Isagro share sale clarification
Italian agrochemical company Isagro (Milan) has sold over 99% of its entire offer of new ordinary and growth shares. That includes €15.9 million ($21.6 million) from the company’s controlling system and €13.1 million ($17.8 million) on the stock market through an offer in option to the shareholders of Isagro, and not just the former as reported last month (Agrow No 688, p 3). The remaining unsubscribed 0.77% of the planned sale has been offered on the Italian stock exchange. The capital increase through the issue of new shares was concluded on May 21st after Agrow went to press. Holding company Holdisa has not diluted its controlling stake in Isagro, with the new shares carrying no voting rights, the company says. Should Holdisa’s stake fall below 50% of Isagro (currently 55%) the offered “growth shares” would convert into ordinary shares, and in the event of a “compulsory public offer” would carry a 20% dividend over ordinary shares.