SprintItaly shareholders’ meeting unanimously approves the business combination with SICIT 2000 with the favourable vote of more than 62% of the ordinary share capital

SprintItaly held the Extraordinary and Ordinary Shareholders’ Meeting of the Company to pass resolutions regarding the business combination with SICIT 2000 S.p.A.
The Extraordinary Shareholders’ Meeting, held in second call, in the presence of 62.38% of the ordinary share capital, by a unanimous vote of the members present, approved the Business Combination and therefore:

  • the Merger plan, and the new text of the Articles of Association governing the company resulting from the Merger (the “Combined Entity”) subject to, and as from, the date on which the Merger becomes effective to third parties;
  • the distribution of SprintItaly’s reserves to its ordinary and special shareholders, for an amount equal to the resources available to the Company in excess of those necessary for the Business Combination (€ 100 million) following the liquidation of any ordinary shares subject to withdrawal, i.e. for a maximum of € 50 million;
  • the grouping of all the ordinary and special shares of SprintItaly according to a grouping ratio such that the implicit value of the shares after the grouping is equal to Euro 10.00 each, also due to the outcome of the withdrawal and the distribution of reserves.

The merger plan was also approved by the Extraordinary Shareholders’ Meeting of SICIT on 28 February 2019, which also passed the necessary resolutions for the purposes of the Business Combination and the preliminary operations as envisaged by the Merger plan.

Massimo Neresini, CEO of SICIT, said: “We are satisfied with this result. The combination with SprintItaly and the consequent listing will increase our visibility on the world markets and will allow us to accelerate a well-defined medium/long term industrial project, in high growth sectors linked to macro-trends“.

Gerardo Braggiotti, Chairman of the Board of Directors of SprintItaly, added: “We thank our investors for having been able to appreciate the quality and potential of the target identified. SICIT is a leading company, unique in its kind, which globally supplies the main players of the agronomic, agrochemical and industrial sectors; with a ‘green’ business model, based on the circular economy as well as with a growth rate, an international coverage and an economic-financial performance perfectly in line with the ideal profile that we had proposed during the IPO“.