WIZIBOAT (ISIN: FR00140047H7 – Mnemonic: MLWIZ) and the BENETEAU Group (ISIN: FR0000035164 Mnemonic: BEN) through its subsidiary BOATING SOLUTIONS, announce that they have signed an exclusive memorandum of understanding for the takeover of WIZIBOAT by BOATING SOLUTIONS at 74%.
Created in 2017, WIZIBOAT has experienced rapid development, however hampered in recent months by a lack of financial resources.
Revenue for the 2022-2023 season is estimated at €0.9 million, up around 30%, for an estimated net loss for the year of around -0.5 €m
[1]
.
This merger is part of the development of the BOATING SOLUTIONS offer, already present in the field of Boat Clubs, rental, Digital and Financing.
Terms of the contemplated transaction
The memorandum of understanding signed on June 24, 2023 provides for the following operations:
Acquisition by BOATING SOLUTIONS of 45.6% of the current capital at a price of €1.641 per share from Prodaly, an entity majority-owned by Mr. Christian Constantin, current Chairman of the Board of Directors, who will resign from his position at the end of the ‘operation.
Capital increase reserved for BOATING SOLUTIONS in the amount of €1.0 million, at a price of €1.641 per share.
These operations will only be carried out if the General Meeting, which will take place on August 4, 2023, approves the resolutions authorizing the capital increase with cancellation of the preferential subscription right reserved for BOATING SOLUTIONS. It will also have to ratify the composition of Wiziboat’s board of directors, divided between 2 seats for BOATING SOLUTIONS and 1 for Pierre-Olivier Bidault Sire who will remain Managing Director of
WIZIBOAT.
The share price
WIZI-BOAT
has been suspended and will resume on July 3, 2023.
[1]
WIZIBOAT’s 2022-2023 accounts are being reviewed by the auditors and will be approved by the Board of Directors at the end of July.
About WIZIBOAT
With a fleet of boats located in 20 bases throughout France, WIZIBOAT, created in 2017 in Cannes, offers the first nautical package offer. Thanks to its innovative application, WIZIBOAT is now a pioneer in the short-term rental of self-service shared boats. By associating dealers with its model, WIZIBOAT democratizes access to navigation and participates in the creation of value for the entire ecosystem. In a phase of active growth, WIZIBOAT wishes, in the years to come, to advance its community of customers and to duplicate its model internationally.
CONTACT
WIZI-BOAT
Pierre Olivier BIDAULT-SIRE
Founder and Managing Director
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Full and original press release in PDF format:
https://www.actusnews.com/news/80700-cp_wiziboat_deal-2023-vf.pdf
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