The Seat Pagine Gialle shareholders' meeting said yes to the arrangement with creditors. The proposal for the adoption of instrumental and preparatory measures for this operation was voted on by a large majority. In detail, the adoption of measures to cover the losses as at 30 November 2013 was launched, including the reduction of the share capital.
The shareholders also agree to propose to the creditors the paid capital increase of 19,8 million euros. After this move, the grouping of shares will be launched in the ratio of one share for every hundred outstanding.
Shareholders will go back up to 5,25% of the capital, while creditors will go down from 99,75% to 94,75%. The warrants (which will be assigned only to shareholders present at the meeting) will be exercisable at any time from 29 January 2016 to 29 April 2019.
The operations, however, will only go through if the Court of Turin gives the go-ahead for the homologation of the agreements and if the merger between Seat PagineGialle Italia into Seat Pagine Gialle is effective. The capital increase of 19,8 million will be implemented within 4 months of the approval of the agreements.
Around 17 pm, the Seat Pagine Gialle share gained 6,25% to 0,0017 euros, after losing more than 11% in a week-
