- Update on the calendar of corporate events: approval of the draft annual financial statements and the consolidated financial statements as at 31 December 2018 is postponed to a date between 17 and 28 June 2019
- The decision taken to align the approval of the results in time with the signing of the restructuring agreement with the creditors, on the basis of the proposed Recovery and relaunch plan of the Company
The Board of Directors of TerniEnergia S.p.A. “(“TerniEnergia” or the “Company”), which met today, resolved to postpone the approval of the draft financial statements and the consolidated financial statements as at 31 December 2018 with respect to the date indicated in the annual financial calendar, communicated on 16 January 2019.
In this regard, the Company’s Board of Directors has noted that:
- on 26 February 2019, as indicated in the relevant press release (available on the website ternienergia.com, section “Press Releases”), it was approved the update of the proposed Recovery and relaunch plan with respect to the version approved on 25 October 2018, aimed at restoring the financial and equity balance of the Company in the long term; a plan the reasonableness of which must be certified by a professional advisor pursuant to art. 67, paragraph 3, letter d) r.d. 267/42 for the period 2018-2022 (the “Plan”), which was identified in Dr. Massimiliano Bonamini (subject of proven experience in the field);
- that are in progress negotiations with the creditors and bondholders, on the basis of the approved Plan proposal, and that TerniEnergia has reserved the right to follow the progress of negotiations with the aim of concluding them and defining the plan by 30 June 2019.
Taking into account the state of progress of this process – of which the market is and will be regularly informed – and the importance of the outcome of the above negotiations aimed at reaching a restructuring agreement that will enable the Company to rebalance itself economically and financially, the Board of Directors has, therefore, deemed it appropriate to postpone any decision on the approval of the draft annual and consolidated financial statements as at 31 December 2018 until a later date, indicatively between 17 and 28 June 2019, in order to be able to take fully into account, in approving those financial data, the impacts arising from the definition of the restructuring agreement.
The precise date of the Board meeting for the approval of the 2018 financial statements and 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.