(Boursier.com) — Future Telecom changes its financing policy and its shareholding structure.
End of draws
In 2020, Avenir Telecom set up an equity financing line through the reserved issue of bonds convertible into shares accompanied by share subscription warrants (OCABSA) for the benefit of the company Negma Group Investment. This line of financing made it possible to support the company’s activity and to constitute a cash reserve in the service of the external growth strategy. At the end of September 2022, Avenir Telecom had cash of 25.7 million euros, and carried out 6 drawdowns, for a cumulative gross amount of 5 ME since that date.
Avenir Telecom considers that it currently has sufficient financial resources, and has therefore decided not to use its additional unilateral drawing rights. The contract will therefore naturally expire at its end, in October 2023and will not give rise to new draws.
To date, all of the bonds issued have been converted. The program gave rise to the creation of 15,922,058 share subscription warrants (BSA) still in circulation giving the right to subscribe to as many new Avenir Telecom shares, at a weighted average price of 0.13 euro.
Evolution of the shareholding
In addition, as announced at the end of 2022, Robert Schiano, CEO and co-founder of Avenir Telecom wishes to show his confidence in the teams and in the long-term strategy by undertaking a significant share buyback program in order to significantly increase his equity participation over the next few months. In this context, it acquired 2,144,186 shares, for a total investment of 233 kE, and increased its stake to 2,150,718 shares, or 3.2% of the capital against 0.01% previously. Mr. Schiano intends to pursue his share buyback strategy, and has undertaken the search for additional financing in this context.
Negma Group Investment declared on February 1 that it held just over 24% of the capital and voting rights. The investment company announced on this occasion that it was not planning to increase its stake or take control of Avenir Telecom or change the company’s strategy.
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