PADOVA, Italy—The Extraordinary Shareholders’ Meeting of Safilo Group S.p.A. (SFLG.MI), convened its extraordinary shareholders' meeting late last week, which resolved to increase the share capital, for consideration and divisibly, up to a maximum amount of €135 million, including any share premium, through the issue of new ordinary shares. The company stated that the Increase is mainly aimed at the repayment of the unsecured and subordinated facility of the  original €90 million, plus the relative amount of interests accrued, granted to Safilo in two tranches in 2020 by Multibrands Italy BV, a subsidiary of HAL Holding NV and Safilo's main shareholder, to support the timely closing of the acquisitions of Blenders Eyewear and Privé Goods.

The company also noted that it will provide the group with "a more cost-efficient financial structure" with the share capital increase "aimed at strengthening the capital structure as well as supporting its investments and drivers of future growth, including new opportunities that may come available in the sector."
 

The extraordinary shareholders’ meeting has also granted the board of directors with the broadest powers to define the timeframe for the execution of the share capital Increase resolution, in compliance with the deadline set by the shareholders’ meeting,on April 30, 2022, as well as to determine, in the run-up to launch of the offer:(i) the final amount of the share capital Increase, within the limits of the maximum amount of €135 million; (ii) the issue price of the newly-issued shares and, therefore, the portion of issue price to be allocated to the share premium reserve; and (iii) the maximum number of newly-issued shares and the ratio of assignment in option.
 
Subject to corporate and regulatory approvals, the company intends to complete the transaction as soon as possible, during the second half of 2021.