Opening of the Voluntary Partial Public tender offer by Italmobiliare on up to no. 4.000.000 Italmobiliare S.p.A. ordinary shares

The Italmobiliare Voluntary Public Tender Offer on a maximum of 4 million company shares at a per-share price of 25 euro has been given the go-ahead by Consob, the Italian securities and exchange commission. It will open on May 19 and close on June 9, 2017.

“The transaction approved by the Board of Directors in March, together with the recent stock split, is another initiative to make Italmobiliare stock more liquid and dynamic, in line with the company’s standing as an investment holding,” said CEO Carlo Pesenti. “The offer, which will not be taken up by the majority shareholder, will give our other shareholders the benefit of temporary greater liquidity on their investment at a price incorporating a premium of approximately 20% over the average share price in the 12 months before the date of the announcement, in addition to the rise of more than 150% in the share price on the stock market over the last 5 years. This performance has been achieved in part thanks to a series of value-enhancing transactions implemented by the company, including the simplification and optimization of its capital structure (special dividend and simultaneous conversion of savings shares in 2016 and now the ordinary-share buy-back).

“The buy-back is also a prudent way for the company to invest its cash without undermining its assets. Furthermore, it will provide Italmobiliare with a treasury share portfolio (up to a maximum of around 12% of capital including existing treasury shares) that it could use for projects consistent with the Group’s strategic development.”

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