Tiscali 2014 Annual Report Download - page 199
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2
Agreements, after having obtained the asseveration of the business plan by a
professional appointed in accordance with Article 67.3, letter d) of the Italian
Bankruptcy Law;
entered into an agreement with Société Générale in relation to the subscription by
the latter of a share capital increase against payment the Share Capital Increase
to be used exclusively for the early repayment of a portion of the debt deriving from
the Restructuring Agreements, amounting to EUR 42.4 million, falling due on 30
November Facility A;
accepted the offer made by a leading Italian real estate fund relating to the transfer
of the leasing agreement concerning the property Sa Illetta the Leasing
Agreement, which may be finalised between the parties on verification of specific
conditions which must take place by 31 March 2015;
took part in the tender called by Consip S.p.A. for the supply of connectivity services
in favour of the Public Administration Authorities the Consip Tender, and turned
out to be the group with the best economic bid. The Directors highlight that as things
stand, the Tiscali Group is awaiting the completion of the formal controls,
preparatory to the final assignment envisaged by the end of the first half of 2015.
On March , Tiscali S.p.A.’s Board of Directors approved the up-date of the business
plan, extending the timescale to - Plan. The -2018 Plan hypothesises,
amongst other aspects, the ability of the Group to refinance the last instalment of the debt as
per the Restructuring Agreements falling due in 2017. On the basis of the market analysis on
corporate bond issues in the telecommunications sector, the Directors believe that this
residual debt can be refinanced in relation to the level of net debt / EBITDA envisaged for
2017 in the 2015-2018 Plan.
Furthermore, the Directors disclose that - again on 19 March 2015 - a non-binding
memorandum of understanding was signed for a merger transaction with the Aria Group,
an Italian Service provider which offers telecommunications services under Wimax
throughout Italy. The transaction envisages, inter alia, a new capital contribution from the
shareholders of the Area Group. The 2015-2018 Plan does not included any impact in
relation to this transaction.