The Fiat Group is now ready to get its capital increase programme underway, which will see the consortium of creditor banks covert their loan into share capital. According to an official statement issued by the Turin-based company yesterday, Fiat "will soon start distributing the 291,828,718 ordinary shares included in the shareholders stock option and subscribed by financing banks on September 20 to offset a 3 billion euro loan." The prospectus will be available "in the next few days" and the shares will be placed between November 28 and December 14 at 10.28 euro each, for every 149 shares each 500 ordinary, preferred and savings shares owned".

18.11.2005 - FIAT GROUP STATEMENT

Capital increase to service the “Mandatory Convertible Facility” – Offering to Stockholders of Option Rights It is hereby given notice that, after today’s acknowledgment by CONSOB, the offering to stockholders of option rights to purchase 291,828,718 Fiat ordinary shares will take place.
 

The shares subject of the offer were subscribed by the lending Banks on September 20, 2005 following conversion of the 3 billion euro Mandatory Convertible Facility Agreement. The relevant Prospectus will be made available in the next few days and from November 28 to December 14 the abovementioned shares will be offered at a price of 10.28 euros per share in a ratio of 149 new ordinary shares for every 500 ordinary, preference and savings shares owned.