Elettronica Santerno SpA capital increase authorized and approved with the entry of the new majority shareholder Enertronica SpA at 51%
Campodarsego (Padova), 30 November 2016 –The capital increase of Elettronica Santerno SpA (inverters for renewable energy and industrial applications) that has permitted the entry of the new majority shareholder Enertronica SpA on the basis of the contract signed between the parties on 3 November was finalised in Campodarsego earlier today.
More in detail the investment agreement signed today will see Enertronica SpA acquiring 51% of Elettronica Santerno, through the subscription of a capital increase in cash, totalling 2.25 million euros. This capital increase will be exclusively dedicated to the revival of the company and to investments in R & D. Enertronica SpA will also be given the option of increasing its stake in Elettronica Santerno by an additional 9% through the subscription of a further tranche of capital increase (totalling 1 million euros) by 31 December 2018.
In addition to the governance of Santerno, the agreement also stipulates the terms and conditions for the exit of Carraro from the company after an initial 24-month "lock-up" period, designed to ensure the stability of Elettronica Santerno and the implementation of the Business Plan drawn up between the parties.