04 January 2018

 

Orlando Corradi opens to some institutional funds with the sale in different percentages of an overall stake equal to about 4.6% of the share capital


 
Orlando Corradi assumed voluntarily and unilaterally, without any shareholder agreement, a commitment to a lock-up for six months
 
Orlando Corradi: "With these transactions, I wanted to open the ownership to third parties even more, so that by enlarging the floating Mondo TV becomes even more a public company. I think that the entry of institutional funds will favor the stabilization of the stock exchange courses of Mondo TV. I also intend to communicate my unilateral commitment to the market not to proceed with further sales for six months from today's date. Moreover, since I believe a lot in the business trend, I do not see any reason today to proceed with other sales even after the six months of voluntary lock-up. "
 
04 January 2018: Mondo TV informed that, as reported by the internal dealing published today, some institutional funds acquired from the majority shareholder Orlando Corradi, in various quotas, a shareholding in the share capital of Mondo TV S.p.A. amounting to a total of around 4.6%.
 
The transactions took place out of market, after the closing auction on 12 and 13 December 2017, at a price per share of Euro 6.8.
 
In addition to the aforementioned transactions, the shareholder Orlando Corradi also sold to the market a number of shares equal to about 1.2% at an average price of Euros 6.93 per share.
 
The shareholder Orlando Corradi has informed that it intends to assume towards the market and the other shareholders a unilateral and voluntary commitment, not formalized in a shareholders agreement, to lock-up for a period of six months from today. In light of the commitment, the majority shareholder has therefore confirmed to the company that it will not proceed with new sales of shares in the next six months.
 
The transactions were explained by the majority shareholder with the desire to expand the floating through mainly the entry of institutional funds that in his opinion will help stabilize the stock course at a time of expected growth for Mondo TV group, that today capitalizes about 200 millions of Euro, which become 225 millions of Euro including subsidiaries. The maintenance by Orlando Corradi of a relative majority stake of about 38% guarantees in any case the continuity of future management with respect to the recent past, with particular regard to the internationalization strategy and the creation of value for all shareholders of Mondo TV.
 
Orlando Corradi has indeed declared: "With these transactions I wanted to further open the shareholding to institutional third parties, increasing the floating in a company that today capitalizes about 200 million Euro, so that with a floating of around 62%, Mondo TV becomes even more a public company. I think that the entry of institutional funds will help the stabilization of the stock exchange courses of Mondo TV shares, and also its process of growth. I also intend to communicate to the market my unilateral commitment not to proceed with further sales for six months from today's date. However, since I believe a lot in the business trend, I do not see any reason today for which I should proceed with further sales even after the six months of voluntary lock-up."
 

 

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