Meeting, the Board of Directors of Valentino Fashion Group acknowledged the press release issued on 16 May 2007 in which Permira informs the market that it has acquired from International Capital Growth 29.6% of the Company's share capital at a price of €35 per share, plus the €0.65 per share dividend for the year 2006.
The Board of Directors also examined the letter dated 13 May 2007 that Permira addressed to the Company and to all the members of the Board of Directors, stating that it is ready to extend its tender offer at the same conditions to all shareholders directly or through a public tender offer.
To this end, Permira asked the Board of Directors to authorise a confirmatory due diligence to be conducted by the end of May. The Valentino Fashion Group Board of Directors deemed it appropriate, in the interests of all shareholders, to satisfy the request.
In the same meeting, the Board of Directors acknowledged the resignation tendered on 14 May 2007 by Roger Abravanel and the resignation tendered by Andrea Dona Dalle Rose, and it adopted a resolution to appoint as directors, through cooptation and on the recommendation of Permira, Mr. Umberto Nicodano, putting off the appointment of the other director until the next meeting.
The Board also appointed Mr. Umberto Nicodano as member of the Executive Committee. The curriculum vitae of the new director will be available on the Company's internet site.
In view of the circumstance that the law firm Bonelli, Erede, Pappalardo is assisting the new relative majority shareholder, attorney Sergio Erede has recognized that the prerequisites of independence prescribed in the Company's Self-Regulatory Code are no longer satisfied. Consequently, three Independent Directors are now serving on the Board of Directors.
Valentino Fashion Group S.p.A.
marketing@alchempro.com
