Veronafiere S.p.A.: extraordinary AGM approves increase in equity capital of 30 million euros

The extraordinary AGM of Veronafiere S.p.A. was held today and approved an increase in capital equity of 30 million euros to support the development of the Action Plan to restart the Veronafiere Group.

The unanimous vote by shareholders,” said Maurizio Danese, President of Veronafiere, “is the fundamental premise for setting off along a path leading to a positive conclusion for this long period of serious difficulties for Veronafiere which, like the entire world trade fair system, is still paying a high cost in the wake of the Covid-19 pandemic. A dramatic event that since the end of February 2020 still affects activities by events attended in person, especially international shows, as full-scale industrial policy levers for the balance of trade and exports of Italy’s country system.”

“The increase in capital,” President Danese went on, “will enable the Action Plan for the restart, which envisages 2021 as the year of transition to emerge from the Covid emergency and 2022 as the year for recovery, followed by a return to pre-crisis levels in the two-year period 2023-2024, thereby generating the turnover, profitability and allied business Veronafiere always assured its shareholders, stakeholders and local area until 2019. Against this background, the Shareholders also assured their support for the international development of the company, not the least through alliances and cooperation agreements.”

“Management as a whole is determined to plan and implement the restart of the trade fair events,” emphasized CEO Giovanni Mantovani. In such delicate times as these, the confidence expressed by Shareholders in approving the increase in equity capital is a fundamental element for strengthening the credibility of Veronafiere and its brands on the national and international market, as well as in relation to in-house resources which, together with trade unions, have demonstrated a great sense of responsibility and were the first to invest in the future of the company.”

The first stage in the increase of share capital reserved for shareholders will terminate next 30 June. Thereafter until 30 September 2021, any unsubscribed equity holdings will be made available to the market.

Veronafiere S.p.A. company structure: Verona City Council (39.483%), Fondazione Cassa di Risparmio di Verona, Vicenza, Belluno & Ancona (24.078%), Verona Chamber of Commerce (12.985%), Cattolica Assicurazioni (7.075%), Banco BPM Spa (7.009%), Agenzia Veneta per l’Innovazione nel Settore Primario (5.379%), Province of Verona (1.401%), Intesa Sanpaolo SpA (1.354%), Banca Veronese Cooperativo di Concamarise (0.883%), Immobiliare Magazzini Srl (0.188%) and Veneto Region (0.161%).