22 Dec Lavipharm turns a new page – Share Capital Increase completed
Peania, 20 December 2022 – Lavipharm S.A. share capital increase was completed today with payment in cash and pre-emption rights for existing stockholders. More specifically, €51,286,100.48 was raised, posting a final coverage rate of 88.42%.
Major Greek and foreign institutional investors are now participating in the company’s share capital, boosting Lavipharm to a successful resurgence on the stock exchange landscape. Their participation is a vote of confidence in the company’s prospects and its further growth in the pharmaceutical arena.
The added capital of €51.28 million will fuel the implementation of the company’s investment plan, which is based on the modernisation and upgrading of the manufacturing capacity of its plant and the development of new products. At the same time, Lavipharm is gaining strong capital structure, definitively leaving behind a decade with negative equity. From here on in, the company will have access to absorb Recovery Fund financing and benefit from other state incentives and financing tools. This is a major development that creates new foundations and prospects for Lavipharm, ensuring the Group’s future growth and the further consolidation of the position it has gained, both in Greece and internationally.
Telemaque Lavidas, Executive Board Member, noted that “The completion of the Share Capital Increase, especially under the difficult conditions prevailing in the markets, is a significant milestone, as it attests to investors’ confidence in the new Lavipharm. At the same time, it contributes towards the more effective and direct implementation of our very carefully designed strategy for placing the Group into a growth trajectory.” Mr. Lavidas stressed that “With an experienced Board of Directors and a strong and dynamic management team, we are ready to lead Lavipharm into a new and fascinating chapter in our long history. Heartfelt thanks to all our shareholders, existing and new, for their trust, and to all Lavipharm employees for their loyalty and dedication. Together, we are writing a new chapter in the history of Lavipharm. Finally, I would like to thank Ambrosia Capital for its key contribution to this endeavor.”
The timeline for the share capital increase provides for the New Shares approval to be traded, with the first day of trading set on Friday, 23 December 2022.
With a history of 110 years, Lavipharm is today an integrated pharmaceutical Group engaged in research, development, production, import, marketing and distribution in Greece, with a strong international activity.