Mercoledì, 17 Ottobre 2018

RCS presents 400-million-euro capital increase in 3-yr plan


Milan, April 15 - The financially troubled and
highly influential Italian publisher RCS presented a three-year
turnaround plan to financial analysts on Monday, even as a major
minority shareholder expressed misgivings about terms of a
capital increase that is a central part of the strategy.
RCS publishes Italy's largest national newspaper, Il
Corriere della Sera, as well as a number of other major
The market knocked RCS stock down 6.84% to 0.8 euros per
share after it reported losses of 500 million euros for 2012 and
board approval of a 400-million-euro capital increase, which may
dilute existing stakes in the company.
RCS Chief Executive Pietro Scott Jovane claimed that the
board members and shareholders of the company "strongly believe"
in its three-year relaunch plan during a presentation to
financial analysts on Monday.
Yet RCS shareholder Diego Della Valle sent a letter to RCS
objecting to the terms of a capital increase and denouncing
possible conflicts of interest, financial sources confirmed on
Monday after press reports of the letter.
The Tod's shoe magnate holds an 8.69% minority stake in
RCS, and his letter came after a board meeting held on Sunday
that reviewed the capital increase plan.
RCS Financial Director Riccardo Taranto told analysts on
Monday that "91% of the capital increase is guaranteed and we
expect to arrive at 100%".
Taranto also announced that RCS aimed to sell off non-core
assets worth 250 million euros by the end of 2014.
Assets that might go include the historic downtown Milan
headquarters of Il Corriere della Sera and its sibling sports
paper, La Gazzetta dello Sport, in which a number of investors
have expressed interest.
But the deal closest to closure regards an online services
and advertising company in which RCS has a controlling stake,
called Dada.
"The closest deal could be connected to Dada," Taranto
said, and added that a deal may be announced involving its "data
room" at the end of April or in May.
Dada claims 510,000 business clients and more than 1.8
million domains under management.

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