Fincantieri, Consob OK for capital increase. Today the Board of Directors

Consob has given the go-ahead for Fincantieri's capital increase, which will start on 24 June. On Wednesday evening, the Authority, chaired by Paolo Savona, authorised the publication of the prospectus for the EUR 400 million operation approved by the board of directors on 11 June, following the proxy received from the shareholders' meeting.

Today, the board of the group led by Pierroberto Folgiero will meet again to set the terms of the increase, starting with the price at which the new shares will be offered and that of the warrants (for a total amount of around EUR 100 million).

In the note circulated late Wednesday evening by the group, it is then clarified that it will not be a hyperdilutive increase and that the recapitalisation will be destined to support the purchase from Leonardo of the former Wass, the Livorno-based company that produces torpedoes and sonars.The increase will start next 24 June and will end on 11 July, while the unopted rights will be offered within the month following the end of the launch period of the operation for at least two open market days.

Cdp Equity, Fincantieri's reference shareholder, has already committed to subscribe pro-rata to EUR 287m of the capital increase, while the banking consortium (Bnp Paribas, Intesa Sanpaolo, Jefferies, Jp Mortan and Mediobanca) has already signed a pre-guarantee agreement with the shipbuilding group under which, if certain conditions are met, a guarantee contract will be signed to cover any unexercised rights.