Banca dell'Artigianato e dell'Industria: The Board of Directors has laid out the procedures for the first tranche, amounting to a maximum of 40.4 million euros, of the increase in share capital approved by the EGM on 30 March 2005, to be offered to shareholders under stock options.
Brescia, 20 April 2005 - The Board of Directors of Banca dell'Artigianato e dell'Industria, a bank in the Credito Valtellinese Group, met today chaired by Renato Gnutti to implement the resolution of the EGM held on 30 March of this year. On that occasion the Shareholders' Meeting voted for an increase in share capital to be offered under stock options to shareholders, for a maximum total of 80.9 million euros to be carried out in multiple tranches. This is intended to sustain the bank's development programmes, which envisions significant expansion of its territorial network-primarily in the region of Veneto-as well as strengthening its presence in its traditional area.
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Today's Board meeting laid out the procedures for issuing the first tranche of this share capital increase, specifically setting the maximum amount for this tranche at approximately 40.4 million euros. The new shares, issued at a unit price of €7 of which €5.56 is par value and €1.84 is share premium, will be offered to shareholders under stock options pursuant to art. 2441, paragraph 1 of the Italian Civil Code, on the basis of a subscription ratio of 3 new shares for every 4 shares owned on the date of issue, and shares will acquire rights on 1 July 2005. The offering period is slated for July 2005, after the close of the "BAI TV 2000-2005" subordinated convertible bond warrant option and upon completion of the necessary formalities required by applicable legal and regulatory provisions.
Tiziana Camozzi
Institutional Communications
Telephone +39 02 80637471
E-mail camozzi.tiziana@creval.it
