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Maire Tecnimont SpA Approves Financial Re-Organization Consisting of Capital Increase, Establishment of Joint Venture, New Financing and Rescheduling of Debt

Monday, 8 Apr 2013 02:01am EDT 

Maire Tecnimont SpA announced that the Board of Directors has approved the financial re-organization project of the Company. The overall amount of the financial re-organization project is equal to approximately EUR 500 million, of which: capital increase of EUR 150 million, new financing for EUR 50 million, rescheduling of approximately EUR 300 million debt in a medium-long term. The capital increase consists of EUR 15 million reserved to the strategic industrial partner ARDECO (Arab Development Company, Abu Dhabi). The reserved capital increase, equal to 5% of the reserved share capital post-increase has a price per share equal to EUR 0.90. Within the scope of the agreements, ARDECO and Maire Tecnimont have agreed to set up a joint venture (51% Maire Tecnimont and 49% ARDECO) for the development of new business development projects in the Middle East. The residual EUR 135 million will be offered through rights issue to shareholders, at a price per share that will be determined in due time before the start of the public offering. The entire financial re-organization project is expected to be completed by July 31, 2013. Maire Tecnimont Advisors are Leonardo & Co., NCTM Studio Legale, CBA Studio Legale e Tributario. 

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