Atos: launches capital increases for creditors

(CercleFinance.com) - Atos announced on Thursday the launch of capital increases reserved for its creditors under the accelerated sauvegarde plan put in place by the technology group.


The operation involves the issue of some 27.2 billion new shares at a unit price of 0.0663 euros reserved for non-participating creditors, for a total of E1.8bn.

In addition, some 84.8 billion new shares are to be subscribed at a price of E0.0132 per share by participating creditors, for a total of E1.1bn.

Finally, over 3.8 new shares will be issued at a subscription price of E0.0037 in cash and by offsetting receivables to the exclusive benefit of participating creditors, for a total of E14.2m.

In a press release, Atos states that this additional equity capital, estimated at around E2.1bn, will enable it to finance its operating requirements.

The group also points out that the implementation of this financial restructuring plan will lead to substantial dilution of current shareholders, with a 'very unfavorable' impact on the share price.

With the conversion of some three billion euros of old debt into capital - which will result in a capital ownership rate by creditors of around 90.8% - a shareholder holding 1% of the capital will see his stake fall to 0.35% following completion of the capital increases.

This impact was already largely priced in by the market, as Atos shares have fallen by 99% over the past week.


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