October 2, 2019 / 12:57 PM / 20 days ago

Italy's Bio-On says founding shareholders to provide funding for a year

MILAN, Oct 2 (Reuters) - Italian bio-plastics maker Bio-on on Wednesday said founding shareholders had committed to providing 10 million euros ($10.9 million) for 12 months to keep the company in business.

Bio-on, which has come under attack by U.S. fund Quintessential, on Tuesday reported a collapse in first-half revenues and slashed its full-year sales forecast.

In a statement issued at the behest of market regulator Consob, Bio-on also clarified the reason why EnVent Capital Markets had stepped down as the nominated adviser required for companies listed on the AIM segment of the market. It said EnVent had complained about an alleged lack of collaboration. ($1 = 0.9151 euros) (Reporting by Valentina Za)

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