(Finance) – The Board of Directors of Phidiasa company listed on Euronext Milan and active in the sector of design, production and marketing of milling systems, has an updated Cash Plan was unanimously approvedwhich also takes into account updates from GGHL (controlled by Negma Group Investment) on the convertible bond loan for a maximum of 10 million euros. As of today, the POC has been subscribed for a total of 6 million and the subscribed bonds have been entirely converted into Fidia shares.
In partial derogation from the timescales envisaged by the POC regulation and in order to support the coverage of the group’s financial needs, GGHL has undertaken to subscribe, upon Fidia’s request, four new tranches of the POC, of 500 thousand euros eachrespectively on 9 October 2024, 4 November 2024, 29 November 2024 and 23 December 2024. Furthermore, GGHL confirmed that Fidia will be able to submit a new request for the subscription of a further tranche starting from 6 February 2025.
The administrative body has acknowledged that the updated Cash Plan estimates that the group is able, with the new resources identified, to finance your financial needs for the next 12 months (until 30 September 2025).
The shareholder FAI Holding sent the company a letter containing a demonstration of support financial and an irrevocable commitment to subscribe, where approved, a capital increase under option for a maximum amount of 1 million euros. Following the new availability from the POC, the Board of Directors postponed any decision on the matter.
During today’s meeting of the Board of Directors, the resignation effective immediately of CEO Marco Livellimotivated by personal reasons and in line with the original relaunch program of the Fidia group, the first phase of which can be considered completed. Levels will cease all other board roles. To replace him, the Board of Directors decided to co-opt Augusto Mignani, the current General Director. The board resolved to grant Mignani the same powers previously attributed to Levels for operational management.
(Photo: © rawpixel)