Etude de l'AG du 09/12/2016
Le principal sujet de la présente assemblée générale est l'opération de conversion des obligations émises en mai 2013. En effet, la société indique avoir besoin de restaurer ses fonds propres et propose ainsi que les obligations émises au bénéfice de 4 fonds soient converties en Actions de Préférence assorties de BSA.
Si le premier volet de l'opération (conversion des obligations en actions de préférence) semble plutôt acceptable car porte sur le remboursement en actions d'une valeur égale au remboursement en numéraire qui sera dû en 2020, le deuxième volet (bons de souscription en actions) ne semble pas justifié car il constitue en réalité un cadeau fait à ces fonds et demeure sans intérêt pour les actionnaires de la société.
Selon Proxinvest, si la société a besoin de financement, faire appel au marché constituait une alternative tout à fait exploitable. En effet, une augmentation de capital classique d'environ 3% de la capitalisation aurait suffit à couvrir les besoins de la société.
AB Science is a pharmaceutical company specializing in the research, development and commercialization of protein kinase inhibitors (PKIs), a new class of targeted molecules whose action is to modify signaling patways within cells. Co. targets diseases such as cancer, inflammatory diseases and central nervous system diseases, in both human and veterinary medecines. Co. has developed its own portfolio of molecules including masitinib, which has already been registered in Europe and the U.S.A. and is pursuing five phase 3 studies in human medecine, including studies in pancreatic cancer, GIST, metastatic melanoma, and studies in mastocytosis and severe persistent asthma.
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.
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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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