(Alliance News) - Tessellis Spa announced Wednesday that it has signed a binding letter of intent with Istella Spa for the implementation of an overall investment transaction of the former, or another company of the same group, in the latter.

The transaction envisages a commitment by Tessellis or another company in the group to subscribe for a capital increase in Istella of a maximum countervalue -- including share premium -- of EUR400,000, excluding option rights.

In view of the fact that Renato Soru, chairman of the board of directors of Tessellis, is also the main shareholder of Istella, the transaction constitutes a related party transaction with regard to the subscription of the reserved capital increase.

Tessellis also announced that Renato Soru has resigned for personal reasons.

As of today, Soru holds shares in the company in a total of 1.35 percent.

On Wednesday, Tessellis closed 0.7 percent in the red at EUR0.59 per share.

By Claudia Cavaliere, Alliance News reporter

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