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Marie Brizard Wine & Spirits: Ledouble Cabinet Independent Review Report

Paris, January 29, 2019

Independent Expertise Report of the Ledouble Cabinet Office

Marie Brizard Wine & Spirits (Euronext: MBWS) today publishes a report on January 29, 2019 on the work of the independent expert, the Ledouble office, presented to the board of directors.

The last part of this report’s summary is reproduced here:

“Based on our work on the Project evaluation date, in terms of the continuity of the operation and after studying the financial conditions of the Operation, we retain, in particular, the following points:

  • The subscription price for the increase in reserved capital (4 euros) makes the premium dependent on a multi-criteria valuation of the Shares; it is only achieved at the top of the current range of the Group's valuation, including an active revaluation of all of its assets.
  • As for shareholders:
  • Taking into account our range of valuation of Shares and the subordination of the shareholders who place them after the lenders receive guarantees from the assets of the Group, there is nothing to exclude the assumption that shareholders will lose aggregate shares. their investments in the absence of financial restructuring, which is necessary to ensure the continuity of the Group’s operations.
  • In the Basic version, and taking into account our MBWS assessment, the shareholder, regardless of whether he fulfills his BSA, will not lose any assets if the value of the Group has not decreased since the implementation of the Strategic Plan and the merger. with COFEPP;
  • The cash contributions for the Group in the Basic version are higher than in the Alternative, therefore MBWS will have, if the Basic option is implemented, a better financial base to ensure its recovery. It is specified that:
  • Alternatively, the minimum cash flow is insufficient to cover the financial needs already identified by the Group by January 2020;
  • The main option in the guaranteed part of the cash contribution may cover the need for funding for 2019, calculated by management;
  • If any assumptions underlying the cash flow forecast change, the situation in the Group deteriorates, or delays its recovery from the expected trajectory in 2019, the new financial restructuring occurs. in the short term, it cannot be excluded if the execution of orders in addition to the currently guaranteed minimum level does not cover the need for additional cash flow.
  • The free allocation of BSA in the Basic option or the Capital increase from the PSR in the Alternative option gives all shareholders of the Company the right to participate in the reinstatement of the Group. "

This report is fully published on the Group’s website and is available by clicking on the links below:

About Marie Brizard Wine and Spirits

Marie Brizard Wine & Spirits is a group of wines and spirits created in Europe and the United States. Marie Brizard Wine & Spirits is distinguished by its know-how, a combination of brands with long traditions and a decisive innovative spirit. From the birth of Maison Marie Brizard in 1755 to the launch of Fruits and Wine in 2010, Marie Brizard Wine & Spirits Group developed its brands in a modern style, respecting their origins.

Marie Brizard Wine & Spirits is committed to offering its customers brands of confidence, courage, and full taste and experience. The Group currently has a rich portfolio of leading brands in its market segments, including William Peel, Sobieski, Krupnik, Fruits and Wine, Marie Brizard and Cognac Gautier. Marie Brizard Wine & Spirits is listed in section B Euronext Paris (FR0000060873 – MBWS) and is included in the EnterNext © PEA-PME 150 index.

Investor Relations

Raquel Lizarraga

Tel: +33 1 43 91 50 18

Simon Zacks, image seven

Tel: +33 1 53 70 74 63

  • MBWS_CP_CR Independent Review – VF

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