(BFM Bourse) – By distributing 3 Prodways shares for 2 Gorgé shares, the high-tech industrial group completes the field of drones, engineering and protection systems.
Strengthening the company’s profile on the stock market was one of the stated objectives of Groupe Gorgé’s split from its (now former) subsidiary dedicated to 3D printing, Prodways, and it seems to be off to a good start. Gorgé’s price amounts to 15.18 euros on Monday around 4 p.m., while the right to receive 3 Prodways shares for 2 Gorgé shares was detached from the share today. The coupon thus distributed (settlement will take place on Wednesday) is equivalent to € 4.11 per share. Taking the detachment into account, the current price shows an increase of 17.67%.
Recall that faceally, the price certainly appears cheaper than Friday (17.10 euros at closing) but the people who then held only Gorgé shares (majority shareholder of Prodways) now have in their pocket on one side Gorgé shares and the ” the other is their share of Prodways Group shares (which will actually be found on their securities account or PEA on Wednesday).
The allocation to its own shareholders of most of its shares in Prodways, i.e. 25,817,523 Prodways shares, completes the strategic refocusing of the group’s activities, initiated in 2018. This refocusing began with the sale of certain subsidiaries of the Engineering division & Protection Systems -AI Group, followed by CIMLEC then VanDam- positioned in highly cyclical sectors (automotive, petroleum). An important step in this refocusing was then taken with the strengthening of the group in Drones & Systems, thanks to the merger-absorption of ECA, now 100% owned.
Following the spin-off of Prodways, Groupe Gorgé will only hold 5.95% of the capital of the latter, founded in 2013 and listed since 2017, and will no longer consolidate its results. Conversely, the distribution will lead to the recognition of a capital gain greater than € 55 million in the accounts for 2021.
Post-split, Groupe Gorgé is made up of two poles of activity, called Engineering & Protection Systems and Drones & Systems. The latter would represent nearly 60% of revenues and around 90% of results and backlog. Groupe Gorgé is now positioned mainly as one of the world leaders in the field of autonomous robotics and integrated systems.
By refocusing, the group seeks to benefit from increased readability, a better profile on the stock markets and ultimately a better valuation, management acknowledging that the price has been penalized for many years by the diversity of activities. Groupe Gorgé will also have a more focused investment capacity to develop its growing Drones & Systems division and seize consolidation opportunities in the sector.
The operation also improves Prodways’ profile, in that the free float share goes from 34% to around 60%, with the Gorgé family remaining the largest shareholder.
Guillaume Bayre – © 2021 BFM Bourse
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