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BRIEF-Vita Societa Editoriale updates on current negotiations
February 9, 2017 / 8:51 AM / 10 months ago

BRIEF-Vita Societa Editoriale updates on current negotiations

Feb 9 (Reuters) - Vita Societa Editoriale SpA:

* Said on Wednesday that shareholders acknowledged the agreement proposal of board member Stefano Turri, top shareholder

* Proposal envisages that the top shareholders sells its stake in Vita and buys its technological business unit

* Shareholders deemed the proposal adequate, although still at an embryonic stage to reach an accord

* Shareholders granted the company’s consultants powers to continue the negotiations to find an agreement

* Chairman said that potential investors expressed their interest in supporting with new finances a project to relaunch the company based on an adequate industrial plan

* Chairman said that some bondholders of “Vita 2018 4%” said that they were available to convert their credit into capital in the amount of 460,000 euros ($492,016.00)

* Board decided continue working with the investors interested in the relaunch of the company and to complete the preparation of the industrial plan

* Board, with the understanding of Vita News soc coop, decided to suspend the activity for the signing of the final agreement for the lease of the editorial business

Source text for Eikon:

Further company coverage: ($1 = 0.9370 euros) ($1 = 0.9349 euros) (Gdynia Newsroom)

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