Restart: heated meeting, minority shareholders ask for board of directors’ resignation

A board accused of being immobile and of not having launched an industrial plan, shares that cannot be found (15.5% have literally disappeared), a assets almost halved within three years and a request for liability action towards the president. This afternoon’s shareholders’ meeting of Restart, one of the oldest companies listed on the stock exchange, promises to be a heated one. The top management has ended up in the crosshairs of minority shareholders who are asking for a change of pace with capital injections and a business plan capable of charting a course that focuses on development and profitability.

Stella d’Atri partner and board member of Restart has no hesitations in denouncing a situation that risks overwhelming the company within a few years where management and control are exercised by the shareholder Augusto, owned by companies headed by Amenduni and Matteo Arpe. ”At the end of 2020 – he explains to Adnkronos – the company’s net worth was 13 million euros became 8.6 million at the end of June. In short, a loss of around 5 million in the space of three years. If we consider that the expenses to run the company are around half a million, if we remain immobile, it is not a question of 2023 or 2024, but certainly in the following years the effect for shareholders will be disastrous”.

According to d’Atri, who asked for the meeting to be convened and proposes to increase capital by 5 million of euros, the current board of directors in office ”is not in a position to bring the company back to break even, let alone produce value for all shareholders”. A blunt complaint motivated by the fact that ”this council did not deem it appropriate to define an industrial plan. But if this is missing, the medium-long term vision is missing and consequently the related negative cascading effects arrive”. And for the councilor it is not even possible to appeal to the issues of Covid and the war in Ukraine which have certainly had an impact on the performance of the economy and businesses. ”we can maintain a line of prudence and remain cautious in starting development operations, but we cannot maintain this attitude indefinitely. Among other things, in our sector opportunities are created precisely in crisis situations. It is right not to get into debt and not to make a company risk taking steps greater than those it could afford, but in short, In 2022 we also sold the most valuable property, there is also cash, but no investment yet. We can’t go on like this”.