{"id":24600,"date":"2019-10-11T18:08:45","date_gmt":"2019-10-11T16:08:45","guid":{"rendered":"https:\/\/www.gruppoigd.it\/?p=24600"},"modified":"2019-10-11T18:08:45","modified_gmt":"2019-10-11T16:08:45","slug":"voluntary-share-capital-reduction-through-full-allocation-to-legal-reserve-and-available-equity-reserve","status":"publish","type":"post","link":"https:\/\/www.gruppoigd.it\/en\/voluntary-share-capital-reduction-through-full-allocation-to-legal-reserve-and-available-equity-reserve\/","title":{"rendered":"Voluntary share capital reduction through full allocation to legal reserve and available equity reserve"},"content":{"rendered":"<p>The Board of Directors of IGD \u2013 Immobiliare Grande Distribuzione SIIQ S.p.A. (\u201c<strong>IGD<\/strong>\u201d or the \u201c<strong>Company<\/strong>\u201d), held today and chaired by Elio Gasperoni, resolved upon submitting to the Extraordinary Shareholders\u2019 Meeting the proposal of a voluntary reduction of the share capital, pursuant to and for the purposes of Article 2445 of the Italian Civil Code, from EUR 749,738,139.26 to EUR 650,000,000.00. In particular, the share capital reduction, for a total amount of EUR 99,738,139.26, will be carried out by allocating EUR 8,154,918.00 to the legal reserve and EUR 91,583,221.26 to a newly established available equity reserve.<\/p>\n<p>The reduction is aimed at giving greater flexibility to the equity structure, through the increase of the unavailable legal reserve and the simultaneous establishment of an available and distributable reserve, also in order to combine the features of the SIIQ regime (and in particular the obligation to distribute 70% of the profit deriving from the exempt business operation) with the expectations of the capital market (return on invested capital or dividend yield).<\/p>\n<p><strong>It shall be noted that such transaction, neutral from an equity standpoint, does not modify the targets of the 2019\u20132021 Strategic Plan nor the dividend policy contained therein.<\/strong><\/p>\n<p>The Board of Directors resolved to convene the Extraordinary Shareholders\u2019 Meeting on 11 November 2019 and 12 November 2019, respectively on first and second call, in order to resolve upon the aforementioned share capital reduction proposal.<\/p>\n<p>For more information on the proposed share capital reduction, please refer to the Board of Directors\u2019 report that will be made available at the Company\u2019s registered office, on the website www.gruppoigd.it, as well as on the authorized storage system eMarket STORAGE, available at www.emarketstorage.com, managed by Spafid Connect S.p.A. and in accordance with the further modalities set by law.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Board of Directors of IGD\u00a0resolved upon submitting to the Extraordinary Shareholders\u2019 Meeting the proposal of a voluntary reduction of the share capital, pursuant to and for the purposes of Article 2445 of the Italian Civil Code, from EUR 749,738,139.26 to EUR 650,000,000.00.<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-24600","post","type-post","status-publish","format-standard","hentry","category-price-sensitive-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts\/24600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/comments?post=24600"}],"version-history":[{"count":1,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts\/24600\/revisions"}],"predecessor-version":[{"id":24606,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/posts\/24600\/revisions\/24606"}],"wp:attachment":[{"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/media?parent=24600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/categories?post=24600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gruppoigd.it\/en\/wp-json\/wp\/v2\/tags?post=24600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}