(AOF) – Second strongest decline in the SRD market, Solocal (-28.88% to 0.06 euros) collapsed on the stock market this Wednesday after two sessions in the green. The former publisher of the famous Yellow Pages, converted to digital marketing for small and medium-sized businesses, indicated that it had received two offers as part of its financial restructuring. The first comes from bondholders and provides for a liquidity contribution exclusively in debt. The second comes from the Ycor company and combines exclusively capital contributions and industrial synergies.
Solocal supports that of Ycor, “the only proposal, at this stage, likely to ensure its sustainability and which can be implemented with the support of senior lenders”.
Massive dilution in sight
“Ycor’s offer, in addition to proposing a substantial reduction in debt, the weight of which had become overwhelming and securing the group’s liquidity, should allow Solocal to benefit from the solutions and expertise developed by this player for several years and to generate synergies in a short time horizon”, supports Cédric Dugardin, general manager of Solocal.
If the offer is accepted, Ycor would thus become the majority shareholder of the group with 76% of the capital and the current shareholders of Solocal Group would be massively diluted since their existing shares would represent less than 1% of the capital.
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