BANCA PROFILO S.P.A. (Alliance News) - RedFish LongTerm Capital Spa on Tuesday announced that it, together with Banca Profilo S.p.A., has submitted an application to renounce the authorization procedure, hinged by the Bank of Italy and Consob, aimed at authorizing the exercise of SICAF activities by a company to be established.
Such proceedings had been undertaken by virtue of the existing agreements between the aforementioned parties signed on June 17, 2022.
The issuer, in agreement with the co-investor Banca Profilo, deemed it appropriate to suspend the activities aimed at the authorization and establishment of the said SICAF under the terms of the existing agreements.
Indeed, the parties considered that due to the changed market conditions and recent developments in the global geopolitical and financial framework, the structure of the SICAF, as conceived by them, does not meet the expectations of strategic investors.
"The above-mentioned lack of interest in such an investment scheme, therefore, has led the parties to rethink the ways in which they will cooperate with each other in order to achieve the set objectives, thus keeping the signed agreements valid and agreeing on the advisability of confronting each other in order to make further strategic decisions," the released note reads.
"Due to the above, the issuer intends to reallocate the part of the proceeds raised in IPO, originally intended for the SICAF project, to the strengthening of the strategy of growth by external lines, equipping the investee companies with additional resources in order to speed up the process of add-on of complementary companies or those present in contiguous markets, accelerating their development overall," the company's note concludes.
Redfish is currently flat at EUR1.46 per share
By Maurizio Carta, Alliance News reporter
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