Juventus’ capital increase for 400 million euros will start on 29 November and will end on 16 December next. The new shares will be offered at a price of € 0.334 each, in the ratio of 9 new shares for every 10 already owned. The “final” terms of the increase were approved by the board of directors of the football club on Monday 22 November and announced shortly after midnight. Juventus shares closed at € 0.6805 on Monday, so the new shares will be offered at a discount of 35.2 percent.
Four banks for the collateral agreement
At the end of the board meeting, the club signed the guarantee agreement with Goldman Sachs International, Jp Morgan Ag, Mediobanca and UniCredit Corporate & Investment Banking, who will act as joint global coordinator and joint bookrunner. The four banks have undertaken to subscribe, separately and without a solidarity bond, any new shares that may have remained unexercised at the end of the auction of unexercised rights, which will be held after the option period, for a maximum amount of approximately 144 , 9 million.
Exor will pay 255 million
The majority shareholder Exor Nv, chaired by John Elkann, had already pledged to subscribe its stake, approximately 63.8% of the total, equal to 255 million. Of this sum, Exor has already paid 75 million on 27 August last.
Second increase in two years
The capital increase was approved by the shareholders’ meeting on 29 October last. It is Juventus’ second recapitalization in two years. In December 2019, an increase of 300 million had been completed. The press release from the company states that a maximum of 1,197,226,782 Juventus ordinary shares will be issued, with no nominal value expressed, having the same characteristics as Juventus ordinary shares already in circulation and with regular enjoyment. Juventus shares currently stand at 1,330,251,988. The issue price of the new securities is “to be attributed to the share capital of 0.01 euro and the share premium of 0.324 euro. The equivalent value of the Offer in Option will therefore be equal to a maximum of 399,873,745.19 euros “.
Option rights negotiable until December 10th
The option rights for the subscription of the new shares will be tradable on the stock exchange until 10 December. The same rights will be exercisable, under penalty of forfeiture, from 29 November 2021 to 16 December 2021 on the Euronext Milan market, managed by Borsa Italiana. Rights not exercised by the end of the option period will be offered on the stock exchange in subsequent sessions, on dates to be communicated. The company chaired by Andrea Agnelli specified that “the launch of the option offer, its conditions and the schedule indicated above, are subject to the issue by Consob of the provision authorizing the publication of the registration document, of the information note on financial instruments and the summary note “. The prospectus will be made available at the company headquarters.