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DMC Group declares first-half 2006 performances
30 Aug '06
2 min read
The financial operations – capital increase and convertible bonds issue – adopted by the Extraordinary General Meeting of February 27, 2006 and initiated on July 13, produced the following results:
- €14.1m of shares were subscribed to in the capital increase, ie 90.5 percent of the offer.
- 91.4 percent of the convertible bonds were issued for a total of €26.9m.
These operations allow DMC to substantially reduce debt, restore equity capital and obtain the financial means for future expansion.
After these operations, lenders who converted part of debt into capital, in compliance with the guarantees of the operation, hold 11.74 percent of share capital and those who subscribed to convertible bonds hold €26.4m.
Pienza International (Guiness Peat Group), with 18.9 percent of capital following the market operations, have a €17.9m call option on convertible bonds held by lenders.
First-half 2006 performances in no way undermine the target for half-year net profit at close to breakeven. Half-year accounts for which audits are underway will be published in early September.
Dollfus Mieg and Company (DMC) has woven its business through Europe and the rest of the world. It owns and operates two primary core activities: apparel sportswear fabrics (about 50 percent of sales) and craft supplies (such as wool and cotton threads used for needlepoint and embroidery).
- €14.1m of shares were subscribed to in the capital increase, ie 90.5 percent of the offer.
- 91.4 percent of the convertible bonds were issued for a total of €26.9m.
These operations allow DMC to substantially reduce debt, restore equity capital and obtain the financial means for future expansion.
After these operations, lenders who converted part of debt into capital, in compliance with the guarantees of the operation, hold 11.74 percent of share capital and those who subscribed to convertible bonds hold €26.4m.
Pienza International (Guiness Peat Group), with 18.9 percent of capital following the market operations, have a €17.9m call option on convertible bonds held by lenders.
First-half 2006 performances in no way undermine the target for half-year net profit at close to breakeven. Half-year accounts for which audits are underway will be published in early September.
Dollfus Mieg and Company (DMC) has woven its business through Europe and the rest of the world. It owns and operates two primary core activities: apparel sportswear fabrics (about 50 percent of sales) and craft supplies (such as wool and cotton threads used for needlepoint and embroidery).
DMC Group
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