BREAKING NEWS – 06.11.2023

In a press release of October 24th, 2023, Renergetica SpA, a company operating in the development of projects from renewable sources, listed on Euronext Growth Milan, announced, as it was anticipated in August, the finalization of the sale by Exacto SpA to its counterpart CVA EOS Srl of 4,862,219 ordinary shares of Renergetica, corresponding to 60.0 % of the share capital.   The closing was finalized after obtaining of the authorization under golden power regulations, as well as the transfer of the subsidiaries in Spain and the United States from Renergetica to Exacto; in fact, the subsidiary Ren 189 Srl, to which the shareholdings of the foreign subsidiaries had been contributed, was transferred to Exacto. At the same time, commercial receivables from the sale of the Latin American business were also collected, amounting to a total of € 2.80 million, which will improve Renergetica’s financial situation. Following the closing, Renergetica’s shareholding structure consists of 8,103,698 ordinary shares, distributed as follows:  CVA EOS Srl holds 4,862,219 shares, equal to 60.0 % of the capital;  Exacto SpA holds 1,797,143 shares, equal to 22.2% of the capital;  Stefano Giusto holds 232,650 shares, 2.9% of the capital;  Free Float composed of 1,211,686 shares, equal to 14.9% of the capital. To ensure stability in governance and corporate structure, CVA EOS and Exacto signed a five-year shareholders’ agreement outlining new governance rules and limitations on the transfer of Renergetica shares. Moreover, as an effect of the operation, the Ordinary Shareholders’ Meeting decided to appoint a new Board of Directors and a new Board of Statutory Auditors.    Specifically, the Board of Directors will be composed as follows:  Giuseppe Argirò nel ruolo di Presidente;  Sabrina Franzone nel ruolo di Consigliere Indipendente;  Enrico de Girolamo nel ruolo di Amministratore Delegato;  Stefano Giusto, Stefano Cavassa, Marzia Grand Blanc e Valeria Casali nel ruolo di Consigliere.  The Board of Statutory Auditors, on the other hand, will be composed as follows:  Antonio Parolini as Chairman;  Silvio Sartorelli and Federico Illuzzi as Standing Auditors;  Giovanni Queriolo and Marco Centore as Alternate Auditors.  Taking into consideration the closing of the operation, due to the recent changes in the shareholding structure and bylaws, we currently keep our recommendation unchanged, reserving the right to eventually proceed in the coming months with an update on the evolution of the business. We confirm BUY rating, target price € 11.25 and risk Medium.

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