GRAND DUCHY OF LUXEMBOURG – IVS Group S.A. informs that its subsidiary IVS Italia S.p.A., acquired the business of Pronto Coffee, agent for the distribution of the Professional Line of Nespresso coffee pods in the provinces of Modena, Bologna, Ferrara and Rovigo (Italy).
The business acquired generates annual sales slightly above Euro 1 million; the value of the transaction is around Euro 1.4 million.
This acquisition is part of the cooperation with Nespresso Italiana S.p.A, that has already seen a significant increase of IVS national coverage of the exclusive distribution agreement concerning the above mentioned products line.
Redemption and annulment of Class B shares
IVS Group S.A. also informs that the Board of Directors recognized the end of the period of possible conversion of the n. 1.250.000 B2 shares and the n. 1.250.000 B3 shares (hereinafter, collectively also referred to as the “B Shares”), currently held in escrow and originally awarded to the founders of the SPAC Italy1 Investments, having also received from Bank of New York Mellon (the calculation agent) the certification that the conditions for the conversion have not been met.
According to the articles of association, the Company shall redeem within November 16th, 2017 the B Shares at the nominal price of € 0,0093 per share.
The Board will also convene, at the earliest convenience, an extraordinary general meeting of the shareholders, to be held in Luxembourg according to the law and the articles of association, aimed at cancelling the B shares, by reducing accordingly the share capital of the Company, and at updating the articles of association in light of the recent reform of the Luxembourg law on commercial companies.
