Significant events

Significant events in 2017

Significant events below are referred to EXOR N.V. and Holdings System.

Resolutions by the shareholders’ meeting of May 30, 2017

The EXOR Annual General Meeting of May 30, 2017 adopted the 2016 Annual Accounts and approved the payment of a dividend of €0.35 on each issued and outstanding ordinary share, for a total of €82.1 million. The dividends became payable on June 21, 2017 (ex-dividend date June 19) and were paid to shareholders of record as of June 20, 2017 (record date). The dividends were paid to the shares outstanding, thus excluding the shares held directly by EXOR.

The Annual General Meeting re-appointed John Elkann as executive director, with the title of Chairman and Chief Executive Officer, Marc Bolland as Senior non-executive director and Sergio Marchionne and Alessandro Nasi as non-executive directors, both with the title of Vice Chairman. Melissa Bethell, Laurence Debroux, Anne Marianne Fentener van Vlissingen, António Mota de Sousa Horta-Osório, Robert Speyer, Michelangelo Volpi and Ruth Wertheimer were appointed as non-executive directors.

The Annual General Meeting also approved some amendments to the remuneration policy, mainly related to the abolishment of remuneration in shares and/or rights to subscribe for shares for the non-executive directors.

A resolution was also approved for the extension of the authorization of the Board to repurchase on the market EXOR’s ordinary shares, for 18 months from the date of the Annual General Meeting, up to a maximum number of shares not to exceed the limit set by law, for a maximum disbursement of €500 million.

The Annual General Meeting finally approved the possibility for the Board to cancel any ordinary shares held, or to be held, as treasury stock, in order to optimize the capital structure of the Company and to create more flexibility to manage its capital.

Increase in investment in Welltec

During the first months of 2017 EXOR acquired a further 2.47% of Welltec for a total consideration of €10 million. After this operation EXOR held 16.19% of Welltec’s capital.

Reimbursement  of the investment in The Black Ant Value Fund

In the first half 2017 EXOR received €353.5 million related to the entire reimbursement of The Black Ant Value Fund share; €17.8 million was refunded in January 2017 and the residual amount of €335.7 million in June 2017. The reimbursement resulted in a net total gain of €109.1 million arising from the reversal of the available for sale reserve. The fund, purchased in 2012, had a time frame of five years.

Repayment of EXOR non-convertible 2007-2017 bonds

On June 12, 2017 EXOR repaid an amount of €440 million related to the residual amount outstanding of EXOR non-convertible bonds 2007-2017 using a combination of available liquid resources and bank debt.

 

 

Commercial Register No.64236277 Legal notes | Credits