How Olidata got back on the stock exchange
Olidata, a historic IT company, after losing accounts and a liquidation procedure, was readmitted to Piazza Affari. Facts, numbers and goals
After 7 years out of contention, Olidata was readmitted to trading on the Euronext market in Milan. The company was suspended from the Italian Stock Exchange in 2016. After a change of ownership, and the consolidation of the accounts, Consob gave the go-ahead following the filing of the prospectus.
At the opening of the Stock Exchange today, the Olidata share failed to make a price and after three hours arrived at a theoretical rise of 19% on the price of 1.54 euros on which it had remained frozen.
THE ALTERNATIVE EVENTS OF OLIDATA
The historic ITC brand had grown in popularity in the 1980s thanks to the “PICAM” package, an accounting management software that was also adopted by Olivetti for its entire distribution network. The Cesena-based company has not managed to keep up with the revolutions in the IT world. Olidata 's problems began in 2009, when the company had to face a period of contraction in orders, which generated a financial-equity imbalance . Since then, there have been several attempts to restore and restructure the debt, which were not enough to prevent it from being suspended indefinitely from the stock exchange listing in 2016 and being put into liquidation in 2018; the board of statutory auditors also resigned . In 2021, the company was admitted to the arrangement with creditors procedure which provided for the maintenance of only the Olidata brand and the disposal of the investment in Italdata.
SEFRANET BECOMES MAJORITY SHAREHOLDER
In 2022, the shareholders' meeting approves a reserved mixed capital increase, in kind and cash, and the transfer of the registered office from Cesena to Rome. The capital increase is fixed "up to a maximum amount of Euro 10,000,000.00", through the issue, at a price higher than the accounting parity, of new ordinary shares with no par value, having the same characteristics as those in circulation to be offered in kind for the amount of Euro 7,500,000.00 with the contribution of 51% of the company Sferanet Srl and for payment of Euro 2,500,000.00 to Le Fonti Group Srl Società Benefit”, reads the minutes of the shareholders' meeting '11 August. In this way the Sefranet company, owned by Cristiano Rufini , becomes the reference shareholder of Olidata. Sefranet is an IT company operating in four locations (Rome, Milan, Dubai and Cagliari), with more than 450 customers and 25 technology partners and a 2021 turnover of 45 million euros.
THE OLIDATED COMPANY IN FIGURES
Things in 2021 hadn't closed in the best way. “The annual financial statements show a negative result of Euro 10,270 thousand against a negative Euro 915 thousand as at 31 December 2020 – reads the Management Report -. Shareholders' equity is negative by Euro 8,031 thousand compared to Euro 2,259 thousand in the same period of the previous year”. However, Olidata presents in its financial statements a share capital of 13,100,480 euros divided into 114,881,632 shares. The company has therefore gone through a phase of profound restructuring and renewal. According to what Corriere della Sera writes today, the group forecasts a growth in revenues from the current 49.3 million to over 63.2 million at the end of 2025, with an expected net economic result of 1.2 million in the same year and an increase of the gross operating margin to approximately 2.6 million, equal to 4.1% of revenues.
CRISTIANO RUFINI'S RECIPE
“People, professionals, commitment, courage and national pride were the perfect mix for the success of my project: the relaunch of Olidata ”. This is the recipe of the new president of Olidata, as well as majority shareholder, Cristiano Rufini . "I believed in this operation with the support of my family, because in life to achieve goals you need the desire to dare and the right people by your side", added chairman Rufini who celebrated the return to the stock market by ringing the bell. “ Olidata 's history teaches us that perseverance can be the right guide for achieving one's aspirations – he added -. I will take up the new challenges to make an important contribution and enhance the Made in Italy genius. I am ready to accept this new challenge”.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/come-olidata-e-tornata-in-borsa/ on Mon, 03 Apr 2023 12:17:04 +0000.