Marie Brizard shareholders approve stock warrant exchange

Marie Brizard Wine & Spirits (MBWS) shareholders have approved the issue of new stock warrants in exchange for existing warrants, in a move to simplify the capital structure of the company.

The Marie Brizard Board is to issue a public exchange offer on existing stock warrants

Following the offer, the French drinks group, maker of Marie Brizard liqueurs and William Peel Scotch whisky, could generate an initial capital increase of up to €88 million in the short term.

The decision follows a shareholders’ Extraordinary General Meeting held on 5 January led by Benoît Hérault, chairman of the Board of Directors.

Once approved by French stock market authority AMF, the Board will issue the new warrants, without preferential subscription rights for existing shareholders, in exchange for most existing warrants.

The move will create a single warrant with one excise price, resulting in a simpler balance sheet structure, the company explained.

Jean-Noël Reynaud, MBWS CEO, said: “This operation forms part of a dynamic framework focusing on the future, following the deal reached that ended the dispute with the DVNI (the French National and International Audit Office) and the divestment of €28 million of non-strategic assets that represented almost 75% of the divestment proceeds target defined in BiG 2018.”

MBWS is currently undertaking the BiG 2018 strategic plan to grow both sales and market share. In November, it increased its sales forecast over the period, from around €420-460 million to €450-500 million by 2018.