• Nautical

Civitanovi Systems will list its ordinary shares on Euronext Milan

Civitanavi Systems, one of the leading pure-play providers of inertial navigation and stabilisation systems, announces its intention to proceed with an offer and listing of its ordinary shares on Euronext Milan. The free float required for the purposes of the listing will be achieved through a private placement reserved for qualified investors only in Italy, the EU and in the United Kingdom as well as for institutional investors outside of the United States of America pursuant to Regulation S of the United States Securities Act of 1933.
The Offering will consist of newly issued shares from a capital increase with the exclusion of pre-emption rights of existing shareholders, with targeted gross proceeds of approximately Eur 40 million; and existing Shares from the holdings of the Company’s sole shareholder Civitanavi Systems Ltd. In relation to the Offering, Civitanavi Systems Ltd. is expected to provide an over-allotment option which will be further backed by a greenshoe option to be provided by Civitanavi Systems Ltd. 

The Company intends to use the net proceeds from the capital increase to increase production capacity (new production plants, industrial automation and continuous improvements of production processes) as well as expand geographical footprint (e.g. UK and Spain); progress and innovation of products (to improve accuracy, dimension, weight, power and consumptions) to accelerate the process of development and commercialisation of products that promote integrated solutions; and support sourcing new talents and expand business development and sales team. In addition, if the opportunity arises, the Company will evaluate growth along external lines, through acquisitions of companies with complementary research and development skills or that guarantee entry into new local markets or new customers.

"The opportunity we are pursuing represents a great achievement for Civitanavi, I am excited to announce our intention to list the Company on Euronext Milan. Our business idea was born about 10 years ago from the challenge of trying to introduce inertial navigation systems in the industrial sector and, in a short time, we have managed to become a major player. Civitanavi is today among the leading players in the industry at a global level, the only operator in the market of ITAR free inertial systems, i.e. without the stringent control on US exports, with the characteristic of having high performance, and a technology suitable for both navigation and aircraft stabilisation for safety-critical applications", commented Andrea Pizzarulli, Ceo of Civitanavi.

"The listing on Euronext Milan will give us the opportunity to strengthen our structure, attract talent, and take on important challenges of organic and external growth, should the opportunities arise. We have the ambition to play a leading role at a global level, to contribute to growth and at the same time accelerate the development process of our sector". In the context of the Offering, the Company has appointed Berenberg and Intermonte as Joint Global Coordinators and Joint Bookrunners. Intermonte is also acting as Sponsor for the purposes of the Listing. Emintad Italy supports the Company as Financial Advisor. The Legal Advisor appointed by the Company is Grimaldi Studio Legale, BDO Tax Stp acts as Tax Advisor, while Simmons & Simmons is acting as Legal Advisor to the Joint Global Coordinators and Joint Bookrunners. BDO Italia is the Auditing Company appointed and subject to carry out the verifications of the Business Plan and the Management Control System.