Allegrini 2024

Masi buys back shares from Renzo Rosso’s Red Circle Investments, and litigations end

BoD approves consolidated revenues of leading Amarone company, listed on Euronext Growth Milan, at 66.4 million euros
Sandro Boscaini, Masi president, and Renzo Rosso, head of Red Circle Investments

As it was easy to imagine from the latest developments, Renzo Rosso, with his Red Circle Investments, exited the capital of Masi Agricola, selling back his 10% to the Boscaini brothers (who now hold 27.83% of the shares each, while 7.56% is held by the Enpaia Foundation and the rest on the market, ed.), and putting an end to the disputes of recent times, so much so that they ended their relationship with a charitable initiative in support of an organization they chose together.
“Masi Agricola Spa, a company listed on Euronext Growth Milan and among the Italian leaders in the production of premium wines, and Red Circle Investments srl, an investment holding company controlled by Renzo Rosso, announce that, today, Red Circle Investments srl, as seller, and Sandro Boscaini, Bruno Boscaini and Mario Boscaini, as buyers, have signed a sale and purchase agreement, whereby the seller has sold to the buyers no. 3,215,568 shares, owned by Red Circle Investments srl, representing 10% of the share capital of Masi Agricola Spa. In view of the exit of Red Circle Investments srl from the shareholding structure of Masi Agricola Spa, today, all pending lawsuits were settled, with all parties waiving their respective claims. The parties also acknowledge that they, through an open, constructive dialogue based on mutual respect, have clarified their respective positions and relationships both between Masi Agricola Spa and Red Circle Investments srl and Brave Wine Società Agricola srl, and between the Boscaini brothers, Renzo Rosso, Arianna Roberta Alessi, Lorenzo Tersi and Cristiano Agogliati, overcoming, with satisfaction, the disagreements that arose. To seal the clarification, a charitable initiative will be undertaken towards an organization jointly chosen by Renzo Rosso and Sandro Boscaini”. So states an official joint note, which comes following the Board’s approval of the 2023 consolidated results, “which show revenues at 66.4 million (+2%), substantially in line with pre-covid (2019). 2023 was weighed down by the trend of stock easing in key markets and the slowdown in consumption. Markets still very cautious in early 2024”. Specifically, a note explains, “Consolidated net revenues at €66.4 million with +2% growth (€74.7 million in 2022, -11.1%), broadly in line with pre-Covid (2019). Ebitda at €7.2 million (€13.2 million in 2022), down due to lower volumes, weather-depleted harvest and downy mildew, and lower non-recurring income. Ebit at €3.0 million (€8.8 million in 2022). Net income at €0.7 million (€4.5 million in 2022). Net Financial Debt 16 million euros (7.7 million euros as of December 31, 2022). The BoD also approved the proposed dividend of 3 cents per share (Yield 0.6%)”.
“As was expected, after a 2022 characterized by significant stock reabsorption by the distribution chain, 2023”, explains Sandro Boscaini, president of Masi Agricola, “was a year of reflux, for the whole sector and also for us. A quantitatively penalized harvest compromised by downy mildew, as well as the persistence of still high operating costs due to the exceptional price increases in raw materials, derivatives and energy that began in 2022, have lowered profitability. Faced with an opening of the year that is anything but improving, we continue to work on the strategy of premiumness, distribution omnichannelity, direct-to-consumer, and product innovation, starting with what we are presenting at industry trade shows”.

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