10
June
2009
|
12:00
Europe/Amsterdam

Pirelli RE: capital increase to begin

  • CONSOB APPROVES THE INFORMATION PROSPECTUS
  • THE OFFER PERIOD: 15 JUNE THROUGH 3 JULY. THE TERMS AND CONDITIONS WILL BE DEFINED BY THE BOD TOMORROW

Pirelli RE announces that today Consob (Italy's Stock Exchange Commission) authorized publication of the information prospectus for the rights issue and the admission for listing of the ordinary shares issued in the capital increase for up to a maximum of €400 million, including any premiums, as approved by the Extraordinary Shareholders' Meeting last April 17th.

The information prospectus will be published from the date of filing with Consob in accordance with the law and be made available to the public at Pirelli RE's registered office, at the Italian Stock Exchange and on the company's website (www.pirellire.com).

Based on the prospectus, the offered rights may be underwritten between 15 June 2009 and 3 July 2009 (the "offer period") and may be traded on the stock exchange as of 15 June 2009 through 26 June 2009.
Within a month of the expiration of the offer period Pirelli RE, in accordance with current norms and regulations, will offer the unsubscribed rights for sale on the stock exchange.

Furthermore, tomorrow afternoon the company's Board of Directors will meet to define the final terms and conditions of the offer, with particular reference to the unit subscription price of the newly issued shares – including any premiums – the number of shares, and the exchange ratio based on which the newly issued shares will be offered.