(News Bulletin 247) – Les Agences de Papa, an independent digital real estate network, announced Thursday that it has reduced its losses in 2022 thanks to a doubling of its turnover over the financial year.
The Nice company reported this morning a loss of 9.5 million euros for the past year, against a shortfall of 13 million euros at the end of the 2021 financial year.
Its turnover more than doubled, reaching 625,000 euros, against 301,000 euros a year earlier.
Taking management fees into account, turnover reached 3.1 million euros.
The group also announced that it had secured its working capital requirement over a 12-month horizon through equity financing and convertible bonds.
The company explains that it raised four million euros through a convertible bond issue fully subscribed by Capital Système Investissements, one of its historical investors.
A capital increase in the amount of 8.4 million euros will also enable it to strengthen its equity, based on a unit subscription price of 0.25 euro, representing a discount of 50% relative to the last quoted price.
The company also announced that it had issued 26.6 million stock warrants, the exercise of which would result in a capital increase for a total value of 6.7 million euros.
Following the finalization of all these transactions, the participation of a shareholder currently holding 1% of the capital would be reduced to 0.45%, on a non-diluted basis.
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