Prada to sponsor Luna Rossa to the tune of 40 million euros

Fonte: VSail.com

The Italian clothing group has today announced its intention to sponsor Luna Rossa to the tune of 40 million euros for its participation in the 34th America’s Cup. Here’s the integral announcement, made to the Hong Kong Stock Exchange authorities. I suppose that in their rush to publish their announcement, they mixed up the number of the America’s Cup editions, stating Luna Rossa would participate in the 33rd one. They do state the date and venue correctly though! I hope they don’t build a 90x90ft trimaran!


Sponsorship of the Luna Rossa yacht for its participation
in the XXXIII America’s Cup

The Board of Directors of PRADA S.p.A. (the “Company”) is pleased to announce that its wholly-owned subsidiary, Prada S.A. (“Prada SA”) has been invited to sponsor the participation of Luna Rossa yacht in the XXXIII edition of the America’s Cup, which will be held in September 2013 in San Francisco, United States of America (the “Luna Rossa Sponsorship”).

Prada SA is currently negotiating the sponsorship agreement with Maestrale Holding S.r.l., a company that is indirectly controlled by the Company’s President, Ms.Miuccia Prada Bianchi, and the Company’s Chief Executive Officer, Mr. Patrizio Bertelli, in connection with the Luna Rossa Sponsorship (the “Sponsorship Agreement”). If the negotiations are successfully concluded, the Sponsorship Agreement will constitute a connected transaction for the Company under Chapter 14A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”).

The total amount of the sponsorship under the Sponsorship Agreement is expected to be approximately Euro 40 million and will be paid in installments over the period starting from December 2011 to September 2013. The Sponsorship Agreement would constitute a connected transaction exempted from the independent shareholders’ approval requirement under Rule 14A.32 of the Listing Rules but subject to the announcement and reporting obligations under Chapter 14A of the Listing Rules.

This announcement is made on a voluntary basis and the Company will make a further announcement in accordance with Chapter 14A of the Listing Rules when the negotiations in relation to the Luna Rossa Sponsorship have been concluded and the Sponsorship Agreement has been signed.

By Order of the Board
PRADA S.p.A.
Mr. Carlo Mazzi
Deputy Chairman