The Italian Sea Group pays the extra budget on the stock exchange

The Italian Sea Group collapses on the stock market after a statement on the extra budget and shareholder financing. The emergence of extra budgets in the majority of orders in progress sends the stock plummeting on the stock market. Yesterday it fell more than 30% on Euronext Star Milan, a segment where mid-cap stocks that comply with special requirements in terms of corporate disclosure and corporate governance are traded.

The company, in order to cope with the extra budget, has defined a financial strengthening intervention that foresees a shareholder loan from the majority shareholder Gc holding for an amount equal to 25 million euro "also in consideration of the expected market recovery, as confirmed by the recent signing of two new contracts for the construction of gigayachts longer than 80 metres". The extra budgets in question have had a negative impact on Tisg's cash position, due to the caused reduction in operating margins, combined with the need to continue to support the production costs of the orders in progress, which are regularly carried out and in line with the expected timing and quality