Cattolica: right of withdrawal exercised on 11.64% of the share capital

Cattolica: right of withdrawal exercised on 11.64% of the share capital
08 October 2020 - Time: 20:09

Verona, 8 October 2020. Cattolica Assicurazioni soc. coop. informs that, pursuant to Article 2437, paragraph 1, lett. b) of the Italian Civil Code, the term to exercise the right of withdrawal expired on 24 September 2020 for all Cattolica’s shareholders as well for Cattolica's members who did not took part to the General Meeting of 31 July 2020, during which the resolution to transform Cattolica Assicurazioni soc. coop. into a joint stock company was taken.

Based on the information received to date by the Company, it is noted that the right of withdrawal has been exercised for no. 20,294,811 Cattolica ordinary shares, representing 11.64% of Cattolica’s ordinary share capital, for a total amount of € 111,012,616.17 calculated at the liquidation value of € 5.47 for each share. The figure is subject to marginal adjustments following the appropriate checks on the communications received.

Since the number of shares subject to the exercise of the Right of Withdrawal does not exceed the limit of 20% minus one share of the total shares issued by the Company which represent the total share capital at the date of the transformation resolution, the resolutive condition envisaged in the transformation resolution of 31 July 2020 for its own effectiveness, did not occur.

The shares subject to withdrawal will be offered in option to the other shareholders in proportion to the shares held by each of them, according to what will be better described in the relevant notice, which will be made available in accordance with the terms and conditions envisaged by the current legislation and then published on the Company’s website.

The Company also announces that, on 5 and 6 October 2020, the Implementing Agreements were signed as required by the Framework Agreement of 24 June 2020 between Cattolica and Generali, concerning the industrial and commercial synergies between the two groups; a further condition for the execution of the same Framework Agreement has thus occurred. 

The authorization of the Supervisory Authorities to publish the prospectus for the capital increase, as approved by the Company’s Board of Directors on 4 August 2020, remains pending.

This press release is published, according to legislation and practices on the subject, also in relation to rumours released today by the press.