By Vickys Kourlibini
The extraordinary general meeting of the shareholders of Lavipharm was completed at the company’s headquarters in Peania, which had as its object the increase of the company’s share capital by 58 million euros, in favor of the existing shareholders, as well as the amendment of the listed company’s articles of association.
At the general meeting which started at 14:00, both issues were approved, i.e. AMK with the payment of cash, pre-emptive rights in favor of its existing shareholders and the issuance of up to 193,333,333 new common, intangible, registered voting shares, with nominal value €0.30 each and the authorization to the Board of Directors to determine the sale price of the new shares, the specification of the other conditions and the structure of the increase, its implementation and completion. Also the amendment of article 5 of the statute.
22 shareholders representing 59.22% of the share capital participated.
The floor was taken by Telemachos Lavidas, executive member of the Board of Directors, who explained to the shareholders the reasons of AMK. Of the 58 million, 34 million relates to the acquisition by the Company of an intangible asset of a profitable business activity, consisting of all the exclusive rights of ownership, production, marketing and distribution throughout the world, outside the USA, of a transdermal product (patch) for the administration of the active medicinal substance of clonidine, aimed at sufferers of high blood pressure, as well as the existing commercial activity of the distribution of this product in Italy.
The asset is owned by the foreign company called Lavipharm Group Holding SA, owned by the Lavida family, and is proposed to be transferred to the company due for sale against a total cash consideration. In addition, Lavipharm has drawn up an investment plan of 28 million (24 will come from AMK as is the goal) for the modernization of the facilities, the purchase of machinery and the establishment of a research and development laboratory among others.
As Telemachos Lavidas said, the stock must come out of surveillance and the pharmaceutical company must have access to financing again. An additional goal is to increase EBIDTA to 10.5 million in 2024 and to 18.5 million in 2026 from 6.2 million in 2021.
Source: Capital
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