Natuzzi S.p.A.: To Face Current Extraordinary Challenges, the Majority Shareholder Undertakes to Make Advance Payments to Sa...
March 03 2020 - 4:31PM
Business Wire
Natuzzi S.p.A. (NYSE:NTZ):
In response to the recent developments related to the
coronavirus epidemic, the Group has been implementing a set of
actions to mitigate the impacts on production levels and cash flow,
including the overall revision of operating expenses, the deferral
of some investments and the shift of part of the production from
the plant located in Shanghai to other plants within the Group.
In light of the current extraordinary challenges faced by the
Group, on February 28, 2020, the majority shareholder of the
Company entered into an agreement with the Company setting forth
its undertaking, upon request of the Company, to make advance
payments of up to €15.0 million to satisfy the subscription price
of a future rights issue. On February 28, 2020, the Company
requested an initial payment of €2.5 million which has been
executed on March 2, 2020.
The agreement further provides that any such advance payments
are subject to repayment unless a rights issue in a minimum amount
of €15.0 million is approved by shareholders of the Company and
completed before year end. The terms and conditions of the rights
issue will be determined by the board of directors of the
Company.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities, and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of that
jurisdiction. Any such securities have not been registered under
the U.S. Securities Act of 1933 and may not be offered or sold in
the United States absent registration or an applicable exemption
from registration requirements
CAUTIONARY STATEMENT CONCERNING
FORWARD-LOOKING STATEMENTS Certain statements set forth
in this press release constitute forward-looking statements within
the meaning of the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements
involve risks and uncertainties that could cause the Company’s
actual results to differ materially from those stated or implied by
such forward-looking statements. More information about the
potential factors that could affect the Company’s business and
financial results is included in the Company’s filings with the
Securities and Exchange Commission, including the Company’s most
recent Annual Report on Form 20-F. The Company undertakes no
obligation to update any of the forward-looking statements after
the date of this press release.
About Natuzzi S.p.A. Founded in 1959 by Pasquale Natuzzi,
Natuzzi S.p.A. is Italy’s largest furniture house and one of the
most important global players in the furniture industry with an
extensive manufacturing footprint and a global retail network.
Natuzzi is the European lifestyle best-known brand in the
upholstered furnishings sector worldwide (Brand Awareness
Monitoring Report - Ipsos 2018) and has been listed on the New York
Stock Exchange since May 13, 1993. Always committed to social
responsibility and environmental sustainability, Natuzzi S.p.A. is
ISO 9001 and 14001 certified (Quality and Environment), OHSAS 18001
certified (Safety on the Workplace) and FSC® certified (Forest
Stewardship Council).
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version on businesswire.com: https://www.businesswire.com/news/home/20200303006018/en/
NATUZZI INVESTOR RELATIONS Piero Direnzo |
+39.080.8820.812 | pdirenzo@natuzzi.com
NATUZZI CORPORATE COMMUNICATION Vito Basile (Press
Office) | +39.080.8820.676 | vbasile@natuzzi.com
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