Groupe Gorgé will remain Prodways Group's reference shareholder in the long term
Groupe Gorgé (Euronext: GOE) announces that it has launched the sale of Prodways Group (Euronext: PWG) shares, accounting for 7.5% to up to 10.0% of the company's capital, i.e. a maximum of 4,982,305 shares. The transaction will be carried out as part of a private placement via accelerated bookbuilding reserved for institutional investors.
Following the transaction, Groupe Gorgé will continue to own more than 55.0%1 of the share capital of Prodways Group, and announces its intention to remain its controlling shareholder in the long term with more than 50% of the company's share capital, as it has been for its ECA subsidiary for 13 years.
Since its IPO, Prodways Group has successfully implemented its development strategy, in particular through acquisitions, and confirms its growth and profitability outlook as communicated at the time of its listing on Euronext Paris.
The transaction will enable Groupe Gorgé to free up new financing capacities to develop its other business activities and potentially resume dividend payments in 2018. It will also increase the liquidity of Prodways Group shares, with the free float rising from 22% to up to 32%1.
Groupe Gorgé's residual holding in Prodways Group will be subject to a lock up period of 365 days, subject to certain standard exceptions.
The bookbuilding process as part of the placement is starting immediately. The results of the placement will be announced as soon as the book is closed.
The private placement is led by Oddo BHF and Portzamparc (BNP Paribas Group), acting as Global Coordinators and Bookrunners.
This press release does not constitute a sales offer, and Groupe Gorgé's offering of Prodways Group shares is not a public offering.
Note 1 : In case of sale of 10% of the capital
About Groupe Gorgé
Groupe Gorgé is an independent group that specializes in high-tech industries. Today, the Group is active in the fields of security and protection in extreme environments, as well as in the 3D printing sector. It employs around 1,700 people, is located in eight countries and directly exports around 40% of its activity. In its more than twenty-five year history, Groupe Gorgé has always developed and driven the latest technological and industrial innovations.
Smart Safety Systems:
Developing complete, innovative technological solutions for complex missions in hostile and confined environments.
Protection of High-Risk Installations:
Protecting people and ensuring the active and passive protection of installations for energy markets and industrial and tertiary sectors in France. Ensuring the maintenance of these protection systems.
Enabling major industry players to find new routes to successful innovation and production processes by providing systems, 3D printers and new premium material.
In 2016, the Group reported revenue of €281.2 million. It is backed by 1,800 employees and operations in over ten countries.
More information available on www.groupe-gorge.com
Groupe Gorgé is listed on Euronext Paris and on the US OTC market in the form of ADR.
isin code: FR0000062671
Ticker code: GOE
US OTC market:
CUSIP NUMBER: 399451 103
ISIN NUMBER: US3994511034
Ticker Code: GGRGY / GGRGF
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GROUPE GORGE press releases may contain forward-looking statements regarding GROUPE GORGE's targets. These forward-looking statements reflect GROUPE GORGE's current expectations. Such forward-looking statements and targets depend on known and unknown risks, uncertainties and other factors that could cause actual results, performance or events to differ materially from those anticipated herein. The risks and uncertainties that could affect the Group's future ability to achieve its targets include, in addition to those indicated in the press release: the strength of competition; the development of markets in which the Group operates and notably the 3D printing division; currency fluctuations; obtaining the export authorizations that may be required for certain activities; control of costs and expenses; changes in tax legislation, laws, regulations or their enforcement; our ability to successfully keep pace with technological advances; our ability to attract and retain qualified personnel and key staff; the evolution, interpretation and uniform application and enforcement of International Financial Reporting Standards (IFRS), according to which we prepare our FINANCIAL statements; manufacturing and supply chain bottlenecks; the performance of our business partners (subcontractors, agents, suppliers, etc.). Some of these risk factors are set forth and detailed in our Document de Référence (Registration Document including the annual financial report filed with the French Autorité des Marchés Financiers), available on our website www.groupe-gorge.com. This list of risks, uncertainties and other factors is not limitative. Other unanticipated, unknown or unforeseeable factors, such as changes in the economic situation or financial markets, could also have a material adverse effect on our targets.
This press release and the information it contains do not constitute an offer to sell or to subscribe, or a solicitation to purchase or subscribe shares or securities in GROUPE GORGE or in its listed subsidiaries in any country whatsoever.
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