(Alliance News) - Compagnia dei Caraibi Spa announced that Anchor Management GmbH, a German financial restructuring expert, has been appointed to assist the company and its representatives in analyzing the financial situation of Elephant Gin GmbH and preparing a 24-month liquidity plan.

In addition, the company and Refined Brands Srl, as the buyer, filed a claim against TR Holding GmbH and the founders of Elephant Gin for the possible breach of representations and warranties included in the share purchase and sale agreement entered into for the acquisition of Elephant Gin.

The claim relates to the possible breach of certain representations and warranties contained in the SPA, and the total indemnification, if any, could be awarded in an amount up to 50 percent of the total cash amount paid to TR Holding GmbH and the founders under the SPA as the purchase price.

Compagnia dei Caraibii reported that the total cash amount due to TR Holding under the SPA is EUR5.4 million and that out of this amount, TR Holding and the founders of Elephant Gin have already been paid cash amounts totaling EUR1.4 million.

As for the other minority selling shareholders of Elephant Gin, no action under the SPA can be initiated against them, as they have only made representations and warranties about the share and have not provided any other specific representations and warranties in the context of the sale.

Caribbean Company rises 4.9 percent to EUR0.73 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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