The internet network service company Solocal , the former French Yellow Pages, calls a double shareholders meeting on October 19th. following a trouble season associated with something that looks like a market manipulation by the management for the benefit of lenders and last minute shareholders.
The management of this profitable but leveraged company, having thereby obtained a serious drop in the value of the share from € 15 euro to € 2.5, has recently leased a recovery plan based on the issuance of 400 million of shares at one euro for the current shareholders followed by the remittance of warrants to the lenders…and to four hedge funds acting as entering shareholders at less than € 3.
This has offered the unique case of the fast generation of in less than a semester of a 1300 members unique shareholders association called Regroupementpplocal… which is said to account for 15% of the company voting power.
Needless to say, Regroupementpplocal will rather be vocal on the current management proposal…
So wait for external resolutions.
September 12 2016
