BREAKING NEWS – 01.08.2023

In a press release of July 28th, 2023, International Care Company SpA – a leading Italian care services company listed on Euronext Growth Milan announces, with reference to the date of the release, the signing of an agreement between FD Holding SpA, the Company’s majority shareholder (and its direct and indirect controlling shareholders), and Intesa Sanpaolo Vita SpA, in order to ensure the entry of the latter, into the share capital of International Care Company. The entry of such a relevant entity at the national level is qualified as an excellent prerequisite for the start of a virtuous growth process for the Company. The operation will, in fact, enable the Company, to raise new finance to invest in operations, in order to pursue the growth and development strategy. The agreement will also enable International Care Company, to take advantage of the industrial and commercial collaboration of a strategic partner such as Intesa Sanpaolo Vita, the Italian leader in the field of banking-insurance and supplementary pensions. The agreement, specifically, provides for the simultaneous implementation of the following events: a share capital increase excluding option rights, reserved for Intesa Sanpaolo Vita SpA, for a total amount of approximately € 0.50 million. The capital increase will take place through the issuance of 238,337 new ordinary shares at a subscription price of € 2.10 each, of which € 1.14 will be share capital and € 0.96 will be share premium. The issuance is to be approved by the Company’s Board of Directors, pursuant to the authority granted by the extraordinary shareholders’ meeting held on November 19, 2021; a share sale of International Care Company between FD Holding SpA and Intesa Sanpaolo Vita, in which the first one will transfer 238,338 ordinary shares of International Care Company to the second one, at a price of € 2.10 per share. In the aftermath of these events, Intesa Sanpaolo Vita will have realized the purchase of 476,675 ordinary shares of International Care Company, which make up approximately 10.0% of the Company’s post-money share capital. The closing of the operation is expected by the third quarter of the current year and is subject to the usual suspensive conditions (including the successful completion of the procedure provided for under the so-called “Golden Power” regulations set forth in Decree Law 21/2012). Taking the press release into consideration, we confirm our recommendation: target price € 4.20, rating BUY and risk MEDIUM.

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