Clarification on the Two Independent Expert Reports Issued on Behalf of the Nanterre Commercial Court and Available on 23 June 2023 on the ORPEA Website
26 Junho 2023 - 11:00AM
Business Wire
Regulatory News:
ORPEA (Paris:ORP):
The Company invites investors, shareholders and creditors to
read the full content of the two reports made available on its
website on 23 June. The fragmentary pieces of information extracted
in certain press articles do not provide a fair assessment of the
current value of the Company's shares.
The figures given in the Company's press release published on
Friday evening are not equity values but valuations of the
activities (enterprise value, i.e “Valeurs d’Entreprise” as
labeled in the subject expert reports) of the ORPEA Group as a
going concern and of ORPEA SA in a liquidation scenario, as
described in each of the two reports.
With regard to the valuation of the ORPEA Group's as a going
concern, the enterprise value, estimated by the firm Ledouble
at between €6 billion and €7 billion, should be compared with the
ORPEA Group's financial debt of €9.7 billion at 31 December
2022.
With regard to the valuation of ORPEA SA in a liquidation
scenario, it aims to address a scenario in which the
accelerated safeguard plan is not adopted, leading to the
liquidation of the Company through the sale of individual assets or
the sale of all of ORPEA SA's assets to a buyer. According to this
approach, the enterprise value of the Company, estimated by the
firm Ledouble at between €2.6 billion and €3.7 billion, should be
compared with the Company ORPEA SA's financial debt of €7.4 billion
at 31 December 2022.
In each of these scenarios, consequently, the economic
present value of equity is negative.
This situation explains the treatment reserved for shareholders
in the Company's accelerated safeguard plan. Under the terms of the
plan, existing shareholders will be massively diluted by the entry
into the capital of unsecured creditors and new investors. As
reminded in the press release of 26 May 2023 and its appendices,
the capital increases provided for in the safeguard plan will be
carried out at prices ranging from €0.607 to €0.013 per new share
depending on the scenarios.
These two reports are available on the ORPEA website in the
"Restructuring" section [link]
About ORPEA
ORPEA is a leading global player, expert in providing care for
all types of frailty. The Group operates in 21 countries and covers
three core businesses: care for the elderly (nursing homes,
assisted living facilities, homecare and services), post-acute and
rehabilitation care and mental health care (specialized clinics).
It has more than 76,000 employees and welcomes more than 267,000
patients and residents each year.
https://www.orpea-group.com/en
ORPEA is listed on Euronext Paris (ISIN: FR0000184798) and is a
member of the SBF 120 and CAC Mid 60 indices.
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version on businesswire.com: https://www.businesswire.com/news/home/20230626891692/en/
Investor Relations ORPEA Benoit Lesieur Investor
Relations Director b.lesieur@orpea.net
Toll-free number for shareholders: 0 805 480 480
Investor Relations NewCap Dusan Oresansky Tel.: 01
44 71 94 94 ORPEA@newcap.eu
Press Relations ORPEA Isabelle Herrier-Naufle
Press Relations Director Tel.: 07 70 29 53 74 i.herrier-naufle@orpea.net
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// Laurence Heilbronn 06 78 37 27 60 - 06 89 87 61 37
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