(News Bulletin 247) – The Gascogne share rose 3% on the Paris Stock Exchange on Monday, the Franco-American activist investor Guy Wyser-Pratte having requested the registration of a new resolution to the order the day of the next general meeting, scheduled for June 29.

In a press release released in the afternoon, Wyser-Pratte Management and another historic shareholder of the paper group, Meysset Développement, indicate that they have requested the registration of an “advisory” resolution.

This resolution aims to inform shareholders and provide explanations on the terms of repayment of bonds redeemable in shares or in cash (ORAN), indicate the two investors.

Wyser-Pratte and Meysset state in particular that they want to obtain details regarding the decision-making criteria for the method of conversion to Biolandes Technologies, the family holding company of the Coutiere family, in the light of (1) the share price on the day of the conversion and (2) the company’s financing capacities, which had available cash of €32.7 million at the end of 2022.

They claim to be particularly concerned about respect for shareholders’ rights and information for minority shareholders, noting in this
day ‘lack of clarity, respect and transparency’ in the field.

The two investors also say they are concerned about the accuracy of the valuation of the title of the Gascogne company on the stock market and the lag of this price in relation to the intrinsic value of the company.

Finally, they intend to ask a certain number of questions at the meeting in order to obtain clarification on the strategy, the reality of the investment concerning the new machine, the position of Crédit Mutuel Equity SCR as controlling shareholder, and this while a competing project intends to invest 490 million euros in the region.

Between them, Meysset Développement and Wyser-Pratte Management claim to hold 4.68% of the capital of the Gascogne group.

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