Pirelli & C. Real Estate S.p.A. informs that placement to Italian and foreign institutional investors of n. 1,732,213 Pirelli & C. Real Estate S.p.A. shares (equal to 4.21% of share capital) announced today was successfully completed.
Banca Caboto S.p.A., which was in charge of placement, informed that demand of
Pirelli & C. Real Estate S.p.A. shares coming from investors exceeded offer BY
50% and final price of placement was 37.30 Euro per share, with 1.9% discount on
December 8th reference price.
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Pirelli & C. Real Estate S.p.A. has also announced that trough Progetto Grande Bicocca S.r.l. fully owned by Pirelli & C. Real Estate S.p.A., has signed an agreement with Banca Caboto S.p.A. to place, starting today, to Italian and Foreign Institutional investors n. 547,092 shares of Pirellli & C. Real Estate S.p.A., equal to 1.33% of the total share capital. Pirelli & C. Real Estate S.p.A., will directly own 2,285,425 treasury shares equal 5.55% of the total share capital.
Trough the placement Pirelli RE aims to achieve two main objectives. First, Progetto Grande Bicocca S.r.l. will increase the necessary resources to develop the Bicocca-Asaldo area in Milan. Secondly Pirelli & C. Real Estate S.p.A. free float will increase following also the strong institutional demand (among the international institutional investors is worth mentioning that Fidelity Investment, currently owns 5.02% of Pirelli RE share capital) registered when Pirelli & C. placed 8.37% of Pirelli & C. Real Estate S.p.A. share capital last July.
Carlo Puri announced the appointment of Banca Caboto S.p.A. to place to Italian and Foreign Institutional investors, his 1,185,121 of Pirelli & C. Real Estate shares equal to 2.88% of the share capital, owned also trough Partecipazioni Finanaziarie S.r.l.. Those shares were purchased in 2002 at the time of the IPO, and the whole net proceeds were reinvested after the stock option plan existing before the IPO
Carlo Puri, owner of a stock option plan approved by the by Pirelli & C. Real Estate S.p.A. board in May 2002 at the time of the IPO process, equal to n. 855,000 options of which n. 427,500 already exercisable, has also agreed with Banca Caboto S.p.A. not to sell (in case of options exercise) Pirelli & C. Real Estate shares for a period of 180 days.
After the two transactions, whose closing is expected within December 14th, n. 1,732,213 shares of Pirelli & C Real Estate S.p.A., equal to 4.21% of the share capital will be placed.
Source: Pirelli RE
