation and stabilization systems used in the aerospace, naval and industrial sectors, announced that the majority shareholder (with 73%) Civitanavi Systems Ltd signed a loan agreement which provides for the repayment of the amount financed by payment of shares of society.
The financing of 5,063,000 euros must be fully converted into company shares by 28 February 2024. The lender, which the company does not appoint, currently already owns a stake equal to 0.98% of the share capital, which as a result of the transaction will rise to 5.09%.
The operation, explains a note, is part of a broader project aimed: in part at partially refinance Civitanavi Systems Ltd following the outlay made for the purchase of 12.7% of its share capital from PSJC Perm Scientific-Industrial Instrument Making Company (PNPPK); in part to finance the necessary supply in support of the Stock Option Plan implemented by Civitanavi Systems Ltd since 2012, for the benefit of about 30 employees.
Furthermore, there is also the goal of increase the float of the listed company for increase liquidity of the title.