The shareholders' meeting of Tamburi Investment Partners has authorized for the next 18 months a buyback operation of treasury shares up to the maximum number permitted by law (currently 20% of the share capital and, therefore, a maximum of 28.696.095 shares, from which to deduct treasury shares already in the portfolio). To date, TIP holds a total of 7.279.873 treasury shares equal to 5,074% of the share capital.
Green light also for the sale “of treasury shares already purchased or which will be purchased in the future in execution of this resolution – reads a note from the company -. The disposals may take place in one or more tranches on the market, in blocks or through an offer to the shareholders and/or employees, collaborators or directors of TIP or companies controlled by TIP in the context of stock option plans, or as consideration in the event of exchange, exchange, contribution, transfer or other deed of disposal of treasury shares carried out as part of the acquisition of shareholdings or the implementation of industrial projects or other extraordinary finance operations; the company will also be able to carry out activities to stabilize the stock market price of the company's shares".
The unit price for the purchase of treasury shares must be between a minimum of 0,10 euro and a maximum of 7 euro, while in relation to the sale, the Shareholders' Meeting determined only the minimum consideration identified as 3 euro per share.
The Shareholders' Meeting also approved the free assignment to TIP shareholders of new warrants at a ratio of one for every four shares, valid for the subscription of TIP ordinary shares deriving from a divisible capital increase, against payment, of a maximum of 200 million, inclusive of share premium, "to service the exercise of the warrants, through the issue of ordinary shares, with a nominal value of Euro 0,52 each, regular entitlement, having the same characteristics as those in circulation, at a rate of 1 (one) Conversion Share for 1 (one) warrant, to be exercised in several periods by 30 June 2020".
It is envisaged that the assignment of the warrants will take place by 15 July 2015 and in any case by a date which also allows the holders of the Tamburi Investment Partners SpA 2010-2015 warrants who should have exercised them within the last exercise period available (June 2015), to be able to benefit from it. The subscription prices of the warrants for the envisaged exercise periods will be established by the TIP Board of Directors by July 15, 2015. The warrants will be listed on the Mercato Telematico Azionario.
