Il title Autogrill sinks on the stock exchange after the company's board of directors requested a proxy for a capital increase up to 600 million of Euro. The shares remained stuck in the volatility auction for a few minutes and, once they return to trading, they show a drop of 13,8% to 4,336 euros.
Going into detail, the board unanimously resolved to submit to the extraordinary shareholders' meeting scheduled for 25 February next, the proposal to grant a five-year mandate to "increase divisiblely, for payment, the share capital by an amount overall maximum of 600 million”. Although the green light from the Board is still missing, the forecast is to complete the capital increase by the first half of 2021.
“It turns out the strengthening of the capital structure is essential of the group, with the consequent availability of greater resources to cope with future investments, to continue the group's growth and innovation path and to seize, as quickly as possible, any opportunities offered by the market" the board of directors announced in a note . Autogrill is about to finalize a pre-subscription agreement for the increase with a consortium of banks.
“After a 2020 that saw us committed to minimizing the negative impact of the pandemic, today, with greater visibility in a context in which strong factors of uncertainty still remain, we are starting a process of capital strengthening to ensure greater financial flexibility and to seize any opportunities that may arise,” he commented the managing director Gianmario Tondato da RuosIt arrived on time Edition's reaction, which controls 100% of Schematrentaquattro spa which in turn owns 50,1% of Autogrill. “Edition srl expresses appreciation for the resolution adopted by Autogrill, relating to the convening of the extraordinary shareholders' meeting to resolve on the proxy to increase the share capital against payment, under option, for a maximum amount of 600 million euro”. “The strategic motivations, continues the group in a note, “appear to be fully shared and, consequently, it intends to provide its subsidiary Schematrentaquattro spa with the necessary financial resources”.
