Fila board approves share issue
The board of sportswear group Fila, a unit of Italian holding group Hdp, has approved a Eur146.66 million ($143 million) share issue that will be put to share holders on September 23.
Hdp is currently negotiating the sale of Fila to three suitors in the United States, and the capital increase gives the loss-making sportswear group an infusion of new cash at an opportune time.
Fila said the capital increase would be achieved through the issue of 91.66 million new ordinary shares to holders of Fila's American Depository Shares (ADS), and other ordinary shares.
Fila said the capital increase would be acted on together with proposals to reduce the value of Fila's ordinary shares to Eur0.5 each, and to effect a two-for-one reverse stock split, so that the par of the new shares will be one euro each.
