Groupe Casino: Fairness opinion for existing shareholders on the Casino Group's financial restructuring project
03 Gennaio 2024 - 7:20PM
Groupe Casino: Fairness opinion for existing shareholders on the
Casino Group's financial restructuring project
Fairness opinion for existing
shareholders on the Casino Group's financial restructuring
project
Paris, 3 January 2024
Following on from the report made available to
shareholders by Sorgem Evaluation as independent expert, the Group
would like to reiterate the main conclusions of this report, which
concluded that the restructuring plan is fair to current
shareholders (link).
According to Sorgem's report, without
implementation of the restructuring plan (see Appendix), the
Group's enterprise value of €3.71 billion, as implicit in the
subscription price of the capital increase reserved for the
Consortium, is well below the Group's net debt (€7.88 billion).
Under these conditions, the independent expert considers that the
current economic value per share, and therefore the value per 100
shares, is zero.
After implementation of the plan, the value of
these 100 shares would, according to the independent expert, be
around 5 euros, which would value 100 of the current shareholder's
shares at a unit price very close to the subscription price of the
capital increase reserved for the Consortium.
On completion of the restructuring plan, the
Consortium would own and control 53.7% of Casino's share capital,
while current shareholders would be massively diluted, holding
around 0.3% of the share capital on completion of the
restructuring.
***
ANALYSTS AND INVESTORS
CONTACTS
Christopher WELTON -
cwelton.exterieur@groupe-casino.fr - Tel: +33 (0)1 53 65 64 17
orIR_Casino@groupe-casino.fr - Tel: +33 (0)1 53 65
24 17
PRESS CONTACTS
Groupe Casino – Communications
Director
Béatrice MANDINE –
bmandine@groupe-casino.fr - Tel: + 33 (0)6 48 48 10
10ordirectiondelacommunication@groupe-casino.fr -
Tel: + 33(0)1 53 65 24 78
Agence IMAGE 7
Karine Allouis - kallouis@image7.fr - Tel: +33
(0)6 11 59 23 26
Laurent Poinsot - lpoinsot@image7.fr - Tel: +
33(0)6 80 11 73 52
Franck Pasquier - fpasquier@image7.fr - Tel: +
33(0)6 73 62 57 99
***
APPENDIX
The financial restructuring plan is based on a
restructuring of the Group's financial debt (estimated at €7.9
billion at the end of 2023), followed by the injection of cash into
equity, which will lead the Consortium, with an injection of €925
million, to hold 53.7% of the capital post-restructuring.
The main terms and conditions of the plan and
their impact are:
- A reduction of around 75% in the
Group's net debt
- The conversion of all unsecured
receivables and a portion of secured receivables appears to be a
prerequisite for the injection of new cash into equity.
- Despite the very substantial
dilution of current shareholders, unsecured creditors recorded a
discount close to 100%, and even secured creditors recorded a
substantial discount (in excess of 20%).
- Cash equity contributions will lead
to the Consortium taking control of the Group
- Current shareholders will be
massively diluted.
- 2024 01 03 - PR - Attestation
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