Report on the independent expert opinion, provided by the firm Ledouble, regarding the COFEPP Reserved Capital Increase
January 29 2019 - 1:55PM
Report on the independent expert opinion, provided by the firm
Ledouble, regarding the COFEPP Reserved Capital Increase
Paris, 29th January 2019
Report on the independent expert
opinion, provided by the firm Ledouble, regarding the COFEPP
Reserved Capital Increase
Marie Brizard Wine & Spirits (Euronext:
MBWS) today published the progress report, as of 29th January 2019,
on the expert opinion under preparation by independent expert
Ledouble, submitted to MBWS’ Board of Directors.
Hereunder is a full reproduction of the final
portion of the summary of the report:
“Based on our analysis to-date of the Share, under the
assumption of MBWS as a going concern, and after an assessment of
the financial conditions of the Operation, we particularly
recognize the following points:
- The Subscription Price for the Reserved Capital Increase (€4)
encompasses a premium, compared to the multi-criteria value
of the Share; this price is only reached at the high end of the
range of the Group’s current valuation, including a proactive
revaluation of all assets;
- As regards the shareholders:
-
- In the context of our range of evaluation of the Share and the
subordination of shareholders, which places them behind the
creditors who have the benefit of guarantees on the Group’s assets,
we cannot discard a scenario in which the shareholders would lose
their entire investment, absent the necessary financial
restructuring for the Group to remain a going concern.
- In the Principal Option, and in light or our evaluation of
MBWS, a shareholder exercising or not his stock warrants would not
lose equity, unless the value of the Group is further eroded after
the execution of the Strategic Plan and a closer collaboration with
COFEPP.
- The cash contribution received by the Group in the Principal
Option is larger than in the Alternative Option. Therefore,
if the Principal Option is carried out, MBWS would have a stronger
financial base from which to carry out its turnaround, given the
following:
-
-
-
- The minimum cash contribution in the Alternative Option is not
sufficient to cover the Company’s financing needs through January
2020, already-identified by management;
- The guaranteed portion of the Principal Option could enable
coverage of the 2019 funding needs estimated by MBWS’
Management;
- In the event of a change to any of the assumptions underlying
the estimated cash needs, a further downturn in the Group’s
business, or a delay in its turnaround compared to the rate of
progress estimated for 2019, an additional short-term financial
restructuring might be necessary unless the stock warrants are
exercised at a rate above the guaranteed amount that is high enough
to cover additional cash requirements.
- The allocation of free stock warrants in the Principal Option,
or in the Capital Increase with PSR in the Alternative Option,
offers all of the Group’s shareholders the option to participate in
the Company’s turnaround.”
The full progress report is available (in
French) on the Group’s website and can be accessed via the
following links:
http://fr.mbws.com/sites/default/files/mbws_compte_rendu_ledouble_au_conseil_dadministration_29_01_2019_final_-_1er_partie.pdf
http://fr.mbws.com/sites/default/files/mbws_compte_rendu_ledouble_au_conseil_dadministration_29_01_2019_final_-_2eme_partie.pdf
Marie Brizard Wine &
Spirits produces and sells a range of wine and spirits
across four geographic clusters: Western Europe, Middle East &
Africa, Central and Eastern Europe, the Americas, and Asia-Pacific.
MBWS has distinguished itself for its know-how, the range of its
brands, and a long tradition and history of innovation. From the
inception of Maison Marie Brizard in Bordeaux, France in 1755, to
the launch of Fruits and Wine in 2010, MBWS has successfully
developed and adapted its brands to make them contemporary while
respecting their origins. MBWS is committed to providing value by
offering its customers bold, trustworthy, flavorful and
experiential brands. The company has a broad portfolio of leading
brands in their respective market segments, most notably William
Peel scotch whisky, Sobieski vodka, Krupnik vodka, Fruits and Wine
flavored wine, Marie Brizard liqueurs and Cognac Gautier. MBWS is
listed on the regulated market of Euronext Paris, Compartment B
(ISIN code FR0000060873, ticker MBWS) and is included in the
EnterNext© PEA-PME 150 index, among others.
Investor ContactRaquel
Lizarraga raquel.lizarraga@mbws.comTél :
+33 1 43 91 50 |
Press ContactSimon Zaks, Image
Septszaks@image7.frTél : +33 1 53 70 74
63 |
- MBWS_CP_CR_Expertise_indépendante VF -ENG
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