Press releases

1225 Risultati trovati
- 14:56 CET

Press release pursuant to article 38, paragraph 2, of the Issuers’ Regulation – Publication of the Offer Document

  • Price per share offered: Euro 0,61
  • Acceptance Period: from 8.30 a.m. (Italian time) on November 25 2024 to 5.30 p.m. (Italian time) on December 13 2024, inclusive (unless the Acceptance Period is extended)
  • Date of payment of the price offered: December 20 2024

Milan, November 22, 2024  – With reference to the voluntary partial public tender offer launched by CIR S.p.A. – Compagnie Industriali Riunite (“CIR” or the “Offeror” or the “Issuer“) pursuant to Articles 102 et seq. of Legislative Decree No. 58 of February 24, 1998, as subsequently amended and supplemented (“TUF“) and to article 37 of the Consob Regulation no. 11971 of 1999, as subsequently amended and integrated (the “Issuers’ Regulation”), concerning a maximum of 131,147,541 shares with no nominal value of CIR S.p.A., as disclosed in the press release issued on October 11, 2024 by CIR in its capacity as the offeror (the “Offer”), it is announced that Consob, with resolution No. 23321 of November 20, 2024, has approved the Offer document filed with Consob on October 29, 2024 and re-filed on November 12, 2024 and November 13, 2024 (the “Offer Document“) pursuant to Article 102, paragraph 4, of the TUF.

It is also informed that the Offer Document, which contains a detailed description of the terms and conditions of the Offer as well as the procedures for participation, is being published today and made available to the public, together with the acceptance form, for consultation at the registered office of CIR in Milan, via Ciovassino, No. 1, as well as at the Intermediary in charge of coordinating the collection of acceptances, Società per Amministrazioni Fiduciarie “SPAFID” S.p.A., in Foro Buonaparte 10, 20121 Milan, and at the offices of the Intermediaries BNP Paribas, Italy Branch, Piazza Lina Bo Bardi 3, 20124 Milan, and EQUITA SIM S.p.A. Via Turati 9, 20121 Milan, as well as on the Issuer’s website at www.cirgroup.it in the “Governance/ Voluntary partial tender offer for CIR’s own shares” section.

It is further noted that, because the Offer is promoted by CIR, and therefore the Offeror and the Issuer are the same, the Issuer’s press release pursuant to Article 103, paragraph 3, of the TUF and Article 39 of the Issuers’ Regulation is not attached to the Offer Document.

The main elements of the Offer, as described in more detail in the Offer Document, are as follows:

Shares eligible for tender.

The maximum number of 131,147,541 shares eligible for tender, which represent, as of the date of the Offer Document, 12.524% of CIR’s share capital. All shares (identification codes: ISIN IT0000070786, XXITV0000172, XXITV0000180, and ISIN IT0005241762), except for 32,022,506 treasury shares held by CIR as of the date of the Offer Document, representing 3.058% of the ordinary share capital, are eligible for tender subject to the Offer and may therefore be tendered.

Consideration

The consideration is €0.61 per share and will be paid to the participants on the fifth trading day following the closing of the acceptance period, i.e., December 20, 2024 (unless extended), upon the simultaneous transfer of full ownership of the shares tendered. In the case of full acceptance of the Offer, the total disbursement will amount to €80,000,000.01 million.

Conditions for the Offer to be effective

For the Offer to be effective the following conditions must be met: (A) that by the close of the Stock Exchange Trading Day after the end of the Acceptance Period none of the following has occurred (i) exceptional events or situations at national and/or international level involving serious changes to the political, financial, economic, foreign exchange or market situation that had not already taken place as of the Date of the Offer Document and which have substantially prejudicial effects on the Offer, on the conditions of the businesses and/or on the patrimonial, economic and/or financial conditions of CIR and/or of the companies belonging to the CIR Group, or (ii) actions, facts, circumstances, events or situations that had not taken place as of the date of publication of the Offer Document and such as to cause significant prejudice to the Offer, the conditions of the businesses and/or the patrimonial, economic or financial conditions of CIR and/or the CIR Group as stated in the Interim Financial Report as of June 30 2024, published on August 2 2024 ( the “MAC Condition”); and/or

(B) that by the close of the Stock Exchange Trading Day after the end of the Acceptance Period, no legislative or administrative acts or measures (including mandatory tender offers as per Art. 106 et seq. of the TUF) or judicial measures have been adopted and/or published by the competent institutions, entities or authorities, such as to preclude, limit or render more onerous, in full or in part, or even temporarily, the possibility for CIR and/or the CIR Group to complete the Offer;

((A) and (B), together, the “Conditions for the Offer to be Effective“).

The MAC Condition also specifically includes any of the events or situations listed in points (i) and (ii) above that could occur as a result of, or in connection with, the Russia-Ukraine political-military crisis, the Arab-Israeli conflict in the Middle East and the Red Sea crisis or other international tensions (including China-USA political-military tensions) which, although they represent events in the public domain as of the Date of the Offer Document, could give rise to adverse effects, in the terms set out above, that are new, unforeseen and unforeseeable.

The Offeror may waive or change all or part of the terms of the Conditions for the Offer to be Effective at any time and at its sole discretion within the limits and according to the procedures set out in Article 43 of the Rules for Issuers.

The Offer is not conditional upon reaching a minimum level of acceptances.

Acceptance Period

Pursuant to Article 40, second paragraph, of the Issuers’ Regulation, the acceptance period for the Offer, agreed upon with Borsa Italiana S.p.A., will begin at 8:30 AM on November 25, 2024, and end at 5:30 PM on December 13, 2024, inclusive, unless extended. Therefore, December 13, 2024 will be the last day to accept the Offer, unless extended.

Pro-Rata Allocation

If, at the end of the Acceptance Period, the total number of shares tendered is higher than the maximum number of the shares eligible for tender (and the Conditions for the Offer to be Effective have been met or waived), the allocation will be made on a “pro-rata” basis, meaning the Offeror will purchase the same proportion (the “Allocation Coefficient“) of shares from all shareholders who tendered shares.

If the shares tendered by a single shareholder are identified by different identification codes, in order to safeguard the positions matured in relation to the possibility of exercising increased voting rights, in the event of a pro-rata Allocation, the Offeror will take shares from each tenderer according to the following order of priority:

  • first, shares identified by ISIN code IT0000070786;
  • second, shares awaiting registration in CIR’s stable shareholders’ register, identified by code XXITV0000172;
  • third, shares registered in CIR’s stable shareholders’ register and awaiting the increased vote, identified by code XXITV0000180;
  • fourth, shares with the increased vote, identified by ISIN code IT0005241762.

In any case, should shares be returned due to pro-rata Allocation, the participant will have the right to have returned shares with the same rights and/or faculties (such as, for example, increased voting rights under Article 127-quinquies of the TUF, or the right to obtain the increased vote, or the right to be registered in CIR’s stable shareholders’ register) that would have applied in the case of non-participation in the Offer.

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- 18:00 CET

Press release pursuant to article 36 of the Issuers’ Regulation – Approval of the Offer Document

Milan, November 20, 2024 – With reference to the public partial cash tender offer (the “Offer”), promoted by CIR S.p.A. (the “Offeror”) pursuant to articles 102 et seq. of the Legislative Decree no. 58 of February 24, 1998, as subsequently amended and integrated (“TUF”), and to article 37 of the Consob Regulation no. 11971 of 1999, as subsequently amended and integrated (the “Issuers’ Regulation”) on maximum amount of 131,147,541 shares of the Offeror, without nominal value and fully paid up, following the press releases concerning the suspension and the re-opening of Consob’s investigation period, issued, pursuant to art. 38, par. 1, of the Issuers’ Regulation respectively on November, 4 and on November 13 2024 it is announced that Consob, by Resolution n.  23321 of November 20, 2024, has approved, pursuant to article 102 paragraph 4 of the TUF and to article 37-bis of the Issuers’ Regulation, the Offer document (the “Offer Document”).

Acceptance period

The acceptance period, agreed with Borsa Italiana S.p.A., pursuant to Article 40, paragraph 2, of the Issuers’ Regulation, will start at 8:30 AM (Italian time) on November, 25 2024, and close at 5:30 PM (Italian time) on December, 13 2024, (first and last days included), unless otherwise extended.

Therefore, December, 13 2024 will be the closing date of the acceptance period of the Offer, unless extensions in compliance with applicable law, and the payment date of the Shares tendered to the Offer will be on the fifth stock market trading day following the closing of the acceptance period, i.e. December, 20 2024 (the “Payment Date”).

Consideration

The Offeror will pay a consideration equal to Euro 0,61 for each share tendered to the Offer. 

The Offer Document will be filed with Consob and will be made available to the public for consultation at the registered office of CIR CIR in Milan, via Ciovassino, n.1 and at the premises of the intermediary appointed to coordinate the collection of acceptances, of the appointed intermediaries and on CIR’s corporate website www.cirgroup.com “Governance/Voluntary partial public tender offer for CIR’s own shares”.

The making available to the public of the Offer Document will be promptly disclosed to the market.

* * *

Pending the publication of the Offer Document, please refer to the notice pursuant to Article 102, paragraph 1, of the TUF, published on October 11, 2024, on CIR’s corporate website (www.cirgroup.com), which contains a detailed description of the essential elements of the Offer.

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- 19:32 CET

Results of the option and pre-emption offer of shares subject to withdrawal

Milan, November 13th, 2024 – CIR S.p.A., announces that the period for the option and pre-emption offer, pursuant to article 2437-quater, paragraph 2, of the Italian Civil Code, ended on November 8th , 2024.

The offer, for a total of no. 187,872 CIR shares (Shares), representing 0.018% of the Company’s share capital, was addressed to the shareholders who did not exercise, their withdrawal right resulting from the approval of the proposed enhancement of the Company’s increased voting rights mechanism by the Shareholders’ Meeting (Offer).

Results of the Offer

In the context of the Offer, based on a ratio of no. 1 Share for every 5,400 option right held, option rights were exercised for no. 121,019 Shares, and pre-emption rights were exercised for the purchase of no. 3,350,811 Shares.

Given that the number of Shares for which the pre-emption right was exercised exceeded the number of residual Shares (i.e., the shares in respect of which the option rights have not been exercised), the residual Shares were distributed among all entitled parties in proportion to the number of option rights held by each of them. Accordingly, all no. 187,872 Shares were purchased by virtue of the exercise of option and pre-emption rights for a total of Euro 102,465.39, at a price of Euro 0.5454 per Share.

Fratelli De Benedetti S.p.A. (the majority shareholder) exercised its option and pre-emption rights for the residual Shares to which it was entitled, purchasing a total number of no. 119,870 Shares, for a total countervalue of approximately Euro 65,377.10.

Terms and methods of payment

The price of the Shares will be paid and the Shares purchased will be credited and transferred on November 20 th, 2024 through the Monte Titoli system via the depositary intermediaries, without requiring any action from the shareholders who exercised their withdrawal rights or from the shareholders who exercised their option and pre-emption rights (provided that the latter have first made the funds required to pay for the shares purchased available to their intermediaries).

As a consequence, since there are no unsold Shares, the liquidation procedure foreseen by Italian law will be completed as soon as the price is paid and the Shares are credited and transferred.

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- 17:48 CET

Press release pursuant to article 38, paragraph 1, of the Issuers’ Regulation – Re-opening of the review period

Milan, November 13th, 2024 – In relation to the offer document filed with Consob on October 29, 2024, (the “Offer Document”) concerning the public partial cash tender offer (the “Offer”), promoted by CIR S.p.A. (the “Offeror”) pursuant to articles 102 et seq. of the Legislative Decree no. 58 of February 24, 1998, as subsequently amended and integrated (“TUF”), and to article 37 of the Consob Regulation no. 11971 of 1999, as subsequently amended and integrated (the “Issuers’ Regulation”) the Offeror – following the press release of November 4, 2024, concerning the suspension of the review period for the approval of the Offer Document by Consob – informs that, on the date hereof, Consob has ordered, pursuant to article 102, paragraph 4, of TUF, the re-opening of the review period, effective as of November 13th, 2024. The review period will expire on November 21st, 2024.

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- 18:08 CET

Press release pursuant to article 38, paragraph 1, of the Issuers’ Regulation – Filing of the offer document – Suspension of the investigation period

Milan, November 4, 2024 – In relation to the offer document filed with Consob on  October 29, 2024, (the “Offer Document”) concerning the public partial cash tender offer (the “Offer”), promoted by CIR S.p.A. (the “Offeror”) pursuant to articles 102 et seq. of the Legislative Decree no. 58 of February 24, 1998, as subsequently amended and integrated (“TUF”), and to article 37 of the Consob Regulation no. 11971 of 1999, as subsequently amended and integrated (the “Issuers’ Regulation”) the Offeror announces that on November  4, 2024, Consob requested certain additional information, ordering the suspension of the investigation period for the approval of the Offer Document until such additional information is provided and, in any event, for a period not exceeding 15 days from  November 4, 2024.

The reopening of the investigation period will be promptly disclosed to the market pursuant to article 38, paragraph 1, of the Issuers’ Regulation.

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- 17:49 CET

Press release pursuant to article 37-ter, paragraph 3, of the Issuers’ Regulation – Filing of the offer document

Milan, 29 October 2024 – With reference to the public partial cash tender offer (the “Offer”), promoted by CIR S.p.A. (the “Offeror”) pursuant to articles 102 et seq. of the Legislative Decree no. 58 of February 24, 1998, as subsequently amended and integrated (“TUF”), and to article 37 of the Consob Regulation no. 11971 of 1999, as subsequently amended and integrated (the “Issuers’ Regulation”) on maximum amount of 131,147,541 shares of the Offeror, without nominal value and fully paid up, it is announced that, pursuant to article 102 paragraph 3 of the TUF and to article 37-bis of the Issuers’ Regulation, on the date hereof, the Offeror filed with the CONSOB the Offer document (the “Offer Document”).

The Offer Document shall be published upon completion of the preliminary investigation carried out by CONSOB pursuant to article 102, paragraph 4, of the TUF.

Pending the publication of the Offer Document, please refer to the notice pursuant to Article 102, paragraph 1, of the TUF, published on October 11, 2024, on CIR’s corporate website (www.cirgroup.com), which contains a detailed description of the essential elements of the Offer.

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- 15:50 CEST

Sogefi: results for first nine months of 2024

Revenues: -4.6% at € 766.7 million

EBIT: significantly increased to € 38.0 million (€ 25.3 million in the first nine months of 2023)

Net profit from ongoing operations € 15.1m (€8.3m in the first nine months of 2023)

Net income reached €149.5 million, reflecting the impact of the sale of the Filtration business

Free Cash Flow generated from ongoing operations positive for € 19.4 million (- € 7.1 million in the first nine months of 2023)

Free cash flow from Filtration of € 321.8 million

Debt, excluding IFRS 16, decreased to €16.1 million from €192.7 million at the end of September 2023, following the payment of €136.7 million in dividends

***

Milan, 25 October 2024 – The Board of Directors of Sogefi S.p.A., chaired by Monica Mondardini, convened today to approve the group’s interim management report as of 30 September 2024.

Sogefi, a company of the CIR Group, ranks among the world’s leading manufacturers of automotive components, specializing in the Air and Cooling and Suspensions sectors.

MARKET PERFORMANCE

In Q3 2024, world car production significantly slowed, declining by 4.6% compared to Q3 2023. The European market’s weakness, with a 5.2% drop already evident in the first half of the year, was exacerbated by substantial declines in the NAFTA region, down 4.7%, and in China, down 2.6%. These regions had previously shown stability or slight growth in the first half of the year.

Following the negative results in the third quarter, global car production declined by 1.6% in the first nine months of 2024 compared to the same period in 2023. During the nine-month period, China and India experienced growth of +2% and +4.5%, respectively, while Europe, NAFTA, and Mercosur experienced declines of -4.9%, -0.8%, and -0.6%, respectively.

S&P Global (IHS) expect a 2.2% decrease in global production for the entire year of 2024 in comparison to 2023. China and Mercosur are expected to maintain their current levels, while NAFTA is expected to experience a minor decline of -1.4%. Europe is expected to experience a 6.3% decline, which is slightly higher than the decline observed in the first nine months.

SOGEFI’S PERFORMANCE SUMMARY IN THE FIRST NINE MONTHS OF 2024:

The figures for Filtration are reported in conformance with IFRS 5, which means that only the net result of the business is recorded under the category of “profit from discontinued operations or held for sale” following the divestment in May 2024. The operating data discussed below pertain exclusively to the scope of ongoing operations, excluding Filtration. The net profit (loss) and free cash flow are presented for ongoing operations, discontinued operations, and total operations.

Revenue performance was affected by market volatility during the first nine months of 2024, leading to a 4.6% decline compared to the same period in 2023. Despite this, operations showed a significant increase in profitability:

  • With an EBITDA margin of 12.6%, EBITDA reached €96.7 million, marking a 14.6% increase compared to the same period in 2023;
  • EBIT increased from €25.3 million in the first nine month of 2023 to €38.0 million. The EBIT margin increased to 5.0% of revenues from 3.1% in the first none months of 2023;
  • Net income from continuing operations totalled €15.1 million, compared to €8.3 million in the first half of 2023;
  • Free cash flow from operations was positive at €19.4 million, compared to a cash absorption of €7.1 million in the first nine months of 2023.

As outlined in the Half-Yearly Financial Report, the discontinued operations reported the following outcomes:

  • net profit of €136.4 million, including the effects of the sale, such as the capital gain, tax charges and transaction costs;
  • free cash flow of € 321.8 million.

Overall, in the first nine months of 2024, the Group reported:

  • net profit of € 149.5 million (net of minority interests)
  • free cash flow of € 341.2 million

As of 30 September 2024, net debt stood at €62 million (€16.1 million excluding rights of use, in line with IFRS 16), marking a decrease from €266.1 million as of 31 December 2023. This reduction follows the distribution of an ordinary dividend of €23.7 million and an extraordinary dividend of €109.6 million to shareholders of Sogefi S.p.A.

RESULTS FOR THE FIRST NINE MONTHS OF 2024

For the first nine months of 2024, revenues reached €766.7 million, reflecting a decline of 4.6% (4.3% at constant exchange rates) in comparison to the same period in 2023.

Revenues by geographical area

The decline in total revenues was influenced by the performance observed in Europe (-7.9%) and North America (-4.4%), primarily due to the dynamics of the respective markets and key customers. In contrast, South America and China experienced revenue growth of +2.2% and +5.1% respectively, aligning with or surpassing market trends.

Revenues by business sector

Suspensions experienced a 6.2% decline in revenues, influenced by adverse trends in the European market, affecting both the passenger car and heavy-duty segments, with the latter seeing a 10.4% decrease in Europe. Conversely, notable growth was observed in China, with a 35.3% increase, and a strong performance was recorded in Mercosur.

Air and Cooling reported a 2.3% decline in revenues (1.5% at constant exchange rates), with Europe showing a positive performance of 3.8%, defying the overall market decline. However, revenues decreased in North America due to product mix issues and in China due to a local production drop by some customers.

EBITDA reached €96.7 million, reflecting a 14.7% increase compared to the first nine months of 2023 (€84.4 million), despite a slight decrease in volumes. The EBITDA margin rose from 10.5% in 2023 to 12.6% in the same period of 2024.

Despite the reduction in volumes, the positive trend in profitability is primarily due to an increase in the contribution margin, which accounted for 29.3% of sales, up from 26.9% in the first nine months of 2023; this increase reflects the gradual decline in raw material and energy costs.

In spite of the decrease in turnover, the fixed costs as a percentage of revenue remained at 15.7%, essentially unchanged from 2023 (15.6%). This was primarily due to the reduction of fixed costs from € 126.3 million to € 120.5 million.

EBIT totalled € 38.0 million, compared to € 25.3 million in first half 2023, and the ratio to revenue rose from 3.1% in the first half of 2023 to 5.0% in the same period of 2024. The increase reflects the improved profitability of the Suspension division and the good profitability of Air & Cooling, in an unfavourable market environment.

Financial expenses amounted to €11.7 million, reflecting a modest decrease compared to €12.4 million in the same period in 2023. Notably, cash financial expenses decreased from €12.2 million in 2023 to €10.7 million in the corresponding period of 2024. This reduction, occurring entirely since early June, is attributed to the decrease in debt following the sale of the Filtration business, despite the one-off charges associated with the early repayment of certain loans.

The tax expense totalled €11.2 million, compared to €4.6 million in the first half of 2023, reflecting the increased pre-tax profit.

The net income from operations was positive by € 15.1 million compared to € 8.3 million in the same period of the previous year.

The net result of ‘discontinued operations’ (Filtration) amounted to € 136.4 million, (€ 39.8 million in the first nine months of 2023). This amount includes the net income of the business as of the sale date on 31 May 2024, totalling €22.2 million, the capital gain from the sale of the Filtration business amounting to €124.5 million, the tax liabilities resulting from the transaction, and the expenses associated with completing the transaction.

The Group reported a total net profit of € 149.5 million, net of minority interests, compared to € 45.8 million in the first nine months of 2023.

 Free Cash Flow was positive by € 341.2 million and includes a free cash flow of € 321.8 million from Filtration and € 19.4 million generated by ongoing operations, a clear improvement compared to the first nine months of 2023 (negative FCF of € 7.1 million).

The Group distributed dividends totaling €136.7 million, comprising €23.7 million classified as the Company’s ordinary dividend, €109.6 million designated as the Company’s extraordinary dividend, and €3.4 million allocated as dividends from investees to third-party shareholders.

 As of 30 September 2024, equity, excluding non-controlling interests, amounted to €300.4 million, compared to €272.9 million as of 31 December.

Net debt at the end of September 2024 was € 62 million compared to net debt of € 266.1 million at the end of 2023.

Net debt excluding liabilities for right-of-use assets at 30 September 2024 amounted to € 16.1 million, compared to € 200.7 at 31 December 2023. 

At 30 September 2024, the Group had committed credit lines in excess of requirements of € 187 million.

SUMMARY OF RESULTS FOR Q3 2024

In Q3 2024, the Sogefi Group reported revenues of €242.6 million, marking a decline of 8.5% (-7.7% at constant exchange rates), reflecting the adverse market conditions experienced during the quarter.

At constant exchange rates, Air and Cooling declined by 6.0% and Suspension by 8.9%.

EBITDA reached €29.8 million, down from €32.0 million in Q3 2023, while the EBITDA margin remained stable at 12%. Excluding restructuring costs and other non-operating expenses, which totaled €5 million in Q3 2024 compared to €0.7 million in 2023, EBITDA for Q3 2024 would be €34.8 million, up from €32.7 million in the same period of 2023.

The contribution margin of 30.1% represents a significant improvement from the previous figure of 28.4% in Q3 2023. Furthermore, the fixed cost ratio was maintained at 15.7%, a decrease from 16.1% in Q3 2023, despite the decrease in turnover, as a result of the 10.8% decrease in fixed costs. 

EBIT was positive at €10.2 million, compared to €11.5 million in Q3 2023. Excluding non-recurring charges, EBIT was €15.2 million, up from €12.2m in 2023.

Net income from operations totalled € 4.3 million, compared to € 4.7 million in third quarter 2023.

The consolidated net result t for the third quarter of 2024 was €3.7 million, down from €14.4 million in the same period of the previous year, which included a net result from ‘discontinued operations’ of € 10.5 million).

SIGNIFICANT EVENTS AFTER 30 SEPTEMBER 2024

No significant events that occurred after 30 September 2024, have the potential to affect the economic and financial information that is being presented.

BUSINESS OUTLOOK

Following the negative data from the third quarter, the outlook for the automotive market remains uncertain in the coming months. According to S&P Global (IHS), global car production may decrease by 2.2%  in 2024 following the growth observed in 2023. Europe is expected to experience a 6.3% decline, NAFTA is expected to experience a 1.4% decline, while China and India are expected to experience modest growth.

In terms of commodity and energy prices, the initial months of 2024 have confirmed a degree of stability that was already evident in the latter half of 2023. However, volatility risks are still present, which are further exacerbated by geopolitical tensions. Inflationary tensions on labour costs also persist in some geographical areas.

Sogefi expects a decline in its annual revenues substantially in line with that recorded in the first nine months of the year. The company also confirms the target of an operating result in progression compared to that recorded in the 2023 financial year on the current perimeter, excluding any non-recurring charges and extraordinary events that are currently unforeseeable.

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- 18:15 CEST

Disclosure regarding the buyback of shares

Milan, 14 October 2024 – Following the resolution of the Board of Directors on 29 April 2024 on the continuation of the share buyback plan launched on 16 March 2022, in accordance with and in execution of the authorization granted by the Shareholders’ Meeting on 29 April 2024, CIR S.p.A. announces that between 7 and 11 October 2024 it bought back, on the Euronext Milan market, n. 491,127 shares at an average unitary price of € 0.5675, for a total amount of € 278,720.71. As of today, CIR S.p.A. is holding a total of 33,055,016 treasury shares, equal to 3.16% of its share capital. The subsidiaries of CIR do not own any shares in the Company.

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- 21:19 CEST

Approved partial VTO on treasury shares –  Interruption of the current buyback

Milan, October 11, 2024 – Today, the Board of Directors of CIR S.p.A. (“CIR” or the “Company”) approved the launch of a voluntary partial purchase tender offer for the purchase of a maximum number of 131,147,541 ordinary shares of the Company, equal to 12.524% of its share capital, at a price of Euro 0.61 per share and for a maximum amount of Euro 80 million. Concurrently with the publication of this press release, the Company published the press release concerning the tender offer, prepared pursuant to article 102 of Legislative Decree no. 58/1998, article 37 of the Issuers’ Regulations and article 17 of EU Regulation no. 596/2014, to which reference should be made for any information concerning the offer.

Considering the launch of the tender offer on treasury shares, the Board of Directors also resolved to interrupt the treasury share purchase plan initiated on March 16, 2022, and lastly extended by the resolution of April 29, 2024.

Following what has been announced to the market on October 7, 2024, it is hereby announced that, in execution of the authorization granted by the Shareholders’ Meeting of April 29, 2024, and in compliance with the same, the Company during the period from October 7 to October 10, 2024, purchased no. 351,127 shares at an average unit price of Euro 0.5659 for a total countervalue of Euro 198,696.71. As of October 10, 2024, CIR S.p.A. owns a total of 32,915,016 treasury shares, equal to 3.143% of the share capital.

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- 21:15 CEST

Voluntary partial public tender offer launched by CIR S.P.A. concerning shares of CIR S.P.A.

Milan, 11 October 2024. Pursuant to and for the purposes of Article 102, paragraph 1, of the TUF and Article 37 of the Issuers’ Regulations, CIR S.p.A. (the “Offeror” or the “Issuer” or “CIR” or the “Company“) hereby announces its decision, approved today unanimously by the Board of Directors, to launch a voluntary partial tender offer to buy, in accordance  with the terms of Articles 102 and following articles of the TUF   a maximum of 131,147,541 shares of CIR S.p.A., shares with no indication of par value, fully paid up (the “Shares”), listed on the Euronext Milan Market (“Euronext“) organized and managed by Borsa Italiana S.p.A. (“Borsa Italiana“), equal to 12.524% of the share capital of CIR (the “Offer“).

The Offer is addressed indiscriminately to all holders of CIR Shares and does not concern the own shares currently held by the Issuer, which are therefore excluded from the Offer.

The Offer is not conditional on reaching a minimum number of acceptances.

The Shares acquired by CIR under the Offer will be subject to cancellation.

In the event of acceptances to the Offer for a total number of shares exceeding the maximum number of shares subject to the Offer itself, an allocation will be made according to the proportional method so that CIR will buy the same percentage of the Shares being offered from each shareholder taking part in the Offer as that of their original holding. Pursuant to Article 102, paragraph 3, of the TUF, the Offeror shall, within twenty days of this announcement, transmit to Consob the Offer Document (the “Offer Document“) for publication, and reference should be made to this document for further details of the Offer.

Please Download the full Press Release for further details

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- 17:53 CEST

Adoption of the enhancement of the increased voting right: exercised the withdrawal right by 0.018% of the share capital

  • Full effectiveness of the Shareholders’ meeting resolution due to the non-fulfilment of the condition subsequent
  • Filed the offer in option (“offerta in opzione”) of the shares object of withdrawal

Milan, October 9, 2024 – CIR S.p.A. announces that, in relation to the approval of the enhancement of the increased voting rights mechanism by the Extraordinary Shareholders Meeting held on September 6, 2024, the period for exercising the withdrawal right ended on October 1, 2024. Based on the declarations of exercise of the right of withdrawal received by the Company, the right of withdrawal was validly exercised for no. 187,872 shares (the “Shares Object of Withdrawal”), representing approximately 0.018% of the share capital.

Based on the liquidation price of Euro 0.5454 per each share, determined in accordance with article 2437-ter, paragraph 3 of the Italian Civil Code, the aggregate withdrawal liquidation amount is equal to Euro 102,465.39.

Condition subsequent

As indicated in the report delivered to the Shareholders’ Meeting, it has been resolved that the effectiveness of the resolution on the enhancement of the increased voting right mechanism shall be invalidated upon the fulfilment of the condition subsequent whereby the amount to be paid by the Company to the eligible shareholders who exercised their right of withdrawal would have exceeded the total amount of 60 (sixty) million euros.

Since the condition subsequent has not been fulfilled because the total value of the withdrawals is such that the threshold would not be exceeded even if, at the end of the liquidation procedure, all of the Shares Object of Withdrawal were to be paid by the Company through purchase, the relevant resolution of the shareholders’ meeting to amend the bylaws will continue to be effective and the enhancement of the increased voting right mechanism can therefore be considered definitively adopted.

Offer in option

Pursuant to the liquidation procedure provided for by article 2437-quarter of the Italian Civil Code, the Shares Object of Withdrawal shall be offered in option to all CIR shareholders who did not exercise their withdrawal right, in proportion to the number of shares already owned by the same and at the same withdrawal price. The offer period of the Shares Object of Withdrawal shall not be lower than 30 (thirty) days from the filing of the offer in option with the competent Companies’ Register.

To this end, the Company on the date hereof filed with the Companies’ Register of Milano Monza-Brianza Lodi the notice of offer in option of the Shares Object of Withdrawal to all the Company’ shareholders who are owners of Shares for which the Withdrawal Right has not been exercised (the “Offer in Option”) and which shall be also announced by publication on the Company’s corporate website, at the address https://www.cirgroup.it/en/home/ (section Governance/Shareholders meeting), on the authorized storage mechanism “eMarket STORAGE” as well as in the newspaper “La Repubblica” on October 10, 2024.

The offer period shall start from October 10, 2024, and end on November 8, 2024, included.

Pre-emption right

CIR Shareholders who will exercise their option right during the Offer in Option period shall also be entitled to exercise their pre-emption right in order to purchase the Shares Object of Withdrawal which may have remained unsold, pursuant to article 2437-quarter, paragraph 3, of the Italian Civil Code (the “Pre-emption Right”).

All information regarding the terms and conditions of the Offer in Option and the exercise of the Pre-emption Right are contained in the Offer in Option.

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- 18:15 CEST

Disclosure regarding the buyback of shares

Milan, 7 October 2024 – Following the resolution of the Board of Directors on 29 April 2024 on the continuation of the share buyback plan launched on 16 March 2022, in accordance with and in execution of the authorization granted by the Shareholders’ Meeting on 29 April 2024, CIR S.p.A. announces that between 30 September and 4 October 2024 it bought back, on the Euronext Milan market, n. 466,306 shares at an average unitary price of € 0.5719, for a total amount of € 266,675.79. As of today, CIR S.p.A. is holding a total of 32,563,889 treasury shares, equal to 3.11% of its share capital. The subsidiaries of CIR do not own any shares in the Company.

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- 18:15 CEST

Disclosure regarding the buyback of shares

Milan, 30 September 2024 – Following the resolution of the Board of Directors on 29 April 2024 on the continuation of the share buyback plan launched on 16 March 2022, in accordance with and in execution of the authorization granted by the Shareholders’ Meeting on 29 April 2024, CIR S.p.A. announces that between 23 and 27 September 2024 it bought back, on the Euronext Milan market, n. 365,059 shares at an average unitary price of € 0.5705, for a total amount of € 208,275.88. As of today, CIR S.p.A. is holding a total of 32,097,583 treasury shares, equal to 3.065% of its share capital. The subsidiaries of CIR do not own any shares in the Company.

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- 18:15 CEST

Disclosure regarding the buyback of shares

Milan, 23 September 2024 – Following the resolution of the Board of Directors on 29 April 2024 on the continuation of the share buyback plan launched on 16 March 2022, in accordance with and in execution of the authorization granted by the Shareholders’ Meeting on 29 April 2024, CIR S.p.A. announces that between 16 and 20 September 2024 it bought back, on the Euronext Milan market, n. 782,500 shares at an average unitary price of € 0.5723, for a total amount of € 447,818.40. As of today, CIR S.p.A. is holding a total of 31,732,524 treasury shares, equal to 3.03% of its share capital. The subsidiaries of CIR do not own any shares in the Company.

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- 10:39 CEST

CIR: EGM minutes and Company Bylaws

Milan, 19 September 2024 – CIR S.p.A. announces that the minutes of the Extraordinary General Meeting of the Shareholders held on 6 September 2024 and the amended Bylaws are available on the authorised storage mechanism eMarket STORAGE (www.emarketstorage.com), at the Company’s registered office and on its website (www.cirgroup.it), respectively in section Governance/Shareholders meetings and Governance/ Governance System.

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- 18:33 CEST

CIR: Registration of the minutes of the EGM of 06.09.2024 – Notice regarding the withdrawal right

Milan, September 16, 2024

Whereas:

  • the Extraordinary Shareholders’ Meeting of CIR S.p.A. – Compagnie Industriali Riunite (“CIR” or the “Company”) on September 6, 2024, approved, inter alia, the proposal to enhance the increased voting right mechanism adopted by the Company (the “Resolution”); and that
  • on September 16, 2024, such Resolution has been registered with the Companies’ Register of Milano Monza-Brianza Lodi (the “Registration Date”),

it is hereby made known that shareholders who did not participate in the approval of the Resolution (i.e., the absent, dissenting or abstaining shareholders) concerning the enhancement of the increased voting right mechanism (the “Entitled Shareholders”) shall be entitled to exercise their withdrawal right, pursuant to article 2437-bis of the Italian civil code and in compliance with law provisions and with documents concerning the Shareholders’ Meeting, starting from the Registration Date, without, however, there being any obligation to do so.

Pursuant to article 127-bis, paragraph 2, of the Legislative Decree no. 58 of February 24, 1998 (“TUF”), the Entitled Shareholder is also the person on whose behalf CIR shares were registered after the date indicated in article 83-sexies, paragraph 2 of TUF to grant the entitlement to attend the Shareholders’ Meeting (i.e., after the record date of August 28, 2024) but before the opening of the Meeting, since such person is considered not to have participated in the approval of the Resolution.

Withdrawal price

Pursuant to article 2437-ter, paragraph 3, of the Italian civil code, the withdrawal price – payable by the Company to the Entitled Shareholders for each CIR share in relation to which the withdrawal right has been exercised –is equal to Euro 0.5454 (the “Withdrawal Price”).

Procedure for exercising the withdrawal right

Pursuant to article 2437-bis of the Italian civil code, Entitled Shareholders may exercise their withdrawal right, in relation to some or all of CIR shares owned (the “Notification of Withdrawal”), by sending notice via registered letter to the registered office of CIR S.p.A., Via Ciovassino no. 1, 20121, Milan (Italy), or via certified e-mail at the address pec_cirspa@legalmail.it, no later than 15 (fifteen) calendar days after the Registration Date and, therefore, no later than October 1, 2024.

The Notification of Withdrawal shall be made using the form made available on the Company’s corporate website (www.cirgroup.it) – Section Governance/Shareholders’ Meeting and must provide (i) the personal details of the withdrawing shareholder; (ii) the number of shares for which the withdrawal right is exercised; and (iii) the details of the intermediary with whom the shares in relation to which the withdrawal right is being exercised are deposited.

The Entitled Shareholders who exercise their withdrawal right shall also request, under penalty of inadmissibility of the exercise of the withdrawal right, the Intermediary to issue and transmit an appropriate communication to CIR pursuant to article 43, paragraph 1, of the post-trading consolidated decree of CONSOB and Banca d’Italia of  August 13, 2018, as subsequently amended (the “Communication”), certifying that the withdrawing shareholder was the uninterrupted holder of such withdrawn shares prior to the Meeting until the date of the Communication and that such shares in relation to which the withdrawal right has been exercised are free of pledges and other encumbrances.

In the event that the shares for which the withdrawal right is exercised are subject to pledges or encumbrances in favour of third parties, the Notification of Withdrawal must be accompanied by an irrevocable and unconditional waiver of the pledge and/or the other encumbrance from the pledgee (and/or other beneficiary of the encumbrance) in addition to a statement giving consent to the settlement of the shares for which the withdrawal right is being exercised, in accordance with the withdrawing shareholder’s instructions.

The Intermediary shall send the Communication via certified e-mail to the address pec_cirspa@legalmail.it and shall ensure that CIR shares, in relation to which the Notification of Withdrawal is being exercised, remain unavailable until the end of the liquidation proceeding.

The Entitled Shareholders who exercise their withdrawal right are responsible for: (i) ensuring that the information provided in the Notification of Withdrawal is complete and correct and (ii) transmitting such Notification to CIR S.p.A. no later than October 1, 2024 (included), as indicated above. Notifications of Withdrawal sent after the above deadline or lacking the necessary information, and/or lacking the above Communication within due time, will not be accepted and the withdrawal right shall be deemed not to be correctly exercised.

Liquidation of the shares for which the withdrawal right has been exercised

In the event that one or more shareholders of CIR exercise the withdrawal right, the liquidation procedure shall be performed in compliance with the provisions of article 2437-quater of the Italian civil code.

The Company shall proceed, in the event of exercise of the withdrawal right by the Entitled Shareholders, to offer in option (“offrire in opzione”) and in pre-emption (“offrire in prelazione”) the shares subject to withdrawal to the other shareholders and to communicate the procedure for the adherence to such offers, together with any appropriate information relating to the liquidation procedure of such shares subject to withdrawal, in a notice to be filed with the Companies’ Register of Milan and published in a newspaper.

The manner and terms of the liquidation procedure will be communicated in the terms and manner prescribed by the legal and regulatory provisions pro tempore in force.

Please note that, in any case, in the event the amount to be paid by the Company to the Entitled Shareholders who exercised their withdrawal right were to exceed the overall amount of Euro 60 million (the “Condition”), the effectiveness of the Resolution will be invalidated and consequently the liquidation of the shares subject to withdrawal will not take place.

To this end, CIR will provide timely notice in relation to the fulfilment of the Condition, in accordance with the law.

Unavailability of the shares subject to withdrawal

Shareholders of CIR are reminded that, in accordance with Italian mandatory provisions of law, the exercise of the withdrawal right is not revocable and that shares in relation to which the withdrawal right has been exercised cannot be sold or otherwise disposed of until the transfer of the shares themselves in the context of the liquidation procedure or until the verification of the fulfilment (in the absence of waiver) of the Condition.

This notice will be published in the September 17, 2024, edition of the newspaper “La Repubblica”.

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- 18:15 CEST

Disclosure regarding the buyback of shares

Milan, 16 September 2024 – Following the resolution of the Board of Directors on 29 April 2024 on the continuation of the share buyback plan launched on 16 March 2022, in accordance with and in execution of the authorization granted by the Shareholders’ Meeting on 29 April 2024, CIR S.p.A. announces that between 9 and 13 September 2024 it bought back, on the Euronext Milan market, n. 541,442 shares at an average unitary price of € 0.5772, for a total amount of € 312,519.96. As of today, CIR S.p.A. is holding a total of 30,950,024 treasury shares, equal to 2.955% of its share capital. The subsidiaries of CIR do not own any shares in the Company.

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- 18:15 CEST

Disclosure regarding the buyback of shares

Milan, 9 September 2024 – Following the resolution of the Board of Directors on 29 April 2024 on the continuation of the share buyback plan launched on 16 March 2022, in accordance with and in execution of the authorization granted by the Shareholders’ Meeting on 29 April 2024, CIR S.p.A. announces that between 2 and 6 September 2024 it bought back, on the Euronext Milan market, n. 737,500 shares at an average unitary price of € 0.5962, for a total amount of € 439,715.60. As of today, CIR S.p.A. is holding a total of 30,408,582 treasury shares, equal to 2.90% of its share capital. The subsidiaries of CIR do not own any shares in the Company.

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- 10:44 CEST

CIR: the extraordinary Shareholders’ meeting approved the proposed statutory amendments including the introduction of the enhanced increased voting system

Milan, 6 September 2024 – The Shareholders’ Meeting of CIR S.p.A. – Compagnie Industriali Riunite (“CIR” or the “Company”), convened today in extraordinary session and chaired by Dr. Rodolfo De Benedetti, approved the proposed statutory amendments illustrated in the documentation made available to shareholders under the terms and conditions of law, and, in particular:

  • the introduction of the possibility of holding meetings through exclusive participation through the so-called designated representative;
  • the introduction of the possibility of holding meetings exclusively by telecommunications means;
  • the enhancement of the increased voting system currently in force;
  • the clarification of the cases for maintaining the enhanced vote envisaged by the legislation and other changes to the statutory regulation of the enhanced vote;
  • the modification of the maximum number of directors, and some changes in relation to the appointment of the members of the board of directors;
  • the inclusion of the sectors of activity strictly related to that of the company pursuant to the decree of the Ministry of Justice dated 30 March 2000 n. 162 and related amendment to article 22 of the By-laws;
  • further statutory amendments to articles 7, 9 and 15 of the By-laws.

The approved statutory amendments will be effective starting from the registration of the minutes of the extraordinary shareholders’ meeting with the competent Company Register. The registration of the minutes will be communicated to the market by the Company in accordance with applicable laws and regulations.

Please note that shareholders who did not participate in the adoption of the resolution (i.e., absent, dissenting or abstentions shareholders) relating to the strengthening of the enhanced voting system, through the introduction of paragraph 6-bis of article 8 of the By-laws, will be able to exercise the right of withdrawal (the “Withdrawing Shareholders”), pursuant to article 2437-bis of the civil code, starting from the date of registration of the resolution with the competent Company Register. Please note that the effectiveness of this statutory amendment will cease (and, therefore, the enhancement of the increased vote and the related right of withdrawal will cease) if the amount to be paid by CIR to the Withdrawing Shareholders exceeds in total an amount equal to Euro 60 million, without prejudice, in any case and for clarity, that the Withdrawal Amount will be calculated net of the amounts due by shareholders who exercise their option and pre-emption rights pursuant to article 2437-quater of the civil code.

Pursuant to article 2437-ter, paragraph 3, of civil code, the liquidation price to be paid to Withdrawing Shareholders for each share for which the right of withdrawal is exercised is equal to Euro 0.5454, determined by exclusively referring to the arithmetic mean of the closing prices of the CIR share recorded on the Italian Telematic Market of Borsa Italiana S.p.A. in the six months preceding the publication of the notice convening the extraordinary meeting held today, i.e. 2 August 2024.

Further information relating to the exercise of the right of withdrawal by shareholders who are entitled to it will be provided in accordance with the applicable legislative and regulatory provisions.

The new By-laws of the Company, as amended by the Extraordinary Shareholders’ Meeting held today, will be available on the authorized storage mechanism eMarket STORAGE (www.emarketstorage.com), at the registered office and on the Company’s website (www. cirgroup.com), respectively in the Governance/Shareholders’ Meeting and Governance/Governance System sections.

The minutes of the extraordinary shareholders’ meeting and the summary report of the votes will be made available on the Company’s website – Governance/Meetings Section within the terms established by current legislation.

For further information on the statutory amendments approved today, please refer to the documentation available on the Company’s website (www.cirgroup.com) – Governance Section, while further information relating to the exercise of the right of withdrawal by shareholders who have not participated in the adoption of the resolution relating to the strengthening of the enhanced voting system (i.e., absent, dissenting or abstention shareholders) will be provided in accordance with the applicable legislative and regulatory provisions.

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- 18:15 CEST

Disclosure regarding the buyback of shares

Milan, 2 September 2024 – Following the resolution of the Board of Directors on 29 April 2024 on the continuation of the share buyback plan launched on 16 March 2022, in accordance with and in execution of the authorization granted by the Shareholders’ Meeting on 29 April 2024, CIR S.p.A. announces that between 26 and 30 August 2024 it bought back, on the Euronext Milan market, n. 677,000 shares at an average unitary price of € 0.6050, for a total amount of € 409,580.30. As of today, CIR S.p.A. is holding a total of 29,671,082 treasury shares, equal to 2.83% of its share capital. The subsidiaries of CIR do not own any shares in the Company.

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- 18:15 CEST

Disclosure regarding the buyback of shares

Milan, 26 August 2024 – Following the resolution of the Board of Directors on 29 April 2024 on the continuation of the share buyback plan launched on 16 March 2022, in accordance with and in execution of the authorization granted by the Shareholders’ Meeting on 29 April 2024, CIR S.p.A. announces that between 19 and 23 August 2024 it bought back, on the Euronext Milan market, n. 632,349 shares at an average unitary price of € 0.5991, for a total amount of € 378,852.01.

As of today, CIR S.p.A. is holding a total of 28,994,082 treasury shares, equal to 2.77% of its share capital. The subsidiaries of CIR do not own any shares in the Company.

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- 18:15 CEST

Disclosure regarding the buyback of shares

Milan, 19 August 2024 – Following the resolution of the Board of Directors on 29 April 2024 on the continuation of the share buyback plan launched on 16 March 2022, in accordance with and in execution of the authorization granted by the Shareholders’ Meeting on 29 April 2024, CIR S.p.A. announces that between 12 and 16 August 2024 it bought back, on the Euronext Milan market, n. 502,672 shares at an average unitary price of € 0.5742, for a total amount of € 288,631.36.

As of today, CIR S.p.A. is holding a total of 28,361,733 treasury shares, equal to 2.71% of its share capital. The subsidiaries of CIR do not own any shares in the Company.

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- 18:15 CEST

Disclosure regarding the buyback of shares

Milan, 12 August 2024 – Following the resolution of the Board of Directors on 29 April 2024 on the continuation of the share buyback plan launched on 16 March 2022, in accordance with and in execution of the authorization granted by the Shareholders’ Meeting on 29 April 2024, CIR S.p.A. announces that between 5 and 9 August 2024 it bought back, on the Euronext Milan market, n. 1,355,000 shares at an average unitary price of € 0.5642, for a total amount of € 764,423.50.

As of today, CIR S.p.A. is holding a total of 27,859,061 treasury shares, equal to 2.66% of its share capital. The subsidiaries of CIR do not own any shares in the Company.

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- 18:15 CEST

Disclosure regarding the buyback of shares

Milan, 5 August 2024 – Following the resolution of the Board of Directors on 29 April 2024 on the continuation of the share buyback plan launched on 16 March 2022, in accordance with and in execution of the authorization granted by the Shareholders’ Meeting on 29 April 2024, CIR S.p.A. announces that between 29 July and 2 August 2024 it bought back, on the Euronext Milan market, 899.897 shares at an average unitary price of € 0.5806, for a total amount of € 522,517.33.

As of today, CIR S.p.A. is holding a total of 26,504,061 treasury shares, equal to 2.53% of its share capital. The subsidiaries of CIR do not own any shares in the Company.

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