Ricchetti Group recapitalises

The shareholders of Ricchetti Group, meeting on 11 December 2009, resolved to increase the share capital by a total amount of 8 million euro through the issuing of ordinary shares to be offered as an option to shareholders. The aim of the proposal is to at least partially replenish the Group’s share capital after its 5.2 million euro losses of the first half of the current year and those experienced in 2008, and to give the company useful financial resources to be able to respond more effectively to the serious crisis that is in progress. Alfonso Panzani has been nominated interim managing director of the company until the end of the current term of the executive board to replace the late Oscar Zannoni.

The share option offer is due to be launched during the first few months of next year.