the consistency of the share capital of Premuda is come down beneath of the legal limit



The board of directors of the shipowning society Italian Premuda Spa, met friday, has examined and approved of the modalities of effettuazione of impairment the test of the business assets to the aims of the predisposition of the budget of exercise 2016 and has taken note that the consistency of the share capital is come down beneath of the established legal limit from article 2327 of the Civil code.

The society has explained that "the outcomes of such verification have evidenced the necessity to bring a meaningful reduction of value to the possessed naval units from the controlled Four Handy Ltd and to other mail of the assets, with this determining with clarity happening of a former situation controlling article 2447 of the Civil code for Premuda Spa". The article previews that, in such circumstances, the directive one of the society must promptly convene the assembly in order to deliberate the reduction of the capital and the contemporary increase of the capital to a lessened not inferior figure, or the transformation of the society.

Premuda has announced that, "in order to operate with the maximum timeliness demanded from the cited norm and not to on December 31, 2016 attend the necessary tempistiche for the complete predisposition of the budget, it is managed and approve of a patrimonial situation and financial institution of Premuda Spa on December 30, 2016 that negative of 90,4 million euros evidences a net worth".

The shipowning company has specified that consequently "the board of directors has deliberated to convene the assembly of the shareholders in extraordinary center for the day 30 March 2017 (second convocation 26 April 2017) with the following agenda: provisions according to art. the 2447 cod. civ.; proposal of zero setting of the share capital for cover losses and reconstitution of the share capital according to art. the 2441, 5 codicil and codicil 6, cod. civ. until maximum euros 50 million; inherent and consequent deliberations; proposal of emission of participatory financial instruments; approval of the relative regulations and the consequent statutory modifications; inherent and consequent deliberations".

"The zero setting of the share capital and its reconstitution with an increase lacking in the former right of first refusal art 2441 C.C 5 codicil and codicil 6, and to offer in subscription to Pillarstone (main creditor of the group having found the creditorie positions of the three institutes mainly exposed, Unicredit, Intesa and Carige) or to society from these indicated, within an agreement for the restructure of the former indebtedness art 67 L.F." - it has emphasized Premuda remembering the operation of transfer of the debits capacity to term at the beginning last summer ( on 22 April and 6 July 2016) - it is the only opportunity that can today assure the business continuity, asking for a various scene of bankrupt liquidatorio type/".

"The execution of the capital increase so as proposed from the board of directors - it has specified Premuda - the zero setting of the value of the actions in circulation would involve today unavoidably and, as a result of the reconstitution in head to an only subject, the delisting of the society", cancellation from the share list of which the society it had already shown the eventuality in the past weeks ( on 19 January 2017).