La Juventus FC announced that the board of directors has established the terms and conditions of thecapital increase optionally, for a fee, for one maximum amount of 200 million of Euro. The operation was approved by the shareholders' meeting on 23 November 2023 and obtained Consob approval on 6 March. The new actions they will be issued at a price of 1,582 euros each.
The capital increase will start on Monday 11 March 2024 and will end on March 27, while the rights will be negotiable until March 21.
One new share for every 2 Juventus shares owned
The Board of Directors set the offer price of the new Juventus shares at 1,582 euros each, of which 0,120 euros attributed to the share capital and 1,462 euros as a premium. They will be issued up to a maximum of 126.373.938 new shares, offered as an option to the ratio of one new share for every two Juventus shares owned. The company had decided to replace ten old shares with one new share on January 22nd.
Juventus shares closed the stock market session on March 7 down by 3,51% to 2,657 euros. The conditions of the capital increase, set by the Board of Directors, were communicated after 22pm on 7 March.
The subscription price includes an 31,87% discount compared to the theoretical ex-rights price of Juventus shares calculated on 7 March. The total value of the capital increase will be a maximum of 199.923.569,92 euros. In the event of full subscription and release of the new shares, the share capital will be equal to 15,214 million euros.
The new shares will be admitted to trading on the Euronext Milan regulated market.
Members have until March 27th
The offering calendar provides that the option rights for the subscription of the new shares will be available from 11 March to 27 March 2024, under penalty of forfeiture. Juventus shares will be traded “cum right” until March 8th, after which they will be traded “ex right” starting from March 11th.
Exor, the majority shareholder with 63,8% of the shares, has advance his share of the capital increase of approximately 128 million euros and guaranteed to cover the operation up to the expected total amount of 200 million. This eliminated the need to set up a guarantee banking consortium.
After the board meeting, a was signed placement agreement (placement agreement) between the Company and Citigroup Global Markets Europe AG and UniCredit Bank GmbH, Milan Branch, acting as joint global coordinators. According to this agreement, they will coordinate the capital increase on the basis of the “best effort” approach, without guarantee commitments. The offering is subject to subscription commitments of the majority shareholder, Exor NV
