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Sanlorenzo we share: the Stock Exchange yachts tailored

Sanlorenzo we share: the Stock Exchange yachts tailored

The company of La Spezia debut on the Star segment: for sale 11 million shares, representing 31.9% of the capital – President Perotti: “In exchange for reducing debt and grow abroad.”

The yachts dock at the Milan Stock Exchange. Sanlorenzo, the world’s leading brand for number of yachts above 30 meters, received the green light from Consob by Italian Stock Exchange to go public on the Star segment. The operation was presented to the press in Milan: the offer is equal to 31.9% of the share capital, was launched on November 27 and will close Thursday, December 5, with onset on the list probably on December 10 (the date must be confirmed by the Italian Stock Exchange).

On the market are offered up to 11 million shares, of which 4,500,000 newly issued shares resulting from a capital increase with exclusion of option rights and 6,500,000 shares to put on sale Happy Life Holding, the majority shareholder and controlled by Massimo Perotti, Sanlorenzo executive chairman. It ‘also grant a greenshoe option that could push the free float to 35.1% of the share capital.

As previously announced, the indicative price range of the company’s economic capital before the capital increase, is between 480 million and 570 million, equal to a minimum price of 16 euro per share and a maximum price of 19 euro, which will pay a market capitalization, after the capital increase, of between 552 million and about 656 million. The offer price of the shares will be determined according to the price mechanism at the end of the institutional placement.

“The proceeds from the capital increase – said the Chairman Perotti in a press conference, confirming the note the day before – are intended to be used by the company mainly in net financial coverage, as well as to support and accelerate the future path organic growth and to seize market opportunities. ” Among the markets stand to attack North America and Asia Pacific, while the manager also said that Sanlorenzo “aims to distribute to shareholders 30-40% of income in 2020-21”.

Sanlorenzo The company was founded in 1958 and specializes in building custom yachts: the headquarters of the shipyard is located in Ameglia, while the production of superyachts takes place in La Spezia headquarters. As part of the offer, Banca IMI (Intesa Sanpaolo Group), BofA Securities and UniCredit Corporate & Investment Banking acting as Joint Global Coordinator and Joint Bookrunner. Banca IMI also acts as a sponsor for the admission to listing of the shares. Alantra instead acts as financial advisor to the company, while Lazard is acting as financial advisor shareholder seller.

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