(Boursier.com) — With the financial restructuring brewing at Casino, a huge dilution is in sight.
The plan proposed by Daniel Kretinsky provides for a reduction in net debt of 6.1 billion euros via a cash injection of 1.2 billion euros and a conversion into equity of 4.9 billion euros of debt…
At the end of these operations, the current shareholders will only hold 0.3% of the capital… Important clarification, the subscription warrants provided are reserved for the consortium which will provide cash and certain creditors. Small shareholders will therefore not have access to BSAs.
While the number of titles is now 108 million, it should be around 36 billion once the restructuring is finalized.
The conversion of the debt will be carried out on the basis of two prices, one of 0.0461 Euro, the other of 0.1456 Euro… Suffice to say that the current stock market price of the Saint-Etienne distributor seems overvalued.. .
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