MBWS ‘pleased’ with stock warrant result
Marie Brizard Wine & Spirits (MBWS) CEO Jean-Noël Reynaud has said he is “pleased” with the results of a stock warrant public exchange offer, expected to generate €50 million in the short term.
William Peel producer Marie Brizard Wine & Spirits is undertaking a stock warrant exchangeCompany shareholders approved the stock warrant exchange in January 2016. The move was carried out to create a single warrant with one excise price, resulting in a simpler balance sheet structure, the company said
Details of the warrants tendered to the offer are as follows:
- 547,078 2004 Warrants, or 93.48% of 2004 Warrants in circulation;
- 43,132 2006 Warrants, or 46.37% of 2006 Warrants in circulation;
- 2,035,264 Actionnaires 1 Warrants, or 59.45% of Actionnaires 1 Warrants in circulation;
- 1,751,880 Actionnaires 2 Warrants, or 51.14% of Actionnaires 2 Warrants in circulation;
- 52,484,334 OS Warrants, or 56.34% of OS Warrants in circulation.
Following the operation, 2,628,381 2016 Warrants will now be created and exchanged for the warrants above. These 2016 Warrants have a maturity date of 31 December 2016 and an exercise price of €20.
Holders of 2016 Warrants who exercise them by 31 March 2016 will receive, for free, a 2023 Redeemable Stock Warrant with a maturity date of 31 December 2023 and an exercise price of €25.
“We are pleased with the results of this operation, which was carried out within a difficult market context,” said Jean-Noël Reynaud, MBWS CEO.
“Altogether, 60% of the existing warrants were tendered to the offer, and are liable to generate a cash injection of €50 million in the short term. This operation should enable us to rapidly achieve our objective of exiting the business continuation plan, which is why I would like to urge all 2016 Warrant holders who wish to do so to exercise them by 31 March 2016.”
Earlier this month, MBWS released a financial statement showing growth in the fourth quarter of its 2015 fiscal year, but flat full-year turnover.
