BOLOGNAFIERE: THE BOARD APPROVES STOCK-MARKET LISTING ANDCALLS SHAREHOLDERS’ MEETING FOR 13 NOVEMBER30/10/2023
AT COSMOPROF WORLDWIDE BOLOGNA 2024, ALL THE NOVELTIES AND SERVICES FOR INTERNATIONAL STAKEHOLDERS31/10/2023
BOLOGNA'S EXECUTIVE COMMITTEE APPROVES RESOLUTIONS ON THE STOCK-MARKET LISTING OF BOLOGNAFIERE AND THE COMPANY'S CAPITAL INCREASE WITH THE TRANSFER OF PARCO NORD
The two resolutions regarding BolognaFiere, approved by the Executive Committee, will now go before the City Council.
The first decision concerns Bolognafiere S.p.A.’s capital increase as a result of the contribution in kind of Parco Nord to the Company, for which BolognaFiere’s Board of Directors had already received approval from its shareholders at a meeting in May 2022. Extending the exhibition centre to the north of its current perimeter is an essential aspect of the investments scheduled by the Company’s 2022-2026 Business Plan and approved by the Bologna City authorities in March 2022.
The surface rights to Parco Nord will be transferred on a leasehold basis for the duration of thirty years.
In addition, full ownership of two small road segments will also be granted BolognaFiere, an operation that completes the 2022 capital increase as a result of the transfer to BolognaFiere of the Palazzo dei Congressi conference hall, the Multi- purpose Hall, and an area of land required to implement the Business Plan. The land and buildings granted on a leasehold basis have a market value of 4.8 million euros. The assets for which full ownership is ceded are valued at 82 thousand euros.
With its second resolution, Bologna’s Executive Committee has approved the stock- market listing of BolognaFiere, presumably by the end of the year. The move will increase the Company’s market visibility, provide shareholders with a clear view of the Company’s net worth and encourage the entry of new investors to support development projects and strengthen the Group. BolognaFiere will be floated on the Euronext Growth Milan (EGM) stock market, organized and managed by Borsa Italiana, in the Pro segment where shares can be purchased only by professional investors.
The resolution approves a capital increase for a maximum of 15 million shares offered to shareholders. Any unsubscribed shares will be offered to third-party investors, thereby increasing the stock float following listing. The subscription deadline is 31 December 2024. Should the IPO not be fully subscribed by this date, the capital increase will be determined by the number of subscribed shares. The BolognaFiere Board of Directors shall decide on the number of shares to be issued and their price on the basis of market conditions.
The resolution also provides for amendments to be made to BolognaFiere’s Articles of Association in light of the stock-market listing.
The two resolutions will now be examined by the City Council.