Campari move the registered office in the Netherlands, but maintains the fiscal one in Italy. This was announced by the CEO of the company, Bob Kunze-Concewitz, explaining that the decision "does not contemplate any change regarding the organization, management and business operations, and, above all, provides that the tax residence of the group is maintained in Italy, we pursue the key objective of strengthening our increased voting system for the benefit of long-term shareholders, and, therefore, the adoption of a flexible capital structure that can further support us in pursuing growth opportunities also for acquisitions of significant dimensions”.
The manager also spoke of the decision of the majority shareholder, Lagfin, to increase its investment from the initial 76,5 million to over 250 million, a move that "constitutes full confirmation of the long-term support for the group's strategy and a very strong sign of confidence regarding the company's future prospects”.
Furthermore, "with the disbursement to be paid by the company for the liquidation of the residual shares for a total value of approximately 65 million - continues the manager - we confirm full compliance with our commitment not to exceed the maximum cost threshold deemed tolerable for the company, identified as 7/8 million: on the basis of the current share price, equal to 22 euros at the close of 2020 June 7,70, this cost, equal to 5,2 million, is in fact lower than this limit". The meeting of 26 June is therefore revoked.
Finally, Kunze-Concewitz said he "strongly appreciates the message of confidence deriving from the decision of some shareholders to revoke the exercise of the right of withdrawal in order to maintain their investment in the company".
In detail, over 30 million shares were subscribed under option and pre-emption for which the right of withdrawal was exercised at the unit price of 8,376, corresponding to 2,6% of Campari's share capital. The majority shareholder Lagfin exercised its option rights and pre-emption right for the purchase of withdrawn shares for a total value of 251,3 million.
