(CercleFinance.com) – Latecoere shares continued to fall Monday morning on the Paris Stock Exchange following the publication of a press release concerning, in particular, the group’s recapitalization project.
After being repeatedly booked on the downside, the stock is currently yielding more than 27% to reach new all-time lows, bringing its decline since the start of the year to more than 60%.
The aeronautical equipment manufacturer announced Friday evening that its accounts for the 2022 financial year had been approved by its general meeting organized last Wednesday.
For the record, the company recorded a 39% increase in its turnover last year, to 468.3 million euros, for an Ebitda that came out negative at 8.5 million euros.
The group also confirmed that Thierry Mootz, its current chief executive, had been elected chairman of the board following the meeting.
Latecoere mainly returned to the launch of its share consolidation, which should result in the exchange of ten existing shares for one new share, before the completion of its capital increase of 100 million euros.
‘There is nothing new in all these announcements’, commented a broker interviewed by Cercle Finance.
“This simply confirms the prospect of a new massive capital increase after the fundraising of 222 million euros which had already been concluded in 2021”, continues another professional.
“Given the evolution of society, we are also entitled to wonder what these funds were really used for and the need to return to the market two years later,” adds the latter.
For the manager, it is now legitimate to wonder about the future of the company, at least about the sustainability of its stock market listing.
‘Searchlight Capital Partners (SCP), which already holds 75% of the capital, has undertaken to guarantee up to 100 million euros for this capital increase’, he recalls.
‘Following this relution, the American fund could begin to approach the 90% threshold requiring the launch of a squeeze-out offer which would end the company’s stock market adventure,’ he concludes.