The BoD of Cattolica Assicurazioni has resolved, with a view to a
rapid definition of the withdrawal procedure, to proceed directly to the reimbursement by purchase of the shares held by the shareholders is
have legitimately exercised the right of withdrawal, for a total of n.
20.577.624 shares and therefore to recognize them the value established in the event of withdrawal equal to 5,47 euros per share, with a maximum term for the liquidation in favor of the shareholders as of 31 January 2021, using the available reserves for this purpose from profits, more precisely by withdrawing the relative amount from the extraordinary reserve.
The Venetian company thus reserves the right to communicate in the continuation of the procedure the methods and precise time limits for regulating the reimbursement by purchase operation. The repurchase by Cattolica of these shares subject to withdrawal, corresponding to an outlay of Euro 112.559.603, would have a negative impact on the group's Solvency II Ratio of approximately 8 percentage points. As a result and as a result of this repurchase, the company would come to hold no. 27.902.475 treasury shares, equal to 12,2% of the share capital.
The Board of Directors has given a mandate to the Administrator
Carlo Ferraresi delegate to verify the legitimacy of certain positions of shareholders subject to dispute in the context of the withdrawal procedure, for a maximum value of approximately 3 million, and to evaluate their possible acceptance, examining them on a case-by-case basis, with the consequent relative increase in the number of shares purchased. The Board also approved the reorganization proposed by Ferraresi. The new organizational structure identified by the head of the company is aimed at defining a new group structure that is leaner and more functional to business strategies, customers and market challenges, which have radically changed during this year characterized by the strong impacts associated with the Coronavirus .
For example, at the conclusion of the 2018-2020 three-year business plan Cattolica and Valter Trevisani concluded their collaboration by mutual agreement professional. In the same session, the BoD appointed Marco Lamola as Deputy General Manager with a specific focus on the Agent Network. Reporting directly to the Chief Executive Officer, in addition to Lamola, the three Deputy General Managers will continue to be: Nazareno Cerni with responsibility for Non-Motor Damage and Reinsurance; Samuele Marconcini with the role of COO to which Claims will also report in addition to the previous responsibilities; and Atanasio Pantarrotas, Group CFO with the addition of the M&A structure. In addition, 8 new executives were appointed, of which about 40% women and all under the age of 45.
“With this organization – commented the CEO Ferraresi – we have defined new strategic lines for the Group, given a strong signal to the market and demonstrated that Cattolica Assicurazioni is a company in constant growth and evolution. Thanks to the new structure, we will be even more ready to respond to the challenges that the financial and insurance sector will have to face in the coming years. I am particularly proud of the internal growth of new and important professional figures, demonstrating that our internal management school continues to train valid talents".
