(Boursier.com) — Groupimo convened its shareholders for an Extraordinary General Meeting for December 22, in the premises of the head office in Fort de France and by video. Indeed, the Board of Directors of Groupimo has taken several decisions, in order to direct the company towards a new project.
Disappointed with the listing on Euronext Growth
Groupimo is the only listed company headquartered in the French Departments of America, with a strong predominance of its activity in Martinique.
Martinique is experiencing a significant decline in its population and significant aging. According to INSEE, by 2070, the number of Martinique residents would be 212,000, or 157,000 fewer than in 2018, and with its strong aging population, it is becoming the oldest region in France.
“For several years, all our attempts to undertake and develop our activities have come up against abnormal elements. Let us recall the refusal of all our innovation files (CIR) which do not even appear in the national statistics, the refusals of our requests for PGE, defamation campaigns, misappropriation of portfolios by former employees, …”, explains Groupimo which continues: “In addition, the aging of our General Management and the impossibility of finding elements of value in the long term capable of taking over, and recently, a scandalous news item which underpins a distorted competitive market, which had extremely damaging consequences involving our leader, have accelerated our reflection.
“Moreover, the listing on Euronext Growth has not generated any positive effects either, quite the contrary,” says Groupimo, which also recalls Euronext’s action against it and the impossibility of implementing the appeals. to the market for its fundraising, the absence of help or proposals from the various obligatory stakeholders in the face of our difficulties, and above all the costs inherent in this listing, which are no longer in line with the almost non-existent profits.
In this context, Groupimo has imagined a solution that the Board of Directors will propose to shareholders.
Transfer to Euronext Access
In order to adapt our business model to this environment, Groupimo is selling its various professional subsidiaries. “We are significantly reducing our costs to also adapt our overheads to this new environment.” In this sense, the listing fees on Euronext Growth (100k/annual) appear disproportionate to Groupimo in relation to the profit derived, and the size of its entity.
The Board of Directors has therefore decided to propose leaving Euronext Growth to move to Euronext Access.
Acquisitions with own funds
The current sales should allow Groupimo to generate cash which will be invested in a structure, already created, to develop a real estate activity.
In order to cope with market conditions and the majority aspirations of its shareholders, Groupimo is launching its first real estate acquisition operations using its own funds to constitute the first listed real estate company in the Antilles, French Guiana.
“The real estate assets of these French departments of America are often little known (excluding tax exemption). In fact, the gross profitability of certain assets exceeds 10%. It is on this type of property that the company wishes to capitalize,” indicates Groupimo. Also various preliminary contracts have already been signed for 500 kE. They should allow the acquisition, initially, of around ten lots. Ultimately, Groupimo hopes to finalize the disposals of professional activities for a total estimated at around 2 ME.
Relocation of head office to Paris
With this heritage, and the relocation of the head office to Paris where access to funds seems more accessible, Groupimo intends to subsequently become a real real estate vehicle of importance while benefiting from its experience in the real estate services professions. , with reduced costs.