(Finance) – The board of directors of Cults Milana company listed on Euronext Growth Milan and specializing in the production and distribution of fragrances and cosmetics, has approved the guidelines of an operation that provides for the promotion, after obtaining the necessary authorization from the shareholders’ meeting, of a takeover bid Partial voluntary (OPA) on treasury shares.
The takeover bid will involve a maximum of 365,000 treasury shares, equal to 11.791% of the capital, at one consideration of 17 euros per share (+ 21.4% compared to today’s closing date), for a maximum total value of 6.2 million euros. The payment of the consideration will take place in cash, but the company, despite having the liquid resources to deal with the investment, with a view to optimizing the financial structure, is in negotiations with a primary credit institution for a medium-term financing.
The takeover bid is not subject to the achievement of a minimum number of subscribers e it is not aimed at revoking the shares of Culti Milano from the negotiation on Euronext Growth Milan.
In consideration of the maximum number of shares subject to the authorization proposal, the 10,000 treasury shares already held and the 2,388,750 shares held by the controlling shareholder KME Group, the free float that would remain if the authorization is fully exercised, it would be represented by 331,750 shares, equal to 10.717% of the share capital.
If the takeover bid is successful, the company would obtain a suitable number of usable treasury shares at the service of any extraordinary transactions and / or for the development of alliances consistent with the strategic lines and representing a medium and long-term investment in the same, on the other hand, it would offer shareholders who so wish the opportunity to monetize their investment at a value that incorporates a premium compared to the average prices of such title in recent months.