Illimity is born, Spax disappears. The boards of directors of Banca Interprovinciale and the spac of corrado passera have approved the reverse merger between the two companies.
With the merger a new reality is therefore created, called precisely "Illimity", while the Spaxs vehicle disappears, making available to the new company all the resources collected by Spaxs last January during the placement and consequent listing on the AIM Italia. The purpose of this operation is to build a bank specialized in the Non-performing Loans business.
We remind you that, based on the provisions of the 2018-2023 strategic plan presented on 20 July 2018, the merger represents the completion of the Business Combination process that began last April with the signing of the agreement aimed at the purchase of approximately 99,2% of the share capital of Banca Interprovinciale, transaction approved by the Spaxs shareholders' meeting on 8 August and finalized on 20 September.
Illimity will be listed on the MTA of Borsa Italiana “when the conditions occur and with the necessary technical times, which will be disclosed to the market” reads a note.
Corrado Passera will be director of Illimity: "With the merger and listing, we will complete the Spaxs project which, after having been launched in January with the raising of 600 million euro of capital, shortly after took shape with the selection of Banca Interprovinciale as the target of the business combination", he said Passera, "the operation was approved by a great majority of our shareholders and now we aim to complete the merger between Spaxs and the bank and to list illimity on the MTA in line with the timing of our plan".
