Generational transition started in 2012 reaches completion: Mario Carraro transfers control of Carraro SpA to his sons, Enrico and Tomaso.

Decision ensures continuity, in support of existing growth plans.

Campodarsego (Padua), 8 August 2019 – Finaid SpA, the holding company that owns 35.395% of share capital (equivalent to 50.495% of voting rights) in the Carraro Group, has this morning announced that its controlling shareholder, Mario Carraro, has transferred his entire stake in Finaid to his sons Enrico and Tomaso, dividing the economic rights equally between his sons Giovanni, Enrico, Tomaso and granddaughter Valentina.

Simultaneously, Mario Carraro has transferred shares in Carraro SpA equal to 4.735% of share capital (4.886% of voting rights) to his sons Enrico and Tomaso.

As a result, Mario Carraro has assigned joint control of Carraro SpA to his sons Enrico and Tomaso, together holding 40.130% of share capital and 55.381% of voting rights.

Mario Carraro has retained ownership of 600,000 shares, representing 600,000 votes.

Therefore, Carraro SpA announces that the shareholder Mario Carraro's voting rights at the Shareholders' Meeting have fallen to 0.537% – below the 5% threshold – while Enrico and Tomaso Carraro's joint stake has risen to over 50% of voting rights.

Mario Carraro commented: “Today sees the completion of the generational transition begun in 2012 with the appointment of Enrico and Tomaso Carraro to the leadership of the Group, as Chairman and Deputy Chairman, respectively.”

He continued: “This decision is designed to ensure continuity in the control of the Group, guaranteeing support for the growth plans that we are looking towards in the coming years.”

The governance of Finaid SpA will be unchanged. Mario Carraro will remain Chairman, supported by his sons Enrico and Tomaso, as well as Giovani and Valentina, and Chiara Alessandri Carraro.

Last update: 12 August 2019