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The Ordinary Shareholders' Meeting of Centrale del Latte di Torino & C. S.p.A. - a private company specialised in the production and marketing of milk, derivatives and ultra-fresh products - has approved the plan for listing on the Italian Telematic Stock Exchange and has consequently authorised the Board of Directors to initiate the necessary procedures.
Listing is expected before the end of the year and will consist of a Global Issue that will include a placing with the general public in Italy and a private placing reserved for institutional investors.
Banca Intermobiliare di Investimenti e Gestione S.p.A. has been appointed Sponsor and Global Coordinator of the operation.
At the same time the Extraordinary Shareholders' Meeting approved a series of operations affecting the capital stock in order pursue these objectives and a series of mandatory statutory changes in the light of the listing operation.
In particular the above concerned:
- the grouping of shares by substituting the 28,500,000 shares in circulation with a par value of 1,000 lire each by 7,125,000 shares with a par value of 4,000 lire each, to be assigned to shareholders on the basis of 1 new share for every 4 old shares owned;
- conversione del valore nominale delle azioni di Lire 4.000 cadauna in Euro, con conseguente riduzione del capitale a 14.677.500 Euro (Lit. 28.419.602.925) ed accreditando a riserva legale l’eccedenza risultante di Lit. 80.397.075.
Il capitale sociale risulterà pertanto di 14.677.500 Euro, suddiviso in 7.125.000 azioni da 2,06 Euro cadauna.
- conversion of the nominal share value of 4,000 lire into euro with a consequent reduction in share capital to 14,677,500 euros (28,419,602,925 lire) with the excess of 80,397,075 lire being credited to the legal reserve.
The share capital will therefore be 14,677,500 euros, subdivided into 7,125,000 shares of 2.06 euros each;
In addition the Board of Directors has been authorised to increase the capital stock and issue bonds up to a maximum of 26,000,000 euros within the next five years
Today Centrale del Latte di Torino & C. S.p.A. is an important interregional group, specialised in the fresh milk, derivatives and ultra-fresh products sector, with a significant market share in the territory within which it operates. Interregional activities got underway in April 1999 with the acquisition of Centro Latte Rapallo S.p.A., a company operating in the province of Genoa under the brand name "Latte Tigullio".
In 1999 the Company achieved consolidated revenues of 107.7 billion lire with an operating margin of 5.4 billion lire and investments of around 11 billion lire. It has three production plants (Turin, Carmagnola (Turin) and Rapallo), a production capacity of more than 80 million litres and 145 employees.
As regards future strategy, the Company plans to pursue its established internal growth strategy by launching new products to be marketed using common strategies in its present territory and also growth by means of new acquisitions.
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