Compagnie Industriali Riunite S.p.A.

Equities

CIR

IT0000080447

Delayed Borsa Italiana Other stock markets			5-day change	1st Jan Change
- ^EUR	-.--%		-47.70%	-45.68%

Apr. 15	CIR goes ahead with buybacks of its own ordinary shares	AN
Apr. 08	CIR buys back own ordinary shares for over EUR160,000	AN

CIR: on Sorgenia-MPS factual errors and manipulation of the truth

January 16, 2017 at 04:26 am EST

In relation to the various factual errors and the manipulation of the truth over the last few days regarding the Sorgenia-MPS issue, a spokesperson from CIR has issued the following statement: - Neither Mr Carlo De Benedetti, his family nor CIR are insolvent debtors of MPS.

-Sorgenia did not belong to the De Benedetti family but was a joint venture controlled by CIR and Verbund, the main Austrian electricity provider. - Sorgenia never went bankrupt: in 2014, because of the crisis, it needed to restructure its debt and at that time the creditor banks, including MPS, preferred to take over ownership; CIR had previously said it was willing to take part in the recapitalization of Sorgenia whereas Verbund was not prepared to do so. Therefore the contribution proposed by CIR alone was not considered sufficient by the lending banks. After the restructuring agreement, the two shareholders of Sorgenia lost their entire investment in the company. - As is known, for about two years CIR has no longer been a shareholder of Sorgenia: the latter recently announced that it was continuing to pursue 'the process of repaying its debt, following the guidelines set out in its business plan which involves total repayment'. - Lastly, any suggestion of alleged preferential treatment for CIR in the granting of loans to Sorgenia is totally unfounded.

CIR - Compagnie Industriali Riunite S.p.A. published this content on 14 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 16 January 2017 09:25:05 UTC.

Original documenthttp://www.cirgroup.com/press/cir-news/document/cir-on-sorgenia-mps-factual-errors-and-manipulation-of-the-truth.html

Public permalinkhttp://www.publicnow.com/view/C4CBE8AF40C3321862B2800924F70AFC4A375A78

Latest news about Compagnie Industriali Riunite S.p.A.

CIR goes ahead with buybacks of its own ordinary shares	Apr. 15	AN
CIR buys back own ordinary shares for over EUR160,000	Apr. 08	AN
CIR goes ahead with buybacks of its own ordinary shares	Apr. 03	AN
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CIR goes ahead with its share buyback program	Jan. 04	AN
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Company Profile

CIR SpA Compagnie Industriali Riunite is an Italy-based company. The Company structures its business into five sectors: Energy, Media, Automotive Components, Healthcare and Non-core Investments. In the Energy sector, the Company is active in the generation of electrical power and distribution of natural gas. The Media sector is focused on publishing, radio, television and Internet portals operation. The Automotive Components sector is primarily engaged in the production of engine systems and suspension components. In the Healthcare sector, the Company is active in the operation of nursing homes and rehabilitation centers, as well as in the provision of hi-tech medical services, such as diagnostic imagining, nuclear medicine and radio therapy. In the Non-core Investments sector, the Company is involved in venture capital funds, private equity funds and other investments.

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