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Bialetti, the rally on the Stock Exchange doesn't stop

Negotiation activities continued with lending banks and investors on the group's restructuring

The race for the title of Bialetti continues, which today in Piazza Affari closed at + 6.36%, after being the best title in Milan also last week with an increase of 36.15%. The news on the group, at the center of an important restructuring process, derives from the Shareholders' Meeting held on February 5th. A note specifies that the meeting took note of the recurrence of the situation pursuant to art. 2446 of the Italian Civil Code and examined the Company's Reference Balance Sheet as at 30 September 2020, approved by the Board of Directors on 12 January 2021, which shows an overall loss for the period 1 January - 30 September 2020 equal to Euro 4,255,892.

The cumulative total of the losses recorded at that date, including, therefore, those of previous years and carried forward, amounts to a total of Euro 17,642,394, an amount which entails the reduction of the share capital by more than one third and the consequent application of the to art. 2446, first paragraph, of the civil code. The Ordinary Shareholders' Meeting resolved not to carry out interventions on the share capital and to carry forward the losses, as envisaged and permitted by the aforementioned art. 2446, also in light of the progress of the comparison and negotiation activities with the lending banks and with the investors for the revision and modification of the restructuring agreements pursuant to art. 182 bis LF signed in 2019, on the basis of the new plan and the new financial maneuver in progress.

The envisaged interventions consist of: (i) a modification of the capital structure through a reduction in financial debt also as a consequence of the possible purchase of bank credits by a new investor and partial write-off and conversion into Equity Financial Instruments; (ii) a disbursement of new super senior finance by a new investor.

In addition, two new directors were appointed in the persons of Dr. Carlo Frau and Dr. Marco Ghiringhelli, thus confirming them in the office already assumed following co-optation on respectively 31 May 2019 and 5 March 2020. The Board of Directors of the Company in the occasion of the appointment had unanimously reached the conclusion that both, by virtue of the characteristics of professionalism and the experience gained, represented the most suitable profiles to cover, respectively, the role of Director and Chief Restructuring Officer (as for Dr. Frau) as well as Director of Bialetti (as for Dr. Giringhelli).

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