Bryan, Garnier & Co successfully leads a follow-on offering with rights for Valtech

Bryan, Garnier & Co successfully leads a follow-on offering with rights for Valtech

News published on November Friday 19, 2010
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Paris, November 19th 2010 - Bryan, Garnier & Co, the independent pan-European investment bank focused on growth companies, announces that it has successfully led a €10m capital increase with rights for Valtech. Bryan, Garnier & Co acted as Global Coordinator and Sole Bookrunner on the transaction.

The rights offering was subscribed at 90.9% on an irreducible basis (representing 60,310,017 new shares). The company's strong potential was highlighted by the significant over subscription rate of 7.2 times of the remaining offer of shares (representing 9.1% of new shares) on a reducible basis. SiegCo, Valtech's majority shareholder, supported the operation by subscribing to the irreducible number of shares to which it was entitled and by committing to subscribe to the entire issue in the event that total subscriptions received did not meet the gross proceeds stated.

The new shares were placed at a price of €0.15 representing a 50.0% discount in relation to the closing price of Valtech shares (and 36.4% in relation to the ex-right share price) as at 30 September 2010.

Gross proceeds from the operation amounted to €9,951,013.95 representing a total of 66,340,093 new shares issued and accounting for 42.8% of share capital after the transaction. This fundraising will allow the company's new management to pursue the implementation of a turnaround plan aiming to become a leading global e-business player. The proceeds will be used to finance the internal growth and return to profitability and to support the future external growth of the company.

Sebastian Lombardo, Chairman & CEO of Valtech, stated: "We are extremely pleased with the success of this capital increase. I would like to thank all shareholders and investors who participated in the operation for their confidence in our company and the recovery plan initiated by the new management team. Thanks to this fundraising, we have the financial means to undertake the recovery plan and deliver Valtech towards growth and profitability."


Thibaut De Smedt, Managing Partner at Bryan, Garnier & Co commented: "We are very grateful for Valtech's confidence in Bryan, Garnier & Co. The present transaction is a further illustration of Bryan, Garnier's ability to successfully deliver for its clients. We believe in Valtech's recovery plan and that this funding will allow the company to meet their growth objectives. This capital raising is a major step that will help Valtech to maximise the potential of value creation for its shareholders. We are proud to support Valtech's ambition and its future expansion in the fast growing e-business sector."

For more information, please contact:

Thibaut De Smedt
Managing Partner
+33 1 56 68 75 75 | tdesmedt@bryangarnier.com

Christian Finan
Director - Equity Capital Markets
+33 1 56 68 75 30 | cfinan@bryangarnier.com

Guillaume Cauchoix
Associate - Corporate Finance
+33 1 56 68 75 87 | gcauchoix@bryangarnier.com  

About Valtech 

Many of the world's best companies trust Valtech to help them design and develop digital systems to engage customers and drive revenue. In addition to being a digital consultancy, Valtech is a global provider of agile software development, high performance enterprise software development, outsourcing, and organizational transformation services.

Valtech's OnDemand services are focused on one single outcome: Delivering business agility. Serving customers across industries including finance, travel, energy, media, high-tech and e-business, Valtech OnDemand offerings result in priority business ideas and digital experiences converted to working, tested and deployable software every two weeks.
Additional information about Valtech is available on the Internet at www.valtech.fr.

About Bryan, Garnier & Co

Bryan, Garnier & Co is an independent investment bank specialising in European TMT, Healthcare, Renewable Energies and growth companies. Bryan, Garnier & Co is positioned in three activities: Equity Research & Brokerage, Asset Management and Corporate Finance.
With more than 120 professionals based in London, Paris, New York and New Delhi, Bryan, Garnier & Co combines the range of services and the expertise of top-tier investment banks with the level of attention to clients of a boutique.
Through its corporate finance practice, Bryan, Garnier & Co has became a leader in advising European growth companies on strategic finance transactions such as mergers & acquisitions, equity capital market, LBOs and private placement over the last three years. 
Bryan, Garnier & Co is authorized and regulated by the Financial Services Authority (FSA) in the United Kingdom, and is member of London Stock Exchange and Euronext, Alternext Listing Sponsor, and is active on all European capital markets.

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