Italia Independent said on Thursday that, according to the reserved capital increase that was launched last October, it has completed the offer of 1,756,521 newly issued shares. These were fully subscribed by the company’s current owners, brothers Lapo and John Elkann, for a total of 10.1 million euros, or $10.5 million at current exchange rate.
Combined with the 4.1 million euros, or $4.25 million, obtained through the capital increase on ordinary shares, the company completed a capital increase of 15 million euros, or $15.6 million.
Italia Independent’s share capital is now 5.4 million euros, or $5.6 million, and consists of 5,409,507 shares with a nominal value of one euro, or $1.03, each.
“We are happy that the capital increase is successfully completed and that we can continue to benefit from the support of strong shareholders who, by subscribing the newly issued shares, confirmed their trust in the process of reorganization and relaunch we are currently developing,” said Italia Independent chief executive officer Giovanni Carlino.
In the six months ended June 30, Italia Independent reported a net loss of 2.6 million euros, or $2.9 million at the average exchange rate, compared with 727,000 euros, or $850,590, in the same period in 2015. Revenues fell 34.8 percent to 16.3 million euros, or $18.2 million, compared with 25 million euros, or $29.2 million, in first half of the previous year.