17 july 2013
A new equity financing facility
to further strengthen Rubis’ financial resources
Pursuing the strategy it implemented in 2010 and 2011, Rubis is innovating by setting up a new equity financing facility shared between two financial institutions.
This mechanism, designed to raise funds through shareholders’ equity, has proven to be particularly appropriate with Rubis’ growth strategy, providing both flexibility and compatibility with other sources of financing such as the cash flow generated by its businesses and bank loans, at a time when Rubis is pursuing its external growth strategy and intensifying its capital expenditures plans (Reichstett, Northern Europe and Turkey).
Accordingly, under the powers delegated to it by the Annual General Meeting of shareholders and Managing Partners held on 7 June 2012, Rubis has implemented on 17 July 2013 an equity financing facility through Equity warrants issued to BNP Paribas and Crédit Agricole Corporate & Investment Bank (CACIB), allowing the issuance of new shares in tranches up to 8% of the issued share capital as of the Annual General Meeting of shareholders held on 7 June 2012 and representing a total amount of 2 440 000 shares.
BNP Paribas (through a contract of OCEAN – Continuous Order for Ordinary Share Issuance) and CACIB have signed up a contract with RUBIS on 17 July 2013 and subscribed respectively 1 220 000 equity warrants. Those equity warrants can be exercised at RUBIS request during a period of 40 months by tranches, each bank being committed to subscribe directly or through one of their subsidiaries, the new shares.
The share subscription price will be set according to the 3 previous days volume-weighted average price minus a 4% discount.
On the basis of the current share price the potential increase in shareholders’ equity could be as much as €112 million.
The banks, acting in their capacity as financial intermediaries, don’t aim at to become long-term shareholders of the Company.
Potential impact of this equity financing facility on a 1% stake in the Company held prior to the share issue (based on the number of shares making up the share capital as of 17 July 2013):
| Before issue | After issue | ||
| non-diluted basis | diluted basis (1) | ||
| Value before and after the issue of 2,440,000 new shares: |
1.00 % | 0.93 % | 0.90 % |
(1) if the 1,147,915 share options are fully exercised, whether eligible for exercise or not, and if the 211,563 bonus shares, which are subject to performance criteria, are awarded.
Next update: half-yearly results on 29 August 2013 (at Bourse closing)
| Analyst Contact | |
| RUBIS – Bruno Krief | |
| Tel. 01 44 17 95 95 |