A quarter of Marangoni Holding shares up for sale

Shares amounting to roughly a quarter of Marangoni Holding SpA are up for sale in three lots equal to 8.57 per cent (or 16,756 shares) each. The shares, currently held by Ma.Gi.Ma Srl based in Trento, will go to auction on 9 December 2020. The price of base of each lot is 1,423,125.00 euros and therefore a total of 4,269,375 euros.

The shares had previous been for sale on 26 July and then again on 1 October. Since no buyer was found the price automatically dropped by 25 per cent each in accordance with Italian law. Upon closer inspection, it appears that Ma.Gi.Ma Srl was itself forced to sell after guaranteeing a debt for a third-party that went bad. Of course this included Ma, Ma.Gi.Ma Srl’s shares in Marangoni Holding, which controls 97.75 per cent of Marangoni SpA shares.

According to business intelligence specialists Dun & Bradstreet and the Italian Business Register, there are several entities bearing names similar to Ma.Gi.Ma Srl. One is a private limited company registered in Verona, Italy, with Fabio Conti named as managing and Giovanni Marangoni as “sole administrator”, according to Dun & Bradstreet.

The recent unsuccessful auctions were based on an appraisal carried out by the accountant Marco Ertman in October 2019, based on the 2018 financial statements. Referring to Marangoni’s 2019-2022 business plan, accountant observed that “the plan is algebraically and accounting-wise correct, but is based on a series of hypotheses that are at most probable, but never certain”. In fact, some projects within the plan have already been realized, such as the spin-off of Marangoni Meccanica and the partnership with the Brazilian Borrachas Vipal in the Americas. lt