(Alliance News) - Fenix Entertainment Spa reported that it has failed to reach an agreement with Negma Group Ltd to redefine some technical aspects of the deal related to the subscription of the convertible bond.

Therefore, Negma has filed an urgent precautionary appeal with the Court of Milan, asking the judicial authority to order Fenix to provide for the conversion of all the bonds still outstanding as of the date of the appeal, amounting to a nominal value of EUR620,000, which would entitle Negma to receive 300.5 million shares, which when added to the 391 shares held - as stated in the appeal - would bring Negma to 56.10 percent of Fenix's capital.

"The company, believing Negma's initiative to be unfounded, has joined the proceedings, filing its own defense brief and requesting the rejection of the claims made by Negma," Fenix explained.

The hearing is set for November 17, and "Fenix will promptly inform the market about the outcome of the interlocutory proceedings."

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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