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PRESS RELEASE
PIRELLI REAL ESTATE APPOINTED BANCA CABOTO TO
PLACE 1.33% SHARE CAPITAL OF PROGETTO GRANDE
BICOCCA (100% CONTROLLED BY PIRELLI RE) TO ITALIAN
AND FOREIGN INSTITUTIONAL INVESTORS
AFTER THE PLACEMENT PIRELLI RE CONTINUE TO OWN
5.55% OF TREASURY SHARES
MR. CARLO PURI, CEO OF THE COMPANY AND PIRELLI & C.
VICE PRESIDENT, APPOINTED BANCA CABOTO TO PLACE TO
ITALIAN AND FOREIGN INSTITUTIONAL INVESTORS ITS
2.88% STAKE IN PIRELLI RE
TOTAL PLACEMENT WILL BE 4.21% OF THE TOTAL SHARE
CAPITAL OF PIRELLI RE
Milan, December 9th, 2004 - Pirelli & C. Real Estate S.p.A. announced that
trough Progetto Grande Bicocca S.r.l. fully owned by Pirelli & C. Real Estate
S.p.A., has signed an agreement with Banca Caboto S.p.A. to place, starting
today, to Italian and Foreign Institutional investors n. 547,092 shares of Pirellli &
C. Real Estate S.p.A., equal to 1.33% of the total share capital. Pirelli & C. Real
Estate S.p.A., will directly own 2,285,425 treasury shares equal 5.55% of the
total share capital.
Trough the placement Pirelli RE aims to achieve two main objectives. First,
Progetto Grande Bicocca S.r.l. will increase the necessary resources to develop
the Bicocca-Asaldo area in Milan. Secondly Pirelli & C. Real Estate S.p.A. free
float will increase following also the strong institutional demand (among the
international institutional investors is worth mentioning that Fidelity Investment,
currently owns 5.02% of Pirelli RE share capital) registered when Pirelli & C.
placed 8.37% of Pirelli & C. Real Estate S.p.A. share capital last July.
Carlo Puri announced the appointment of Banca Caboto S.p.A. to place to Italian
and Foreign Institutional investors, his 1,185,121 of Pirelli & C. Real Estate
shares equal to 2.88% of the share capital, owned also trough Partecipazioni
Finanaziarie S.r.l.. Those shares were purchased in 2002 at the time of the IPO,
and the whole net proceeds were reinvested after the stock option plan existing
before the IPO
Carlo Puri, owner of a stock option plan approved by the by Pirelli & C. Real
Estate S.p.A. board in May 2002 at the time of the IPO process, equal to n.
855,000 options of which n. 427,500 already exercisable, has also agreed with
Banca Caboto S.p.A. not to sell (in case of options exercise) Pirelli & C. Real
Estate shares for a period of 180 days.
After the two transactions, whose closing is expected within December 14th, n.
1,732,213 shares of Pirelli & C Real Estate S.p.A., equal to 4.21% of the share
capital will be placed.
For further information please contact:
Pirelli RE Press Office Tel. +39/02/8535.4270
Pirelli RE Investor Relations Tel. +39/02/8535.4057
www.pirellirealestate.com
This announcement is directed only at persons who qualify as professional investors as
defined by Article 31, para. 2 of the CONSOB Regulation no. 11522 of 1998, as amended
(the “Professional Investors”). This announcement must not be acted on or relied on by
persons who are not Professional Investors. Any investment or investment activity to
which this announcement relates is available only to Professional Investors.