Board meeting today in Milan

Dec 15 2005 17:38
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Piaggio Group:

  •  Go-ahead for application for admission to trading
  •  Seven-year € 250 million refinancing with Banca Intesa and Mediobanca


Milan, 15 December 2005 – At a meeting today in Milan chaired by Roberto Colaninno, the Board of Directors of  Piaggio & C. S.p.A. carried a resolution approving the start-up of application procedures for the admission of Piaggio & C. S.p.A. shares for trading on the Italian Stock Exchange.
The trading project now requires shareholder approval at a meeting yet to be convened.
The Directors also approved a seven-year refinancing programme totalling € 250 million with Banca Intesa and Mediobanca, to refinance current borrowings. The programme will enable the Piaggio Group to restructure its debt exposure, obtain better conditions and eliminate contractual restrictions that no longer match the Group’s present situation.

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