While we continue to discuss the future of Cristiano Ronaldo, the Juventus board of directors has given the green light to thecapital increase up to 400 million to be offered as an option to shareholders. The decision, the company recalls in a note, comes after the board "defined the guidelines for capital strengthening" on 30 June and following the "signing with leading financial institutions of the pre-underwriting agreement which took place on 30 July" . The increase will be carried out by the end of 2021.
The shareholders' meeting called to give the definitive ok to the operation has been convened for 29 October. At the same time, the members will also have to approve the project budget for the 2020-2021 financial year.
The recapitalisation, underlines the Juventus club in a note, “is part of the context of the measures aimed at dealing with the significant ones economic and financial impacts of the pandemic from Covid 19 and will make it possible to strengthen the company's capital structure and rebalance the sources of financing to support the achievement of the strategic objectives of the Development Plan for the years 2019-2024, which have been confirmed: consolidation of the economic and financial balance, maintenance of sporting competitiveness and increased visibility of the Juventus brand”.
Exor, which currently holds 63,8% of the company, has already expressed its support for the capital increase and has undertaken to subscribe its portion. The board also asked Exor to make a payment into the account future capital increase of 75 million, "in order to strengthen the equity and financial structure of the company pending the execution of the capital increase". The payment is expected 'in the next few days'.
As part of the transaction, Goldman Sachs, Jp Morgan, Mediobanca and Unicredit will act as joint global coordinators and joint bookrunners. All four companies "have signed a pre-underwriting agreement, undertaking to enter into a guarantee agreement for the subscription and release of the newly issued shares that do not have to be subscribed at the end of the unsubscribed rights auction", explains the note .
At Piazza Affari the title it drops half a percentage point to 0,764 euro.
