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Premuda Extraordinary Shareholders Meeting May 25th, 2004
By-law amendments

Activity on Share Capital:

  • free capital increase
  • option to convert savings shares into ordinary shares
  • splitting shares value
  • new share issuance

The extraordinary shareholders meeting has today passed following resolutions:

  • amendment of the Company by-law following the Law Decree n.6/2003 (so called “Riforma del diritto societario”)
  • free capital increase from € 54,645,536 to € 55,887,480 through the increase of the shares nominal value from € 0,88 to € 0.90, by absorbing the profit brought forward for the amount of € 1,241,944 (residual € 27,319,329);
  • option to convert savings shares into ordinary shares, at 1:1 rate, during the period June 1st 2004 / June 11th 2004;
  • split the share value by assessing 9 (nine) new shares, with € 0.50 nominal value, every 5 (five) old shares with € 0.90 nominal value.
  • Capital increase from € 55,887,480 to € 67,064,976 through issuance of 22,354,992 new ordinary shares with € 0.50 nominal value each, offered in option to shareholders at € 0.50 per share (par price), in proportion of one new share every five owned.

All the above resolutions shall be implemented as of next June, according to the mentioned schedule.

Company will keep the shareholders duly informed about the formalities and timings to exercise their rights, in accordance with the competent Authorities.

The capital increase, amounting to €/mil 11,2, shall be destined to strengthening the Company asset and financial structure, also in view of the repayment of the bond, expiring November 2004.

The syndicated shareholders Navigazione Italiana, Assicurazioni Generali and Duferco will subscribe their portion of the Capital increase.

Banca Generali shall grant the full subscription, even if the price of the proposed increase (at par value, in spite of a stock quotation substantially higher) should make the shareholders subscription particularly attractive.

It is emphasised to the owners of savings shares, no longer listed, the opportunity to convert them at par price into ordinary shares, regularly traded on stock market.

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