2406, 2020


Paris, June 23th 2020 Pierre-Henri Leroy, Founder and Chairman of France’s leading proxy agency Proxinvest, has sold a controlling stake to Alain Demarolle. For 25 years, Proxinvest has been the sole independent proxy firm in France promoting effective [...]

2101, 2020

Altice Europe/Next Alt/Drahi, a financial disaster in the making, in the way of Casino/Rallye/Naouri?


2018 was the year of market share recovery for SFR, Altice Europe’s key French subsidiary. It was also the year of Altice USA’s spin-off and other asset sales, contributing to a €16.85 billion debt deleveraging, as well as €5.25 billion in refinancing, extending the group’s weighted average debt maturity by six months. But it was actually just a year of kicking the can down the road. Altice Europe’s excessive indebtedness only got worse: its debt-repayment capacity deteriorated sharply from 12 years of available free cash flows[1] to close to a quarter of a century (24 years, to be precise), while its weighted average debt maturity is a much shorter 6-year long. In other words, it could currently take four times longer to repay such indebtedness than what is currently provided for in loan agreements and bond indentures. This is a real wager. […]

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501, 2020

Shareholder Activism: Reaction to the Woerth Report

On Wednesday, October 2, 2019, the Finance Committee of the National Assembly examined the information report on shareholder activism presented by Eric Woerth and Benjamin Dirx. The Chairman of the Finance Committee Eric Woerth gave an [...]

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