The Board of Directors of Digital Magics has approved the draft regulation for the issue of Warrants free of charge in favor of new subjects who will invest in the companies of the Digital Magics portfolio, based on newly issued Digital Magics shares. In detail, subject to authorization by the Shareholders' Meeting, a maximum of 600 thousand new warrants will be issued which will give the right to subscribe as many new shares of the digital venture incubator by 2022 at the price established from time to time by the Board of Directors but in any case not lower than 8 euros per share. Another 600 warrants will be issued on the basis of the new 2018-2024 incentive plan to directors and employees: also in this case, the same number of new shares can be subscribed at the established price of 8 euros.
“The objective of the operation – reads the company note – is to encourage investments in the startups and scaleups of the Digital Magics portfolio, as well as align the interests of Digital Magics shareholders with those of those who, by investing directly in the subsidiaries, contribute to the development and to the success of the initiatives promoted by Digital Magics”.
"For the first time in Italy, we are encouraging 'early-stage' investment in our companies by involving investors in Digital Magics equity, to benefit from the value generated by portfolio growth", underlines Alessandro Malacart, CFO of Digital Magics .
"This operation is part of Digital Magics' growth strategy and vision, always oriented towards the creation of value by involving all the players who contribute to the development of digital innovation in our country", says Marco Gay, Chief Executive Officer of Digital Magics.
At the same meeting, the Digital Magics board of directors approved the Regulation of the "2018-2024 Incentive Plan" relating to a stock option plan in favor of the directors, employees and collaborators of the Company and its investee companies and therefore to propose to the Shareholders' Meeting a second capital increase against payment, with the exclusion of the option right, to service this Plan.
WARRANTY DIGITAL MAGICS
In detail, the company's board of directors proposes the issue of a maximum of 600.000 warrants, each of which will give the right to subscribe for a new Digital Magics ordinary share for each qarrant assigned, and the related paid share capital increase, in cash and in divisible form , for a total amount, including share premium, of a maximum of 4 million and 990 thousand euros through the issue of a maximum of 600.000 new ordinary shares with regular entitlement (the "Conversion Shares").
The board also mandated the chairman to convene the shareholders for an extraordinary meeting, at the same time as the ordinary meeting (scheduled for 22 April - 23 April 2018) to approve the issue of the Warrants and the capital increase with the exclusion of the right to option to service the exercise of the warrants.
INCENTIVE PLAN
A further 600 warrants will be issued on the basis of the new 2018-2024 incentive plan to directors and employees: also in this case, the same number of new shares may be subscribed at the established price of 8 euros, a value also determined by making reference to the arithmetic mean of the official prices of the ordinary share.
On the basis of the intentions declared, the plan will be in favor of employees, directors and/or collaborators, with particular duties, of the Company and/or its investee companies, with the aim of strengthening their participation in the business risk and to improve its corporate performance and, therefore, its ability to create value for the benefit of shareholders in general".
