Race for listing on the Stock Exchange for large luxury yachts. The Sanlorenzo group, currently controlled by Massimo Perotti's HHL who is also its executive chairman, has submitted to Borsa Italiana the application for admission to listing of its ordinary shares on the Mercato Telematico Azionario (MTA). The group has also presented the Prospectus to Consob, is awaiting its approval and expects to launch the offer by the end of 2019.
Sanlorenzo's announcement follows closely on that of another large luxury yacht shipbuilding house, the Ferretti group, which communicated the intention to land at Piazza Affari by October.
"The free float required for listing - explains a press release from San Lorenzo - will be achieved through a private placement reserved for qualified investors in Italy and institutional investors abroad pursuant to Regulation S of the United States Securities Act of 1933", with the excluding Australia, Japan and Canada where specific authorizations are required.
The offer will consist of newly issued shares through a capital increase with the exclusion of option rights and of shares held by the seller HHL, "with the aim of satisfying the free float requirements required by Borsa Italiana for the STAR segment". At the moment it is expected that the offer, including the exercise of the “Greenshoe” option, will reach Sanno to 35% of the share capital of Sanlorenzo.
Lastly, there is a lock-up period of 360 days for buyers and 180 days for sellers starting from the quotation date of the Shares. “The proceeds deriving from the capital increase – concludes the press release – are intended to be used mainly to support and accelerate the future growth path and to seize market opportunities. Post-offer, the company expects to have a largely debt-free financial structure.
Banca IMI (Intesa Sanpaolo Group), BofA Merrill Lynch and UniCredit Corporate & Investment Banking will act as coordinators of the Offer and Joint Bookrunners. Banca IMI (Intesa Sanpaolo Group) also acts as Sponsor for the admission to listing of the Shares.
Alantra acts as financial advisor to the Company. Lazard is acting as financial advisor to the selling shareholder. Musumeci, Altara, Desana e Associati Studio Legale and Latham & Watkins are respectively Italian legal advisers and international legal advisers of the Company. White & Case acts as Italian and international legal advisor for the Joint Global Coordinators and for the Joint Bookrunners.
