The Commercial Court of Orléans dismissed yesterday evening the proposed takeover of Vergnet SA by Global EcoPower (Euronext Growth - FR0011289198 - ALGEP). GEP is more than ever willing to continue a reasonable and well-mastered growth, which does not comply with the requirements of the jurisdiction.
The Tribunal preferred a promise of a recovery plan promoted by a consortium called Arum, including the company Bernard Krief, which proposes the takeover of all liabilities of Vergnet SA.
This takeover seemed impossible to Global EcoPower because of its importance (€26 million) and above all because of the off-balance sheet risks that necessarily exist on the various construction sites currently underway in Chad, Nigeria, Ethiopia, etc.
Arum's promise of a recovery plan also includes the takeover of the entire staff (102 people directly, 131 people including the subsidiaries), which seemed unreasonable to GEP with the residual volume of activity of Vergnet SA and which could have put the future of our own Group at risk.
It should be noted that the offer of GEP, which proposed the takeover of only a part of the employees (48 on Vergnet SA and 78 including the subsidiaries), was unanimously supported by Vergnet's staff itself.
Global EcoPower is an Aix-en-Provence based company and a “turnkey” constructor of power plants using renewable energies, wind and solar power. GEP is listed on the Euronext Growth Market in Paris (ISIN code: FR0011289198 - mnemo: ALGEP). GEP is eligible for PEA-PME.