Marcolin has rearranged and renewed for three years a pact, which was originally formed on Dec 14. 2007, giving preferential rights and powers to some of its shareholders over 50.2 percent of the company's equity. The shareholders participating in the new syndicate include members of the founding Marcolin family and the brothers Diego and Andrea Della Valle, who control the fashion group Tod's.
The Della Valle brothers have jointly placed 30.1 percent of the eyewear company's capital in the pact. An Italian banker and businessman, Luigi Abete, has decided to quit the syndicate to be able to manage his own stake in Marcolin without any restrictions. According to stock exchange filings, Abete owns 9.3 percent of Marcolin through a company called Luab Partecipazioni.
Under its regulations, the shares covered by the pact can only be sold to third parties with the approval of other members of the syndicate. The syndicate has a board comprising seven members, four of whom are named by the Della Valle family and three by the founding family. Among the board's powers are the appointment of Marcolin's management and auditors.
The new syndicate is valid until Dec.14, 2013. On top of the 50.2 percent of Marcolin's capital parked until then in the syndicate, members of the pact own a further 20.9 percent of the company which can be sold to third parties without the authorization of the syndicate, but with rights of first refusal for other members of the pact.