| In the press release of May 28, 2024, Doxee SpA – a leading high-tech multinational company offering products in the areas of CCM (Customer Communications Management), Digital Customer Experience and Paperless, announced that the Board of Directors, in execution of the authority granted by the Extraordinary Shareholders’ Meeting on May 24, 2024, has resolved a Capital Increase for cash and in divisible form. The increase, to be offered under option to the Company’s shareholders under Article 2441, c. 1, of the Italian Civil Code, is for a maximum total amount of € 5,875,166.75, including share premium, through the issuance of a maximum of 2,865,935 new ordinary shares, with no express par value, regular dividend entitlement and characteristics equal to those in circulation. The issue price of the new ordinary shares has been set at € 2.05 by the Board of Directors, of which € 0.22 is share capital and € 1.83 is share premium. The new shares will be tradable on Euronext Growth Milan, in the same way as Doxee ordinary shares already outstanding. The subscription price was determined by taking into account the weighted average of the official prices of Doxee’s security over the last month (taking May 27, 2024 as the last official price) and applying a discount of approximately 10.0%. Compared to the last official price on May 27, 2024, the Subscription Price incorporates a discount of about 7.0%. The new ordinary shares are offered under option to shareholders, under Article 2441, c. 1, of the Italian Civil Code, in the ratio of one new share for every three option rights, subject to the waiver by the shareholder P&S SpA of the number of option rights required to balance the operation. The 8,597,805 option rights for the subscription of the new shares, represented by coupon No. 1, will be made available to those entitled through Monte Titoli SpA and will have ISIN code IT0005597924. The ex-dividend date of the option rights is June 3, 2024, and the latter must be exercised, under penalty of forfeiture, during the offer period between June 3, 2024 and June 20, 2024 inclusive. The same option rights will be tradable on EGM from June 3, 2024 to June 14, 2024 inclusive. Option rights not exercised by the end of the Offering Period will be offered by the Company on EGM, under Article 2441, c. 3, of the Italian Civil Code, for at least two open market days, which will be communicated to the market in accordance with applicable regulations, unless closed early. The start and closing dates of the offer period on EGM will be communicated to the public in a separate press release. It should also be noted that the controlling shareholder P&S SpA has already communicated its willingness to subscribe for its share and any unopted after the auction of unopted rights, as well as its waiver to exercise two option rights to which it is entitled. With this capital increase operation, the Company intends to quickly and flexibly raise the necessary resources to meet the Company’s financial needs and strengthen its assets, as well as to develop its planned growth strategies and support expansion in its target markets. Considering the press release, we confirm our recommendation: target price € 6.75, rating BUY and risk MEDIUM. |