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Etude de l'AG du 5/12/2016

La principale résolution de cette assemblée générale extraordinaire a pour objet de mettre en place un contrat d'émission avec le fonds Bracknor Investment consistant en une ligne de financement obligataire flexible par l'émission de 20 bons d'émissions d'obligations convertibles en actions (BEOCABSA) se décomposant en 50 tranches de OCABSAs chacune qui seront assorties de bons de souscription d'actions.

L'opération permettrait à la société une grande flexibilité dans son financement en ayant l'assurance de disposer à sa convenance de ressources allant jusqu'à 15 M€. En contrepartie, Bracknor Investment deviendrait actionnaire de la société en bénéficiant d'une décote de 10% par rapport au cours de bourse sur environ 1,3% du capital. Par ailleurs, ce fonds bénéficierait de BSA valorisés 100 M€.

Les caractéristiques de l'opération proposée semblent trop généreuses et excèdent les limites de la politique de vote de Proxinvest. Par ailleurs, en cas de chute du cours de bourse, Bracknor Investment pourrait prendre le contrôle de la société. Pour ces raisons, la résolution ne sera pas soutenue (résolution 3).

Underlying
Genomic Vision SA

Genomic Vision Sa. Genomic Vision SA is a France-based biotechnology company. It develops and commercializes single-DNA molecule diagnostic tests and research tools for life sciences, cancer and genetic diseases. The Company uses the molecular combining technique for the direct visualization of single DNA molecules to detect quantitative and qualitative changes in the genome landscape and establish their contribution to pathology. It develops its products and services in three main markets: the medical diagnostic market focusing on DNA diagnostics (cancer genomics, genetic diseases); the pharmaceutical research and development market in the fields of genomics, to develop tests that can help physicians identify how patients are likely to respond to targeted therapies (personalized medicine, pharmacogenomics, cancer cell proliferation); and the academic laboratories research market, providing molecular combining tools for academic research in the field of cancer genetics, cytogenetics and DNA replication.

Provider
Proxinvest
Proxinvest

Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.

Proxinvest main services are :

  • ​Proxy reports
  • Definition and monitoring of client customized voting guidelines
  • Corporate Governance Data and Rating
  • Thematic research
  • Engagement support

Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.

Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.

As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide. 

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