(Alliance News) - Palingeo Spa announced Tuesday that its board of directors has resolved to submit to the April 29 shareholders' meeting a proposal to increase the number of board members from the current five to seven, through the appointment of two additional directors, one of whom meets the independence requirements.

The objective, the note says, is "to adjust the articulation and composition of the board in order to reflect the changed organizational needs of the company resulting from the listing, in addition to the fact that we also want to ensure representation for minority shareholders."

Palingeo's stock is flat at EUR5.60 per share.

By Chiara Bruschi, Alliance News reporter

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