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

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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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