(Boursier.com) — In huge volumes, Orpea soared by more than 55% to 3.77 euros this weekend in Paris. No particular information seems to explain this heat stroke for the moment. Massacred since the beginning of the year on the stock market, the title of the operator of retirement homes had already rebounded by 20% on Thursday after announcing that the Canadian Pension Plan Investment Board (“CPPIB”) had sold on the market 7.424. 188 shares between February 2 and 7. Following this operation, CPPIB (which held 14.50% of the capital and 24.16% of the voting rights of the Company) only has 1,950,000 shares left, representing 3.01% of the capital and 5. 02% of the Company’s voting rights.
After intense negotiations, the firm announced, at the beginning of the month, to have reached an agreement with, on the one hand, a group of French long-term investors led by the Caisse des dépôts et consignations and, on the other hand , creditors holding about 50% of the company’s unsecured debt. The plan provides for an equity contribution in cash of 1.55 billion euros as well as the conversion into equity of all the unsecured financial debt carried by Orpea, corresponding to a reduction in the group’s gross debt. around 3.8 billion euros.
A financial restructuring that will result in extreme dilution for shareholders: if no existing shareholder subscribes to the various capital increases announced, the “Group” formed around the CDC would hold 50.2% of the capital at the end of the plan , debt holders (SteerCo), 49.4%, and current investors, only 0.4%. But this project is hardly to the taste of a group of funds which opposes the agreement.
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