2011/5/18

Land of the Regions launches an offering of Convertible Bonds

Régions launched today an offering of bonds redeemable in cash and / or New Shares and / or existing (Convertible Bonds) maturing on 1 January 2017 and a nominal amount of approximately 480 million euros, which may be increased to a maximum nominal amount of approximately EUR 550 million if fully exercised the extension clause.

In a statement, Régions explains that the proceeds of the Bonds will allow it to diversify its funding sources and lengthen the maturity of the debt.

"It will be used primarily to refinance existing credit lines and, residually, to fund the general needs of society, " the statement added.

Delfin, holding at the date of the Prospectus, 28.9% of the share capital of the Company, has announced its intention to participate in this program within the priority period up to its entire share capital of the Company, in the limit, in any event, a maximum subscription of 150 million euros.

Renault: Hall 41.3 / 39.6 E

Renault threat to emerge "from below" corridor 41.3 / 39.6 E: The title comes in contact with the MM20 that thrives to 39.7 E and could relapse towards the floor of 36.01 E 16 March and 18 April last.

EADS raised its target Oddo, purchase confirmed

Oddo is now his target price from 25 to 28 euros on the EADS, while reiterating his opinion "buy ", saying that EADS is its preferred value in the sector "should receive short-term momentum particularly strong in terms of orders. "

Following the announcement of a new rate increase imminent and optimistic speech in society, the engineering department and have indicated increased its EBIT by 1.5%, 5.6% and 7.6% respectively for the period 2011 to 2013.

In its research note, the analyst adds that the title is treated "on an EV / EBIT of 8.5x and a 2012th PE 11.1x, 12.7x and 9x cons respectively for the civil aerospace sector. "

Capelli: tripping over his point of activity

Capelli stumbles from 4.7% to two euros in the first exchanges, culminating in the wake of the publication Friday of a sales below expectations.
The business volume of 2010/2011 real estate developer came to 43.2 million euros, in line with the objectives of the company but turnover down 2.8% to 42.2 million, below Pending Gilbert Dupont (44.1 million) and consensus (44.5 million).
The analyst explained this difference by one million euros of turnover related to the sale of a property that had been recorded as investment property and the sale of which will be integrated directly in profit and sales serviced lots (counted once only) a little late in the fourth quarter on its estimates.
The fourth quarter 2010/2011, sales promotion reached a historic high of 5.8 million, a sequential growth of 49%.
Capelli claims a backlog (lots reserved and deeds) to 10 May 2011 about 43 million. The activity subdivision is 25.2 million and 17.5 million promotion (level doubled over the same period last year).
"Following this publication, we now incorporate a more conservative scenario for 2011/12, including the subdivision activity," says Gilbert Dupont, the forecast turnover of the Group for fiscal year 2011-2012 increases from 56 to 49,900,000 euros.
Given a potential rise as it considers now limited, the analyst adopts an opinion "accumulate," cons "buy" above, with a target price of 2.2 euros.

Capelli Gilbert Dupont no longer 'buy'

Gilbert Dupont adopts an opinion "accumulate" on Capelli, cons "buy" previously given an upside he considers now limited, with a price target reduced from 2.4 to 2.2 euros.
The real estate group unveiled Friday evening's annual revenues declined 2.8% to 42.2 million, below the expectation of the design office (44.1 million) and consensus (44.5 million).
The analyst explained this difference by one million euros of turnover related to the sale of a property that had been recorded as investment property and the sale of which will be integrated directly in profit and sales serviced lots (counted once only) a little late in the fourth quarter on its estimates.
Capelli said that if he has to end in April from 59.3 million euros in prizes compromise land purchases, the consultancy believes that the backlog (lots reserved and acts) is more disappointing for its part .
"Following this publication, we now incorporate a more conservative scenario for 2011/12, including the subdivision activity," says Gilbert Dupont. It reduces its forecast for sales of the group for the current year from 56 to 49.9 million euros, and its estimated EPS of 18-15 cents.

Ahold: greatly reduces its share repurchases

Ahold announced that it has repurchased 122.500 of its own shares last week for a total of around 1.2 million euros. The weighted average price of the operation came to 9.52 euros per share.
By comparison, the group had repurchased approximately 4.1 million shares the previous week.
The food retailer based in the Netherlands recalls that these acquisitions are part of its share buyback program of one billion euros announced last March 3.
To date, nearly nine million shares were repurchased under the program, amounting to 85.3 million euros.

Sopra Group: admission Axway Software scheduled June 14

The admission of the shares Axway Software, the software publishing arm of Sopra Group, will take place June 14 on NYSE Euronext.

The technical reference price of the securities, which will be used for setting thresholds for reservation at the opening, will be published in a notice from June 13

In the meantime, shareholders of Sopra will be expected to meet June 8 in order to decide on a proposed special distribution of premiums and reserves of 3.92 euros a share and per share Axway Software Sopra Group.

Last week, the board of directors of Sopra Group approved the assessment of 100% equity Axway Software at $ 300 million.

The General Assembly of the software houses will be asked to approve this distribution on the basis of this assessment, bearing in mind that Sopra Group shall retain approximately 26.5% of the capital of Axway. Under these conditions, the distribution of shares Axway Software represent a total of approximately 220.5 million euros.

For the record, Axway Software includes the publishing business management software interaction networks Sopra professionals.

Valtech: back to confirm growth in Q1

Valtech released Friday evening sales in the first quarter of significant increase from the year 2010, which was marked by a sharp slowdown in activity.

The IT services company has announced a turnover of 27.4 million euros in its first quarter 2011, up 45% over Q1 2010 and 20% at constant scope and exchange rates.

A performance which "confirms the beginning of turning the group started on the last quarter of 2010, "says the company.

However, there remain difficulties and points of awareness within the group, despite signs of recovery observed in different entities.

Ultimately, efforts continue to be focused on implementation of the turnaround plan, investments related to the repositioning of the group, as well as the integration of different structures, which continue to weigh on the group's profitability in the short term.

Around 9:50, the title Valtech loose 7.1% to below 0.3 euros on the Paris market.

Credit Agricole relapse under 11E

Credit Agricole opens a "gap" in the E and 11.01 relapse under 11E (MM100 and MM150 gravitate to this area), the title should at least back in contact with 10.65 E.

BioAlliance: quarterly revenues stable Loramyc

BioAlliance has generated a consolidated turnover of 604.
000 euros in the first quarter, up to the tune of 560,000 euros in revenues related to business partnerships on Loramyc, its drug against oropharyngeal candidiasis in immunocompromised patients.

The biopharmaceutical company said that the income is an amount comparable to sales recorded on its flagship product in the first quarter of 2010, although it is more direct sales but revenue from the partnership.

"(...) BioAlliance continues its strategy of partnership Loramyc, notably through the recent agreement signed with Sosei for Japan, "said Nicolas Fellmann, Chief Financial Officer.

In total, more than 8.5 million of revenue which are programmed over the year, thanks to partnership agreements already signed.

The consolidated cash BioAlliance was 16.2 million euros as of March 31.

Alcatel-Lucent: UBS board withdraws its short-term 'buy'

UBS withdrew its recommendation short-term "buy" on Alcatel-Lucent, while leaving its recommendation to 12 months "neutral" and raised its price target from 3.5 to 4.5 euros.

"Alcatel-Lucent has performed well (+98% since the beginning of the year), the telecoms equipment firm enjoying a mix of product renewal and a more positive environment in terms of investment, " said the broker.

With the continuation of several of these factors in the second quarter, combined with additional cost savings, UBS expects the continuation of strong operational performance.

"However, expectations have risen rapidly and with a ratio of enterprise value to EBITDA of eight, we believe the valuation is less convincing, " says the interim, however.

Archos: successful capital increase

Archos announced on Friday the success of its capital increase with preferential subscription rights, launched last April 21 and whose subscription period ended on May 4.
This capital increase will allow Archos optimize its financial structure by performing the prepayment of the loan of five million euros, made by Echostar, December 23, 2008, the annual interest rate of 20%.
The merger would also allow it to "have more financial resources to capture the growth of a market with huge potential and develop new distribution channels (white label, B to B, new country)," the manufacturer of mobile digital devices.
In exchange, the news is welcomed, since the title Archos rose 1.7% to 9.4 euros on the Paris market in the red, around 10am.
In detail, the transaction was heavily oversubscribed with a total demand of 11,608,093 shares, representing a subscription rate of 285.2%.
Given this demand and to increase the rate of service requests for application for excess shares, the CEO of Archos has decided to exercise in full extension clause.
In the end, 3,872,578 shares have been subscribed on an irreducible, or 82.7% of new shares. The subscription applications under excess will be met up to 807,540 shares.
The aggregate gross amount of the capital increase (premium included) thus amounts to approximately 30.42 million euros, by issuing 4,680,118 new shares, bringing the total number of shares outstanding Archos to 25,028,462.
The settlement of the new shares will take place May 17, 2011 and admission to trading on Euronext Paris will take place May 18, 2011. The new shares will be treated as current and existing shares and traded on the same listing (ISIN: FR0000182479).

CROSSWOOD: slight decline in quarterly revenue

CROSSWOOD recorded a turnover of 892.000 euros in the first quarter of 2011, against 903,000 euros a year earlier.

The real estate investment company specializing in owning and managing real estate accounts for this decrease by the transfer of the Housing division.

Thus, at constant perimeter, sales rose to 60,000 euros.

"The leases already signed on the site Montivilliers have not yet taken effect but will, from the last quarter of 2011, to increase rental income by about 18%, "said CROSSWOOD.
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