(Boursier.com) — McPhy Energy fell by 5.6% this Wednesday to 3.53 euros, while the group is setting up a new equity financing line with Vester Finance in the form of a PACEO, limited to a maximum of 14.6% of its capital… “Ensuring our financial visibility is a key factor in our development. Among our financing options considered, we have chosen to reiterate an equity line, already successfully carried out in the past alongside the director of Vester Finance, because this strengthens our equity by allowing us to adjust its use according to our real needs, thanks to its flexibility. This operation, as well as the entry into exclusive negotiations with Atawey with a view to the sale of our resorts activity, reinforce our financing plan”, indicates Jean-Baptiste Lucas, Managing Director of McPhy.
In accordance with the terms of the agreement signed on December 19, Vester Finance has undertaken to subscribe to a maximum of 4.8 million shares of the company, representing up to 14.6% of the share capital, on its own initiative. , over a maximum period of 24 months, subject to certain usual contractual conditions.
Manual
The shares will be issued on the basis of an average of the stock market prices preceding each issue, reduced by a maximum discount of 5%, in accordance with the price and ceiling rules set by the General Meeting. Vester Finance will receive a variable commission of 2%. The company has committed to a minimum use of the financing line of 2 million euros, corresponding, at the current price, to a dilution of around 2%, beyond which the company will have the possibility to suspend or terminate this agreement at any time and without charge.
In the event of full use of this financing line, a shareholder holding 1% of the capital before its implementation would see their participation increase to 0.854% of the capital on an undiluted basis and 0.851% of the share capital on a diluted base. Based on the current price, the total amount of net financing would represent 16.4 ME… “This method of financing, dilutive and which will weigh on the price, is a bad signal in our opinion, while a fundraising seems essential to us in 2024” comments Portzamparc who recalls that Mcphy had 97 ME of cash at the end June 23 (135.5 ME at the end of 2022) after a cash burn of 38.5 ME in H1… “We expect a net cash flow of 57 ME at the end of 2023 and close to 0 at the end of 2024 (including 15 ME of IPCEI subsidies + Maugis). Our objective of 4.4 euros is based on the hypothesis of a capital increase of 80 ME” concludes the analyst.