Recticel announces that it has entered into final agreements with Swiss-listed Conzzeta AG (SIX:CON) to acquire 100% of FoamPartner in cash for an enterprise value of CHF 270 million, CHF 20 million of the price being payable in January 2022. This represents an 8.6x average 2019A-2020F normalized EBITDA multiple. The transaction is subject to customary conditions precedent including antitrust approvals.
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Recticel announces that on 30 September 2020 its share capital has been increased following the exercise of 33,000 warrants of the warrant plan issued on 23 June 2015. This resulted in the issuance of 33,000 new ordinary shares, which will be admitted for trading on Euronext Brussels as of 02 October 2020.
Recticel announces that on 31 August 2020 its share capital has been increased following the exercise of (i) 8,000 warrants of the warrant plan issued on 23 June 2015 and (ii) 11,000 warrants of the warrant plan issued on 29 April 2016. This resulted in the issuance of 19,000 new ordinary shares, which will be admitted for trading on Euronext Brussels as of 02 September 2020.
Olivier Chapelle (Chief Executive Officer): “After the low activity point of April, our sales progressively rebounded in May and further accelerated in June, which combined with the current strength of our orderbooks, gives me confidence that we are now emerging from this extraordinary crisis. In the second half of 2020, the topline of our retained businesses is expected to be back at the level of the second half of 2019, provided that no second wave of coronavirus cases occurs.”
Recticel is pleased to announce the successful completion on 30 June 2020 of both transactions which were announced on 6th April 2020.