Italy's Geox drops after it approves capital hike

** Shares in Italy's Geox GEO fall as much as 10.3% after it approved a refinancing plan to implement investments for its 2025-2029 industrial plan

** In support of its planned investments of 120 million euros, the shoemaker has approved a capital hike up to 60 million euros ($62.10 million) backed by controlling shareholder LIR

** Broker Banca Akros suspends Geox' rating as it sees the capital hike as reflective of a difficult trading environment

** As the increase is backed by the controlling shareholder LIR and not by a group of banks, this suggests the final aim may be the stock's delisting, a Milan-based trader says

** By 0922 GMT the stock is down 8.2% to its lowest since early December; if losses hold it will see its worst day since March 2022

($1 = 0.9662 euros)