7 June 2006 17:36

Coop Adriatica S.C.A.R.L and Unicoop Tirreno, a Cooperative Company, Sell 2% of IGD S.p.A. Shares

Coop Adriatica and Unicoop Tirreno, owners of 46.977% and 15.437% of IGD S.p.A. shares, respectively, a company listed on the STAR market of Borsa Italiana, which operates in the large-scale retail real estate distribution sector, have resolved the sale of a total of 2% of the subsidiary’s shares within the limits of the provisions of the shareholders’ agreement entered into on 22 December 2004.

Sale will take place through private placement. The organisation in charge of placement is Kepler Equities Italia.

The operation aims to:

  1. respond to an explicit request from institutional investors and the financial market to increase their weight in IGD’s equity structure;
  2. reward the financial market for the interest it has shown in the stock since it was first listed by giving up a part of strategic ownership.

The Cooperatives themselves will be bound by a lock-up period of 30 days from the start of the placement operation, during which they will not be able to make use of their shareholdings in the company.

In any event, the IGD shareholding remains strategic and, as a consequence, stable for the cooperatives; they repeat their firm belief in the industrial strategy underlying the company’s business plan and its high potential for future growth.