Report
Jehanne Leroy
EUR 1000.00 For Business Accounts Only

Iliad - AGE 20 Décembre 2019

Le principal objet de la présente assemblée est d’approuver le projet d’Offre publique de Rachat (OPRA) suivie d’une augmentation de capital portant sur le même montant, proposée au même prix que l’OPRA, et garantie par le premier actionnaire, Xavier Niel. De façon générale, cette opération, financièrement innovante, porte un risque de renforcement au capital du premier actionnaire. Cependant, celui-ci est déjà l’actionnaire de contrôle puisqu’il détient plus de 50% du capital. De la même façon, il contrôle également d’ores et déjà l’issue des votes en AG. Ainsi, cette opération ne porte pas de risque de prise de contrôle, mais uniquement de renforcement du contrôle du premier actionnaire. Or, ce renforcement se ferait au prix fort (le prix proposé étant supérieur au cours actuel). Ainsi, globalement cette opération s’apparente à un fort signal de confiance envoyé au marché par Xavier Niel. Nous la soutenons.

Underlying
Iliad S.A.

Iliad is an operator in the French internet access & telecommunications markets. Co. divides its operations into three business segments: Broadband, Traditional Telephony, and Retail Telecom. Broadband includes Internet service provider operations, hosting services, user assistance operations & operations related to the rollout of the FTTH (fiber-to-the-home) network. Traditional Telephony includes switched landline telephony (One.Tel and Iliad Telecom), directory services (mainly the ANNU reverse look-up directory accessible by Minitel, telephone, Internet and SMS text messaging) and e-commerce operations (Assunet.com). Retail Telecom offers various mobile phones & services to customers.

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. 

Analysts
Jehanne Leroy

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