The Board of Directors of Italeaf, a holding company active in the cleantech and smart innovation sectors, listed on Nasdaq First North, which met today, resolved to postpone the approval of the separate and consolidated financial statements to 31 December 2018.
In this regard, the Company’s Board of Directors has noted that:
- on 27 June 2019, the Board of Directors of the subsidiary TerniEnergia, the holding company’s main asset, resolved to postpone any decision on the approval of the draft financial statements and the consolidated financial statements as at 31 December 2018 until a later date, by 31 August 2019, in order to be able to take fully into account, in approving these financial data, the impacts deriving from the definition of the restructuring agreement;
- negotiations are in progress with the creditors and that some financial creditors are common to the two companies;
- once negotiations have been completed, the financial creditors of both companies will submit the plan, the draft agreement and the documents connected with it to their respective decision-making bodies.
Taking into account the unavailability of the financial statements of the subsidiary TerniEnergia, the advanced state of negotiations and the importance of the outcome of the above negotiations for the economic and financial rebalancing of Italeaf and TerniEnergia, the Board of Directors therefore decided to postpone any decision regarding the approval of the draft financial statements and the consolidated financial statements as at 31 December 2018 until a later date, no later than 31 August 2019, in order to be able to take fully into account, in the approval of these financial data, the impacts deriving from the definition of the restructuring agreement.
The scheduled date of the Board meeting for the approval of the 2018 financial statements and for the calling of the Shareholders’ Meeting will be communicated to the market with a subsequent press release, in the manner established by the applicable provisions.