Groupe Gorgé recently made a successful sale of 3,736,729 Prodways Group shares. As part of an accelerated placement with institutional shareholders, the sale consists in the sale of 7.5% of the company’s capital, at €5.65 per share.
The announcement is unveiled just after the positive Q3 results of Groupe Gorgé’s 3D printing division. With this sale, one could then understand that the French company stakes on the 3D printing market in order to achieve its business objectives.
What does the commercial agreement consist in?
We are talking about €21.1 million generated by the sale in order to enable the company to free up new financing capacities to develop its other business activities and potentially renew dividend payments in 2018.
The French Group now holds about 57.7% of the capital. Furthermore, Groupe Gorgé is clearly determined to remain the long-term controlling shareholder with at least 50% of the capital of Prodways Group, as it has been for its ECA subsidiary for 13 years.
“We are delighted with the success of the transaction which confirms the high level of interest of French and international investors in Prodways Group. We are fully committed to making Prodways Group a global leader in industrial 3D printing and we intend to remain its long-term majority shareholder”, stated Raphaël Gorgé, Chairman and Chief Executive Officer of Groupe Gorgé.
From now on, during a one-year period, Groupe Gorgé’s residual holding is subject to a lock up period and might be subject to certain standard exceptions.
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