SOLOCAL: resumption of trading Monday, July 6

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(AOF) – SoLocal, whose title has been suspended since June 15, has announced that the resumption of trading in its securities has been set for Monday, July 6, 2020. This, after having specified that after intense negotiations, the group and its financial creditors have found the terms of an agreement to ensure the group’s liquidity and reduce its debt level. Also, the company’s board of directors has unanimously decided to approve this plan and to recommend the approval of the resolutions corresponding to this solution to the group’s shareholders.

The local communications specialist specifies that this agreement aims to secure society and its jobs, and to pursue its development strategy (100% digital, by subscription).

Thus, this restructuring is essentially based on a capital increase of 347 million euros fully guaranteed by bondholders (including 85 million euros in liquidity provision and the balance in reduction or conversion of debt).

SoLocal indicates that this operation will require the reduction of the par value of the shares then will be followed by a grouping of shares (100 old shares for 1 new). It will be supplemented by obtaining an additional financing line of 32 million euros fully guaranteed by certain bondholders in the event that the company does not obtain a loan guaranteed by the State (PGE) of an amount at less equal before the combined general meeting of July 24, 2020.

The company specifies that this line will be drawn after the AGM to allow the group to meet its cash flow needs. The deleveraging of the company coupled with the achievement of the announced objectives should allow a significant recovery of value for the shareholders who would participate in the operation.


Communication – Medias

Over the first nine months of 2018, net advertising revenue (after negotiations) from the media decreased by 1.7% to almost 5.9 billion euros. The dynamism of online advertising benefited all media and helped limit this decline. Net digital revenues from television, press, radio and outdoor advertising jumped 10.8% over the period. Disparities exist depending on the media. Outdoor communication is the most dynamic medium (+ 4% overall, to 868 million euros) thanks to digital. The other media lost revenue: the decline in radio was the least marked (-0.4%). The press as a whole (national and regional daily press, regional weekly press, magazines and free newspapers) posted a decline of 4.1%. As for the television networks, they saw their turnover fall by 0.8%, due to an unfavorable base effect linked to the Football World Cup.



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