Results of the capital increase through a rights issue at the end of the option period

2009-04-21  12.16 Price sensitive press release


Turin , 21 April 2009 - SEAT Pagine Gialle S.p.A. announces that on 17 April 2009, the pre-emptive offering of ordinary shares deriving from the capital increase to the Company's shareholders has concluded.
During the offering period, which had started on 30 March 2009, 41,186,760 option rights were exercised and 1,861,641,552 newly issued ordinary shares of SEAT Pagine Gialle S.p.A. were underwritten, equal to 98.71% of the maximum number of 1,885,982,430 shares included in the Offering, for a total value of €197,334,004.51.
"The offering's success, in addition to demonstrating that we have the full support of our shareholders (new and historical alike), will allow the Company to achieve the goals underlying the transaction, i.e. obtain the financial flexibility needed to implement the 2009/2011 Strategic Plan, which aims to develop the business in Italy, and Internet activities in particular," commented the Company's CFO, Massimo Cristofori. This will be possible by investing in innovation and launching a cost-cutting plan to support operating margins and the generation of cash flow to service debt. In this regard, it should be recalled that the 50% of the proceeds of the capital increase will be allocated towards early repayment of Tranche A of the Senior Loan Agreement in force with The Royal Bank of Scotland Plc, Milan Branch, while the remainder will be used to achieve the goals set out in the Strategic Plan."
At the end of the option period, 538,515 option rights remained unopted; these options can be used to subscribe a total of 24,340,878 newly issued ordinary shares of SEAT Pagine Gialle S.p.A., for an overall value of € 2,580,133.07.
Unexercised option rights will be offered on the Italian stock exchange by SEAT Pagine Gialle S.p.A. pursuant to article 2441, paragraph three, of the Italian Civil Code, through Mediobanca - Banca di Credito Finanziario S.p.A. during the sessions of 23, 24, 27, 28 and 29 April 2009. All available rights will be offered during the first session; after the first session, any remaining rights not placed during the previous days will be offered during the subsequent sessions.
The above-mentioned rights will be made available to purchasers at Monte Titoli S.p.A. and can be used to subscribe SEAT Pagine Gialle S.p.A.'s newly issued ordinary shares, devoid of nominal value, with regular dividend entitlement, at a price of €0.106 per share, at a ratio of 226 new shares per 5 rights.
The subscription of new ordinary shares will have to be made through authorised intermediaries that participate in the central depository system of Monte Titoli S.p.A. by 30 April 2009, after which the option rights will become null and void. 
Alfieri, CVC Nominee and Investitori Permira, the main shareholders of Seat Pagine Gialle S.p.A., in compliance with the commitment they had undertaken and announced to the Company, subscribed approximately 49.6% of the overall amount of the capital increase, for a total amount of about € 99.2 .
Mediobanca - Banca di Credito Finanziario S.p.A. undertook to subscribe the portion of capital increase that remains unopted at the end of the option rights trading period.
The Prospectus of the pre-emptive offering is available at CONSOB offices, at the registered and secondary offices of the Company (Milan, Via Grosio 10/4 and Turin, Corso Mortara 22), at Borsa Italiana S.p.A., Monte Titoli S.p.A., and on the Company's website.
Il presente comunicato stampa non può essere pubblicato o distribuito negli Stati Uniti, in Canada, Australia o Giappone. Il presente documento non costituisce un'offerta di strumenti finanziari negli Stati Uniti, in Canada, Australia o Giappone nonché in altro Stato in cui tale offerta non è consentita in assenza dell'autorizzazione delle competenti autorità. Il comunicato inoltre non costituisce né è parte di un'offerta o sollecitazione a sottoscrivere gli strumenti finanziari cui viene fatto riferimento. Tali strumenti finanziari non sono stati e non verranno registrati ai sensi del U.S. Securities Act del 1933 (il "Securities Act") e non possono essere offerti o venduti negli Stati Uniti, e a o per il beneficio di "US Persons" (come definite nel Securities Act), salvo ai sensi di esenzioni applicabili. La distribuzione di questo comunicato potrebbe essere vietata o limitata ai sensi delle leggi e dei regolamenti applicabili in alcuni paesi.
These written materials are not for distribution in the United States, Canada, Australia or Japan. The information contained herein does not constitute an offer of securities for sale in the United States, Canada, Australia or Japan or in any other jurisdiction where such sale is unlawful.  These materials do not constitute or form part of an offer to sell or the solicitation of an offer to buy the securities discussed herein. The securities mentioned herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to or for the account or benefit of U.S. persons absent registration or an exemption from the registration requirements of the Securities Act. It may be unlawful to distribute these materials in certain jurisdictions.

Seat Pagine Gialle Communications
Tel. +39.011.435.3030 – fax +39.011.435.3040

Investor Relations Seat Pagine Gialle

Seat Pagine Gialle S.p.A. Legal and Corporate Affairs  

Barabino & Partners
Tel. +39 02
Mob +39 331. 57.45.171
Federico Vercellino –


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Last Update: Thu 23 Apr 2009 | 12:58 PM