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A Global Issue of 3,449,500 shares, equal to 34.5% of the capital stock once the operation is complete.
The price for each share will range between 6.80 and 8.00 euros, with a minimum lot of 250 shares.
The Prospectus for the Public Issue has been deposited.
ThePublic Issue for Sale of ordinary shares in Centrale del Latte di Torino & C. S.p.A.- together with its subsidiary Centro Latte Rapallo - specialised in the production and distribution of milk and fresh products such as eggs, cheese and salads will open on October 26th and close on October 30th.
The Public Issue is part of a Global Issue that will take Centrale del Latte di Torino & C. S.p.A. to a listing on the Italian Telematic Stock Exchange, already approved by the Italian Stock Exchange on October 12 2000.
The Global Issue concerns 3,449,500 ordinary shares, equal to 34.5% of the capital stock once the operation is completed and comprises:
- a Public Issue for Sale open to the general public in Italy of 2,300,000 shares (equal to 67% of the Global Issue);
- a Private Placing with Italian institutional investors of 1,149,500 shares.
2,875,000 of the shares offered are the result of an increase in paid-up capital forgoing the right of option - ex-Article 2441 of the Civil Code - approved during a Shareholders' Meeting on July 18 2000, while the remaining part is 574,500 existing shares.
Within the context of the Public Issue to the general public a maximum of 75,000 shares are destined for the Company's employees and distributors of its products.
The price for each share will range between 6.80 and 8.00 euros and will be set on the basis of the quantity and quality of applications received within the context of the Private Placing and Public Issue.
The value of the Global Issue could therefore range between a minimum of 23,456,600 euro (equal to about 45.4 billion lire) and a maximum of 27,569,000 euro (equal to about 53.4 billion lire).
Start of trading is planned for November 3 2000.
As regards the Issue, Banca Intermobiliare di Investimenti e Gestioni S.p.A. will act as the Sponsor and Global Coordinator.
Centrale del Latte di Torino & C. - together with its subsidiary, Centro Latte Rapallo S.p.A. - has operated for almost 50 years in the fresh products sector and is specialised in the production and distribution of milk and fresh-ultra-fresh products, such as eggs, cheese and salads.
With three production plants and an equivalent of more than 80 million litres of milk marketed, CLT & C. is extremely well established in its territory with 68% of its turnover in Piedmont and the remaining 32% in Liguria.
In the first half of 2000 Centrale del Latte di Torino recorded revenues of 56.8 billion lire, an operating margin of 5.1 billion lire and net income of 483 million lire.
Listing on the Stock Exchange will provide financing for Company growth, to be achieved by broadening the product range, above all in the fresh-ultra-fresh sector, and penetration in new geographical areas.
More specifically, the Company is evaluating possibilities of external growth by acquiring companies in areas where the Company is either not currently present or is, but only marginally.
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