Prelios opens higher after final approval of turnaround plan

MILAN Thu May 9, 2013 3:16am EDT

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MILAN May 9 (Reuters) - Italian property manager Prelios shares rose 2.5 percent at opening, adding to Wednesday's 11 percent gain after the final approval of a turnaround plan.

Shares reversed direction to trade down 2.6 percent at 0.07 euros at 0815 GMT.

Shareholders on Wednesday approved full year accounts, a capital increase and a one-for-ten reverse share split, finalising the company's restructuring plan.

Its 70 million euro capital increase reserved for a new shareholder group and a 115 million euro capital increase for all shareholders will start by the end of June and will be completed by the end of July or early August. (Reporting by Jennifer Clark)

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