(Alliance News) - Nusco Spa on Friday announced a corporate reorganization of the group to ensure the generational transition and continuity in its management.

The company is part of a corporate group traceable to the Nusco family: at the top of the Nusco group is the family holding company Golden Share SA, a company under Luxembourg law, whose capital was held by Mario Felice Nusco for 23.9 percent; Luigi Nusco, son of Mario Felice Nusco for 23.9 percent; Michele Nusco, son of Mario Felice Nusco for another 23.9 percent; Matilde Durante, wife of Luigi Nusco for 14.2 percent; and Sorana Nusco, wife of Michele Nusco for 14.2 percent.

Specifically, the reorganization, which involved, in a first phase, the transfer free of charge to Mario Felice Nusco of all the stakes held by the other shareholders in Golden Share's share capital, ended with the establishment of a trust, named "ENNESEI" under Luxembourg law, into which the entire stake held by Mario Felice Nusco in Golden Share, amounting to 100% of its share capital, was transferred.

The beneficiaries of the trust were identified as the persons of the current six grandchildren of the settlor Mario Felice Nusco - children of Luigi Nusco and Matilde Durante and Michele Nusco and Sorana Nusco, respectively -, while the external company Private Trustees SA was appointed as trustee.

The trust does not change the rules of corporate governance or the allocation of powers and responsibilities within the company.

Nusco trades down 3.2 percent at EUR0.76 per share.

By Claudia Cavaliere, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.