Timone Fiduciaria to acquire 2.5% of Azimut Holding and rise to 23.8%

March 25, 2022

Abstract : Timone Fiduciaria strengthened its share in Azimut Holding to 23.8% net of treasury shares (23.2% of total share capital) with an investment of 60 million euros collected by management, financial advisors, managers and employees of the Group from 17 countries worldwide.

MILAN, March 23 (Class Editori) — Taking advantage of the recent declines in the share price, Timone Fiduciaria strengthened its share in Azimut Holding to 23.8% net of treasury shares (23.2% of total share capital) with an investment of 60 million euros —50% of which from bank financing— collected by management, financial advisors, managers and employees of the Group from 17 countries worldwide. The last share was around 22%.

Timone Fiduciaria, which brings together the shareholders who are members of the Azimut Holding syndicate pact, announced that 1,046 shareholders purchased 3,507,529 ordinary Azimut Holding shares, equal to 2.5% of the share capital net of treasury shares (2.4% of total share capital). The last shares subject to the transaction were purchased at an average price of 20.28 euros per share.

The operation was supported by a loan amounting to a total of 30 million euros in favour of Timone Fiduciaria and guaranteed by a pledge on the shares purchased by the company on behalf of its investors. The loan has a duration of five years, subject to possible causes of early extinction as per market practice.

With this second operation after the one concluded in 2018, Azimut Holding shareholders' pact is strengthened thanks to a long-term commitment with the prospect of creating value for shareholders. Intermonte supported Timone Fiduciaria in the share purchase transactions on the market. The stock of the company managed by Pietro Giuliani has been currently rising by 0.28% to 21.37 euros, thus recovering from the 2022 low on March 7 at 17.68 euros, but down by almost 14% from 26.7 euros at the beginning of 2022 —which almost reached the all-time high of 27.7 euros recorded in May 2015. The pact started purchasing in April 2020 and has continued to do so since then, obviously not on a constant basis. (All rights reserved)

(Source:Class Editori)

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