PADUA, Italy—Safilo Group S.p.A. said Tuesday afternoon that its major shareholder, Multibrands Italy BV, a subsidiary of HAL Holding NV, exercised its option rights on Monday and paid for subscription of the new shares relating to its existing holding (approximately 41.6 percent) of an ongoing capital increase. The amount involved in the exercise of the option rights totaled approximately €62.4 million, according to the Safilo announcement. Monday, Dec. 3, was the first day of the offering period and first day that Multibrands could exercise its options, under terms approved late last week by Italy’s CONSOB, as VMAIL reported. 

The move by Multibrands to exercise its option rights was part of a previously announced subscription agreement that Safilo entered into with its reference shareholder (Multibrands) in late September, as VMAIL reported. At the time, Safilo said the €150 million refinancing initiative would strengthen the company’s capital and financial structure and “support execution of the 2020 business plan.”