Bryan, Garnier & Co. successfully completes €11.5 million convertible bond placement for GoAdv

Bryan, Garnier & Co. successfully completes €11.5 million convertible bond placement for GoAdv

News published on September Wednesday 3, 2008
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PARIS – September 3, 2008 - Bryan, Garnier & Co (“Bryan Garnier”), the independent pan-European investment

bank focused on growth companies, today announced the successful placement of GoAdv’s €11.5 million 6% July

2013 convertible bond (Euronext: GOAOC) on 28 July. Bryan Garnier acted as sole Advisor and Bookrunner for this

transaction.

Founded in 2004, GoAdv is an independent online media company with a wide pan-European network of vertical

and horizontal websites including Excite Europe and the Better Deals network. The Group, which attracts more than

17.5 million monthly unique visitors to its websites, specialises in the generation of qualified traffic for Internet

advertisers. GoAdv has been listed on Alternext (Euronext: ALGOA) since August 2007.

Proceeds of the convertible bond will be dedicated to GoAdv’s external growth strategy. With a cash balance of more

than €20 million, the group intends to play an active part in the industry consolidation over the next two years. In

2007, GoAdv already demonstrated its ability to successfully implement its external growth strategy by acquiring

Excite Europe only two months after the completion of its private placement and listing on Alternext.

Commenting on the transaction, Gregoire Revenu, Managing Director at Bryan Garnier said: “In less than four years

GoAdv has emerged as a promising international online media company, with revenues doubling each year and

reaching €8.8 million in Q1 2008. We are delighted to support GoAdv’s strong management team in its fast

development strategy.” Henri-Pierre Jeancard, Head of Equity-Linked Financing at Bryan Garnier added: “By

completing this transaction in a challenging market, Bryan Garnier has once again demonstrated its ability to deliver

hybrid capital to growth companies and provide investors with an interesting risk/return exposure.”

Luca Ascani, President of GoAdv, said: “Since its inception, GoAdv has proved to be a very dynamic online player.

Beyond impressive traffic and revenue growth, we have also managed to reach critical milestones over the last 18

months including a private placement, the acquisition of Excite and Go2tracks, the opening of our office in Manila.

Thanks to this successful transaction we are in a strong position to actively pursue our external expansion strategy and

seize opportunities for market consolidation over the next two years. The combination of Bryan Garnier’s strong

sector expertise and placement capabilities in relation to equity-linked instruments has been a key factor for the

success of this transaction which has been oversubscribed despite adverse market conditions.”

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