Blue Solutions

2019 Results - Seite 2

 

Based on Blue Solutions' business plan, the recent contracts signed with Daimler and RTE, in particular, are expected to bring revenue up from €26 million in 2019 to €70 million in 2020 and to over €150 million starting in 2021, with an EBITDA that should turn positive in 2021;
 

The first work done by the banks appointed by Bolloré based on this plan give a valuation of Blue Solutions of €14 per share. The tender offer at €17 means a premium of over 20%. The planned parity of 4.5 Bolloré shares for one share of Blue Solutions represents the average share price of Bolloré over the last six months as of March 2, 2020. In view of the recent stock markets evolution, this parity may evolve;

             
             
             

• The Blue Solutions Board of Directors has appointed an independent expert to examine the financial terms of the offer, on the basis of Article 261-1, I. 1. and II. of the AMF General Regulation (Autorité des Marchés Financiers), the firm BM&A, represented by Mr Pierre Béal ([e-mail] / [phone]). The Bolloré Board of Directors has also appointed an ad hoc expert charged with examining the financial terms of the contribution of Bolloré Participations to the exchange option of the offer;
   
• In total, this deal would represent a maximum amount of €110 million if all the shareholders chose to be paid in cash and 29 million Bolloré shares (or less than 1% of the Bolloré share capital) if all opted for payment in shares. Bolloré Participations wishes to remain associated and has indicated that it will consider tendering for shares;
   
• Detailed information on the values and outlook of Blue Solutions will appear in the documentation of the tender offer.

The provisional timetable is as follows:

• By May 2020: filing of the tender offer by Bolloré
• Sometime in May 2020: the conclusion reached by the Blue Solutions Board of Directors about the offer based on report of the firm BM&A, the independent expert
• End of May 2020: compliance ruling by the AMF
• May 27, 2020: Bolloré General Shareholders' Meeting authorizing the share capital increase as remuneration for the exchange option in the offer
• June 2020: Execution of the offer and mandatory de-listing of Blue Solutions

On the basis of the valuation work carried out by Thierry Bergeras, an expert appointed by the Paris Commercial Court, the Board of Directors meeting on March 12, 2020, on the recommendation of the Chief Executive Officer, decided [unanimously] not to exercise any of the seven call options regarding the assets of the Bolloré Group, of which Blue Solutions was the beneficiary.