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[May 2009]
Imerys Announces Forthcoming Launch of Approximately €250 Million Rights Issue
Imerys has announced the forthcoming launch of an underwritten rights issue of approximately €250 million with issuance of preferential subscription rights, supported by controlling shareholders who will subscribe in proportion to their interests.
Gérard Buffière stated: "“To optimise our financial structure and protect the Group’s flexibility, the Board of Directors approved the forthcoming launch, subject to market conditions, of a rights issue of approximately €250 million through issuance of preferential subscription rights. We are pleased that the Group's controlling shareholders have committed to subscribe to their pro rata share of the rights issue”.
The Board of Directors has approved in principle a fully underwritten rights issue of approximately €250 million through an issuance of preferential subscription rights to optimise the group’s financial structure by reducing its net debt. This operation will be launched soon subject to market conditions. It adds a financial aspect to the operating measures taken by the group since late 2008 to adapt its activities to an extremely deteriorated economic environment.
With an approximately €250 million increase in shareholders’ equity and a correlated reduction in net debt, Imerys is consolidating its balance sheet structure and improving its financial ratios. In this way, the group is maintaining its financial flexibility and safeguarding all its room to manoeuvre with a view to seizing, when the time comes, strategic development opportunities.
The Pargesa-GBL group, Imerys’ controlling shareholder since 1988, has committed to subscribe to the capital increase in proportion to its 57.9% holding in the company for a total amount of approximately €145 million. The remainder is fully underwritten by a banking syndicate.
ENDS