17
July
2003
|
00:00
Europe/Amsterdam

Pirelli & C. Capital increase successfully completed

  • CAPITAL INCREASE SUCCESSFULLY CONCLUDED, AFTER FULL SUBSCRIPTION OF REMAINING RIGHTS - OFFERED ON THE STOCK EXCHANGE - CORRESPONDING TO 4,696,263 SHARES WITH THE SAME NUMBER OF WARRANTS
  • 1,561,855,326 ORDINARY SHARES WITH THE SAME NUMBER OF FREE WARRANTS WERE GLOBALLY SUBSCRIBED: UNDERWRITING SYNDICATE INTERVENTION WAS NOT NECESSARY
  • NEW SHARE CAPITAL OF PIRELLI & C. SPA IS COMPOSED BY 2,085,091,268 SHARES WITH A PAR VALUE OF 0.52 EUROS; ITS VALUE IS 1,084,247,459.36 EUROS

Milan, 17 July 2003 - The capital increase of Pirelli & C. has been concluded with total success. During the offer on the Stock Exchange - in the trading sessions on 7, 8, 9, 10 and 11 July 2003 - of the option rights not previously exercised, 4,696,263 new shares, combined with the same number of free warrants, were subscribed.

The operation has been therefore concluded with fully subscription of 1,561,855,326 new ordinary shares with a par value of 0.52 euros, with the same number of warrants, for a global amount of 812.2 million euros. The intervention of the underwriting syndicate arranged and directed by MEDIOBANCA - Banking of Credito Finanziario S.p.A. was not necessary.

The value of new share capital of Pirelli & C. SpA is now 1,084,247,459.36 euros, being composed by 2,085,091,268 shares with a par value of 0.52 euros; of these, 2,063,906,859 are ordinary shares, 21,184,409 are saving shares.

Camfin SpA subscribed 554,556,642 new shares cum warrant (i.e. about 26.6% of share capital after the operation), while other members of the Pirelli & C. shareholders' agreement (" Sindacato di Blocco Azioni Pirelli & C." ) - Rizzoli Corriere della Sera Mediagroup Spa, Fondiaria - SAI Spa, Mediobanca - Banca di Credito Finanziario Spa, Edizione Holding Spa, RAS Spa, Assicurazioni Generali Spa, SMI Spa, Massimo Moratti e Sinpar Holding SA - subscribed 669,729,516 new shares cum warrant (i.e. about 32.1% of share capital after the operation).

Summing the newly subscribed shares with those already held, Camfin SpA holds 739,408,856 ordinary shares, equal to about 35.83% (about 24.4% conferred in the Pirelli & C. shareholders' agreement) of the new ordinary share capital.

Pirelli & C. shareholders' block syndicate holds 1,397,335,544 ordinary shares, equal to 67.7% of new ordinary share capital. This quota will decrease to about 42.2% after the merger of Pirelli Spa and Pirelli & C. Spa

New financial resources deriving from the capital increase will strengthen Group's economic and financial structure, as well as support financial and industrial assets.

The conclusion of the capital increase represents the last and conclusive step before the execution of the Deed of Merger, which will complete, at the beginning of August, the simplification of Group's company structure passed by the Shareholders' Meeting on 7th May 2003.

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