The quiet lasted a few days. After the press release of 16 February in which Masi Agricola announced the decision to appoint a panel of experts in civil law and commercial law for the ongoing dispute with Renzo Rosso, the fashion entrepreneur’s response arrived.
Red Circle Investments, together with Renzo Rosso and Brave Wine Società Agricola, “firmly” contest the content of the cited press release “in which they are accused of having implemented a denigratory campaign (also through judicial requests and unfounded declarations) preordained solely to pursuit of a structured paradigm aimed at destabilizing extrasocial objectives”.
Red Circle Investments “simply exercised its shareholder rights which Masi Agricola has violated on numerous occasions and would also like to undermine through the proposed amendment to the company statute which is the subject of the meeting called for 4 March 2024”.
In order to protect its social rights, the holding company headed by Rosso further explains, Red Circle Investments “has always used the tools provided by law, formulating serious, precise and documented complaints relating to defects in court (the appropriate forum). of the Masi balance sheet as of 31 December 2022 and the abuse of majority carried out by Masi Agricola with the resolution to dismiss the directors and the mayor taken from the Red Circle Investments list. Both disputes are currently under the attention of the Court of Venice”.
Masi Agricola, the note continues, prefers instead “to use press releases in an abusive and inappropriate way to convey untruthful messages about a non-existent denigratory campaign to its detriment. This unpleasant behavior has already been used in the past, and Renzo Rosso and Brave Wine Società Agricola have also acted in court requesting compensation for the significant damage to honor and reputation suffered”.
According to the companies that report to Rosso, the fact that Masi Agricola has emphasized the fact of having appointed a panel of experts in civil law and commercial law, “paradoxically confirms the seriousness and consistency of the complaints and actions of Red Circle Investments” . For the minority shareholder of Masi Agricola “the objective of passing a radical reform of the company statute – which jeopardizes the rights of all minority shareholders and offers them an incongruous and inadequate compensation for withdrawal – is clear – as if it were of a reaction to illegitimate behavior by the Red Circle Investments shareholder”.
Renzo Rosso, Red Circle Investments and Brave Wine Società Agricola conclude the note by saying they are “dismayed by the behavior of Masi Agricola which is certainly not befitting of a company whose shares are traded on the “Euronext Growth Milan” market, and they reserve the right to act in judicial seat to protect one’s rights”.
The shareholding structure of the historic Venetian wine cellar sees the Boscaini family as owner of 73.5%, the fashion entrepreneur Renzo Rosso with 10% through Red Circle Investments and the Enpaia Foundation, the national social security body for employees and those employed in agriculture, at 7.56%.
The company’s board of directors has approved a proposal to be presented to the shareholders which provides for the modification of the statute in order to also formally strengthen the inclusion of an internal control committee on the board in place of the board of auditors, and the mechanism for the election of the directors without lists but with a vote for each individual director. The proposal of the board of directors provides, for members who do not participate in the approval at the meeting, the right to obtain a cash equivalent of 4.48 euros.