De Rigo to begin trading on Milan stock exchange in 2003

For over a year De Rigo, the company headquartered in Limana (BL), has been looking into the possibility of dual listing and in 2003 it aims to be quoted on the Milan exchange as well as on Wall Street. 'We are convinced', said president, Ennio De Rigo, 'that stock listed in Milan will give it more liquidity and, from some aspects, make it more visible . We must bear in mind that the capital funds are largely European. But today's market conditions, and Milan is no exception, certainly do not give our placement adequate value'.

The group claims that currently it is also undervalued in New York and this is why it considers that a buy back operation would be appropriate: the shareholders' meeting in fact resolved to purchase own shares up to a ceiling of 10% of capital. Capitalized stock is currently approximately 180 million dollars, considerably lower than the net book value of 210 million euros.

And De Rigo denies all rumors of delisting: 'In no way does this come into our plans. The exchange remains a strategic choice'. As far as 2002 is concerned, current estimates indicate billings of 550 million euros (505 in 2001) and a gross operating margin of 65 million euros (58.9 in the previous financial year).

(Source: La Repubblica)