The 94,500,000 IREN Savings Shares, owned by the Finanziaria Città di Torino (FCT), are not listed, have no voting rights and are subject to the same regulations governing ordinary shares, except for the different order of priority for the allocation of the net assets in case of dissolution of the company.
The sale of savings shares is communicated in a timely way to the Chairman of the Board of Directors of the Company by the buying shareholder and the shares are converted at par in ordinary shares should they be transferred in any way to third parties not related to the City of Turin, considering the limit in share ownership established by art. 10 of the company by-law.
A related party is a subject (company or body) in which the City of Turin has, directly or indirectly, a stake or interest or has the right to name one or more directors or auditors.
Equally related is the subject that directly or indirectly controls the related subject or that is directly or indirectly controlled by it, or subject to control. For further information on the savings shares see the Report of the Board of Directors of AEM Torino S.p.A. on the conversion of ordinary shares into savings shares, drafted pursuant to article 72 of the Consob Issuers' Regulations.
Last update: 07/01/2010