Azimut goes public after the news announced by Timone Fiduciaria, the holding company that brings together the members of the syndicate agreement, raising almost 20% of the capital. Timone will purchase shares in the asset management company for a value of 60 million euros, 50% of which backed by bank financing.
The news gave wings to the title that he created in the morning the best performance of the Ftse Mib, gaining 5% at 13,93 euros after having touched a maximum of 14,045 euros.
Last month Timone Fiduciaria had already announced the start of evaluations for a strengthening of the capital of Azimut. "The procedures for collecting the commitments to participate in the operation from the current members of the agreement and from new colleagues of the Azimut Group who are not yet members of the agreement and who will express an interest in participating in the operation are therefore nearing completion" reads in the note released on April 16. The shares purchased as part of the transaction will all be contributed to the agreement.
At current stock prices, the operation to strengthen Timone Fiduciaria into Azimut Holding would involve approximately 3% of the share capital of the group, allowing the agreement to reach 22,5% of the shares. In the second part of February, Timone had sold 1,78% of Azimut at 23,7 euros per share with total proceeds of around 60 million.
