The company will distribute dividends of up to 70 million and by 2027 expects to reach a production value exceeding two billion
Bonifiche Ferraresi accelerates its pace, approves a new industrial plan for the period 2023-2027 with which it intends to strengthen its presence in the national agro-industrial chain through acquisitions and mergers and looks abroad with the birth of BF International. In order to finance its projects, the board of directors will submit to the shareholders’ meeting convened for 27 September a capital increase dedicated to the current shareholders of 300 million euros. It will then sell assets for around 200 million, completing the sale of 49% of Bonifiche Ferraresi and selling minorities in other companies to be implemented over the course of the plan which reaches 2027. Finally, BF envisages the use of financial leverage instruments for around 75 million. This can be read in a note presenting the new plan.
In addition to growing the agro-industrial sector, the seed pole and the agricultural consortiums of Italy, the new BF plan aims to start an internationalization process and to create a training and research development offer in the agritech field by setting up the BF University in Jolanda di Savoia (Fe).
Dividends up to 70 million
Bf therefore expects to distribute dividends on an increasing scale until reaching a total remuneration in excess of 70 million euros over the course of the plan. As regards the capital increase, if the shareholders give the go-ahead at the end of September, BF expects it to be completed by the end of 2023. No new shareholders are expected at the moment, but unsubscribed shares may be offered to third parties. Some BF shareholders have already expressed their support for the subscription of the capital increase. In particular, Dompé Holdings, Intesa Sanpaolo and Arum, which hold a total of 50.18% of the share capital, have irrevocably undertaken to fully exercise all the option rights due. Equita and JP Morgan will be the Equity Capital Markets Advisors of the transaction.
«This plan – explains the managing director Federico Vecchioni – leverages the constant growth trend that the BF group has developed since its inception». The investments planned over the five-year period, equal to approximately 575 million euros – the note recalls – will allow a progressive improvement of the main economic and financial indicators with an expected production value in 2027 exceeding two billion euros and an Ebitda exceeding 150 million.
2023-07-23 21:53:12
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