The Board of Directors of Italeaf S.p.A. (“Italeaf” or the “Company”), a holding company active in the cleantech and smart innovation sectors, listed on Nasdaq First North, met today, following the approval of the update of the 2019-2022 Reorganization Plan and the Financial Manoeuvre that is part of it (the “Plan”), as communicated to the market on October 30, 2019, and examined the progress of negotiations underway with financial creditors, aimed at signing a restructuring agreement pursuant to Article 182 bis r.d. 267/42.

Massimiliano Bonamini (a person with proven experience in the sector), a professional appointed by Italeaf pursuant to art. 182 bis r.d. 267/42, remains in charge of certifying the feasibility of the Plan, while Italeaf’s legal advisor is the Orrick firm. The Plan, prepared with the assistance of KPMG as industrial and financial advisor, aims to achieve the Company’s recovery.

The Board of Directors of Italeaf has therefore decided to continue negotiations with the creditors with the aim of concluding them and finalizing the agreements with creditors as soon as practicable.

Finally, following the announcement made on October 30, 2019, Italeaf’s Board of Directors deemed it appropriate to postpone any decision regarding the approval of the draft financial statements, the consolidated financial statements as at December 31, 2018 and the half-yearly report as at June 30, 2019 to a date to be defined after the completion of negotiations with the banking sector, and in any case by February 28, 2020, in order to take full account of the impact of the restructuring agreement when approving these financial data.