L'exercice 2017 fût marqué par un changement dans la gouvernance de la société s'agissant du Président du Conseil : Olivier Legrain a succédé à Hervé Couffin dans l'exercice de ses fonctions.
S'agissant de la rémunération des dirigeants, Proxinvest soutiendra la rémunération 2017 des dirigeants (Résolutions 6, 7 et 8), notamment en raison du caractère modéré des montants attribués et de la bonne communication de la société. Toutefois, Proxinvest s'opposera à la politique de rémunération pour 2018 (Résolutions 9 et 10) en raison du manque de transparence sur les montants attribuables (montant du fixe non communiqué) et de critères de performance trop généreux pour le bonus attribuable en 2018 au Directeur Général.
Toutefois, l'attribution potentielle d'actions de préférence pose problème pour le Directeur Général qui pourrait se voir attribuer à lui seul 20% de l'augmentation (0,63% du capital social) proposée dans le cadre de la Résolution 24. En conséquence nous ne soutenons pas cette résolution.
Mersen produces materials and electrical components intended for alternative energies, chemicals and pharmaceuticals, rail transportation, electronics and process industries. Co. divides its operations into two segments: Advanced Materials and Technologies (AMT - Materials), and Electrical Components and Technologies (ECT - Electrical). In addition, Co. produces four types of products: Electrical Applications, Electrical Protection, High-Temperature Applications, and Anticorrosion Equipment. Co. also caters to the process industries, supporting their transition towards greater energy efficiency and boasts an efficient manufacturing base with plants employing the very latest technologies.
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>Résultats semestriels totalement en ligne avec nos attentes - Mersen publie des résultats semestriels parfaitement en ligne avec nos attentes. Le CA ressort à 483.7 M€ (484.2 M€e) vs 430.3 M€ en hausse de 12.4% et de 6.5% en organique. Après un T1 dynamique (+8.4% en organique), le T2 affiche également une croissance organique soutenue de +4.8%. Il s’agit d’une réelle performance alors que l’effet de référence était élevé (+11% pour le S1 2018). Le ROC avant IFRS 16 ...
While we were expecting a slowdown in the IT services market, the Q1 earnings releases were reassuring, with growth maintained at +4.0% year-on-year. Moreover, the leading indicators improved significantly in recent quarters, which reassures us about the outlook. The sector’s valuation levels have eased, which offers an attractive entry point and is conducive to M&A. Our preference goes to Devoteam, in addition to Atos and Capgemini for which we have revised up our target prices. - Cf. ...
>Acquisition of assets in graphite in the US - Mersen announced the acquisition of graphite assets at the former Graftech site in Columbia, Tennessee.In an environment that remains firmly buoyant, Mersen is preparing for the future by acquiring new graphite production capacities.This investment will: i/ increase the group’s graphite isostatic production capacities for a limited investment relative to the cost of building a new site. The investment amounts to...
On 9 May 2019, the Company issued convertible bonds for a total principal amount of EUR 150 million. The sole agenda item relates to the proposed approval and ratification, in accordance with Article 556 of the Belgian Companies Code, of conditions of the convertible bonds in case of a change of control. These are standard provisions and they are in line with the market practice. Hence, we see no reason for shareholder concern and recommend to approve.
General: Hella is a leading automotive supplier with over 125 locations in some 35 countries. In financial year 2018/2019, the Company generated sales of EUR 7.0bn with around 39,000 employees. Hella specialises in innovative lighting systems and vehicle electronics in its segments Automotive and Aftermarket. Furthermore, in its Special Applications segment, Hella develops, manufactures and sells lighting and electronic products for specialist vehicles. As of 31 May 2019, a total of 60.00% of the Company's shares were covered by a pool agreement of family shareholders. A total of 62 members o...
In general, NN Group is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. On August 12, 2019, the Company announced that Mr. Lard Friese stepped down as CEO of the Company to become the new CEO of Dutch competitor Aegon. ECGS notes that the sole agenda item of this EGM (ITEM 2) concerns the intended appointment of Mr. David Knibbe as CEO and member of the executive board of NN Group. According to Dutch law and the Company's Articles of Association, shareholders are NOT entitled to vote on such agenda item; it is a discus...
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