08.03.2006

Butler Capital partners acquire Accès Industrie

A statement has been issued following our report on February 27th concerning The planned investment in south west based Access Industrie, by venture capital company, Butler Capital Partners of Paris.
click here for Feb 27th story
The statment confirms that Access Industrie and Butlers have signed a definitive agreement, in which funds equivalent to €33.4 million will be used to recapitalise the business, giving Butlers a 69 percent share of the company, while reducing the holding of Daniel Duclos, president, to eight percent.

The deal will include the underwriting of compensation for creditors, and the issuing of new shares. Butler will in effect be paying €50 cents per share, compared to a price of 47 cents, when they were suspended last April.

Existing shareholders will be able to maintain their holding in the company, with the right to purchase four new shares for each old one held at the same 50 cent price as Butler has paid.

The new deal includes a restructuring of the company's finances, including a new €67.7 million line of credit, while consolidated net debt will be halved from the current €80 million to €40 million.

The negative net equity of minus- €12 million will be converted to a positive equity position of €34 million.

The deal is subject to various approvals and should be completed by the end of March.