Promotors to tender offer for capital stock of Mariella Burani Fashion

01 Jul '08

2 min read

In response to an article published in “Il sole 24 Ore”, on Saturday, June 28, 2008, the Burani family confirms its intent to launch a voluntary public tender offer for either a part or the entire capital stock of Mariella Burani Fashion Group SpA.

A special purpose vehicle, controlled by the Burani family with the participation of strategic industrial partners, has been established to formulate an offer for a part or all of the outstanding shares of Mariella Burani Fashion Group SpA, at an estimated price ranging from € 17 to € 18 per share, leading to the de-listing of the company; the project is in advanced stages of development.

The release of the 2007 audited consolidated financial statements of its parent company, Burani Designer Holding N.V, has led MBFG to review the accounting treatment on the sale of its multi-brand retail division in 2007.

The review has led the Board of Directors of Mariella Burani Fashion Group SpA to propose, for shareholder approval, a revision to its 2007 Consolidated Financial Statements.

The revision entails restating MBFG's 2007 consolidated financial statements to reflect € 25.5 million of reduced Revenues, Ebitda, and Ebit, as well as a deferred tax charge of € 8.7 million.

The revision will not impact MBFG's 2007 Reclassified Consolidated Revenues, Ebitda, and Ebit, and Pretax income, which are shown net of extraordinary items, including the sale of its multi-brand retail division.

Also, the revision will not impact MBFG's 2007 Consolidated Net Financial Position or Shareholders' Equity or the financial statements of its subsidiary, Antichi Pellettieri SpA.

The individual financial statements of Mariella Burani Fashion Group SpA remain unchanged with reported Net Income of € 53.7 million.

Shareholders' equity of MBFG reflects an increase of € 24 million attributable to the revaluation of goodwill stemming from the acquisition of additional shares of the group's subsidiary, Antichi Pellettieri SpA in 2006.

The revision has not impacted the results of MBFG for the first quarter of 2008 and that Company management is confident in its ability to meet double digit growth expectations for both revenues and ebitda in 2008.

Mariella Burani Fashion Group SpA

More Mariella Burani Fashion Group News... More Fashion News - Italy...