Saras, Angelo Moratti places 5% of the company on the market – Corriere.it

The Angel Capital Management of Angelo Moratti mandated Bofa Securities Europe to place on the market, through a funded collar derivative contract, 47,576,140 Saras shares, equal to 5% of the share capital. This was announced by the refining company itself, specifying that it is not a party to the operation and that it has issued or sold any shares in connection with the operation. The holding company of Angelo Moratti, son of Gian Marco Moratti and grandson of Massimo, has the right to sell from 1 February up to half of his share package held in Saras, therefore 5% of the capital, according to the provisions of the shareholders’ agreement which concerns 40.02% of the group’s capital, signed in April 2022 between Massimo Moratti Sapa of the president Massimo Moratti (20% of the capital), Angel Capital of his nephew Angelo Moratti and Stella Holding of the other nephew Gabriele Moratti (10 % of capital each).

The agreement provides for a ban on the transfer of shares to third parties, but allows Angelo to pledge up to 50% of the syndicated shares held in favor of financial institutions and to extend the pledge guarantee to a further 20%. Furthermore, the document reads, Angel Capital Management has the right, starting from 1 February 2023, to freely transfer all or part of the shares subject to attachment for any reason, provided that they remain conferred to the Saras Pact and subject without exception to the restrictions, at least 50% of the shares held by Angel Capital Management on the effective date and, therefore, at least 47,576,140 syndicated shares (equal to 5% of Saras’ share capital, ed), which will therefore be free from pledge. Saras shares yesterday closed trading up 3.96% at 1.66 euros: at these prices, the 5% package is worth about 130 million euros.