Italy's Geox drops after it approves capital hike
02/01/2025 09:27
** Shares in Italy's Geox GEO.MI fall as much as 10.3%
after it approved a refinancing plan to implement investments
for its 2025-2029 industrial plan
** In support of its planned investments of 120 million
euros, the shoemaker has approved a capital hike up to 60
million euros ($62.10 million) backed by controlling shareholder
LIR
** Broker Banca Akros suspends Geox' rating as it sees the
capital hike as reflective of a difficult trading environment
** As the increase is backed by the controlling shareholder
LIR and not by a group of banks, this suggests the final aim may
be the stock's delisting, a Milan-based trader says
** By 0922 GMT the stock is down 8.2% to its lowest since
early December; if losses hold it will see its worst day since
March 2022
($1 = 0.9662 euros)
(Reporting by Michela Stasio)
((Michela.stasio@thomsonreuters.com))