But it is quitedecouplethese two aspectsThey present their results on their own placeuntil the end of the demonstration in midAugustResult the most varied profiles have their chanceFinally the creation of a Green Bank with 7A failure to take the white blouse he has married oneThe recession has put an end to this state of affairsThe economic crisis but opens the door to new opportunitiesA folder on which she worked for more than ten yearsThat year another essential event occursNeuf Cegetel gave the official kickoff of his introduction at the Paris stock exchange. Placement began yesterday and must be completed on 24 October. The first rating is scheduled for October 25 in the wake of the announcement of the final price of introduction. The indicative price range was set between 19 and 22.08 EUR by title. It enhances the operator alternative telecoms between 3.6 and 4.2 billion euros (before capital increase) or between 3.85 and 4.48 billion (after lifting of funds, exercise of overallotment option and issue of shares reserved for employees). If the introduction price is located in the middle of the range, Neuf Cegetel will have a capitalization stock of EUR 4.2 billion, greater than that of the Iliad, the parent of Free (3.3 billion) and globally in line with estimates from analysts. "This is not too expensive, but this is not discounted nor", said one of them.
The overall investment is a little more than 37 million titles, but it can be worn to 41.3 million exercise of overallotment option. In this case, the floating of nine in about represent 20.3 of the capital. On the basis of the median price of the indicative range, supply is therefore EUR 847 million.
The operation breaks between the assignment of 27,24 million existing shares and the issue of 9.78 million new shares. It will therefore allow nine Telecom to raise up to EUR 250 million (after exercise "greenshoe" in mid-range). This fundraising will be used to finance the purchase of AOL France, "which should allow the group to maintain its financial flexibility", said Neuf Cegetel.
New shareholder
But the bulk of the operation focuses on existing titles: Suez 11,88 shareholder, will opt out totally. Several present capital investment fund will also benefit to reduce their shareholdings (see chart). To maintain its level of 40.6 despite dilution resulting from the increase of capital, SFR will buy some 5 million titles to Louis Dreyfus "in the price of the offer", to approximately EUR 104 million (in middle of range). Suddenly, the conglomerate down to 29.6. The two reference shareholders have concluded on 13 September a new Pact of shareholders for six years, providing for a right of first refusal for the benefit of each of the parties in case of transfer of Neuf Cegetel credentials to a third party.
"There is no desire to disengage from Louis Dreyfus, which remains one of our two strong shareholders, said the CEO of Neuf Cegetel, Jacques Veyrat." Its participation is lowered to allow us to have a float of 20. "However, the gradual rise of SFR and its ambitions in the fixed feed speculation about a buyout at end of Neuf Cegetel (read below). What could benefit in stock. "Neuf Cegetel is a history of profitable growth, however insisted Jacques Veyrat. Our operating cash flow will be doubled between early 2006 and late 2007.
Asked about his projects in fiber optics, Neuf Cegetel indicated that investments in the network would continue at an annual rate of 300 to 350 million euros, without additional financial effort. The operator has a network of long distance optical fibre. "We will accelerate the development of our network in the most attractive residential areas," continued the CEO, considering however that bring fiber to the Subscriber was today "relatively little justified given uses."
In addition, Neuf Cegetel announced that its Board of Directors will consist of four members of SFR, three of Louis Dreyfus and three independent personalities: Jean-François Cirelli, CEO of France gas, Stéphane Courbit, President of Endemol France and Hervé Couffin, former censor's new name of PAI Partners.
