Credito Valtellinese Group: the Board of Directors of Mediocreval SpA (formerly Cassa San Giacomo SpA) has laid out the procedures for the first tranche - for a nominal maximum sum of € 14,688,000 - of the capital increase offered as an option to shareholders, approved by the Extraordinary Shareholders' Meeting of 2 December 2005
Sondrio, 16 December 2005 - A press release dated 2 December 2005 announced the start of a project to streamline the Group's activities in the medium-long term, and also presented the resolutions passed by the Extraordinary Shareholder's Meeting of Cassa San Giacomo SpA. Specifically, the bank's name was changed to Mediocreval Spa and the EGM decided to issue a divisible capital increase for the nominal maximum sum of € 25,704,000, to be offered as an option to shareholders at the price of € 6 - € 3 of which as par value and € 3 as premium. The Board of Directors was given the power to calculate the amounts of each tranche, subscription ratios, and all other related measures.
In this regard, it has been announced that the Bank's Board of Directors laid out the procedures for the first tranche of the operation during today's session. The total maximum sum of this tranche was fixed at € 29,376,000, of which € 14,688,000 as share capital and € 14,688,000 as premium.
The new shares will be offered under option to Shareholders as per art. 2441 comma 1 of the Italian Civil Code, based on a subscription ratio of 1 new share for every 2 old shares held. The offer period will begin Monday 16 January 2006 and end Friday 17 February 2006.
For further information, contact:
Deltas General Office
Telephone 0342 522664
Email: dellapenna.alberto@creval.it
Diego Muffatti
Secretary of the Board of Directors of Credito Valtellinese
Telephone 0342 522316
Email: muffatti.diego@creval.it
