Italeaf, financial holding Company and first Italian Company Builder, active in cleantech and smart innovation, listed on Nasdaq First North, announce that the Company has received from Nasdaq an exemption from the rules to publish its half-yearly report within two months. As a consequence of this authorization, the Board Meeting for the approval of the half-year financial report, previously scheduled between July 31 and August 4, will be held on September 29, 2017. In the same date the half-yearly report will be published.
The Company notes that the delay is determined by the decision taken by TerniEnergia, the main company of the Italeaf Group, to use the faculty under Italian law to approve its half-yearly financial report on 28 September 2017, within three months of the end of the period. Italeaf notes that this decision was taken by TerniEnergiain consequence that on June 1, 2017, the Board of TerniEnergia S.p.A. has conferred wide management powers to eng. Piero Manzoni. The newly elected CEO has the target to develop a new Industrial Plan aimed at enhancing the Group’s technological strengths. On May 2, 2017, the Shareholders’ Meeting also assigned the mandate for the statutory audit of the consolidated and separate financial statements and for the consolidated half-yearly report of TerniEnergia SpA to the company EY SpA, for the years 2017 to 2025. Finally, on July 7, 2017, the Board of TerniEnergia conferred a mandate to a Financial Primary Advisor to assist the Company in preparing the new Industrial Plan and to verify the possible ways for a financial consolidation.
Taking note of these circumstances, Italeaf considered appropriate to postpone the approval of the half-yearly financial report as outlined above, in order to be able to estimate the half-year results and the prospective elements of TerniEnergia’s new Industrial Plan.