Cattolica Assicurazioni continues in the process of transformation into a Spa and integration with Generali. The shareholders of the former cooperative company who, after the meeting of 31 July last, exercised their right of withdrawal in opposition to the transformation of the company into a Spa, they involved 11,64% of the share capital. In total there are 20.294.811 Cattolica ordinary shares for a total counter value of 111.012.616,17 euros calculated at the liquidation value of 5,47 euros for each share. Cattolica Assicurazioni communicates this after the terms for exercising the option expired on 24 September.
“Since the number of shares subject to the exercise of the right of withdrawal – explains Cattolica's note – does not exceed the limit of 20% less one share of the total shares issued by the Company and therefore representing the total share capital at the date of the transformation resolution, the condition envisaged by the transformation resolution of 31 July 2020 for its effectiveness and execution has not occurred".
The shares subject to withdrawal will be offered as an option to the other shareholders in proportion to the shares held by each of them. The notice will be published on the company website.
The conclusion of the phase of the right of withdrawal now allows Cattolica to go ahead with Generali for the realization of the framework agreement approved last June 24th. And in fact, the note concludes, "the implementation agreements concerning the industrial and commercial synergies between the related groups were signed, and thus a further condition precedent was verified for the execution of the agreement".
