Chargeurs Favours Share Buyback over Dividend After Novacel Sale

Chargeurs, following the sale of its unit Novacel, plans to implement a public share buyback offer (OPRA) instead of an earlier proposed exceptional dividend. The decision comes after evaluating the low liquidity and the discounted share value of €24.2 against its Net Asset Value. The buyback aims to distribute Novacel sale proceeds more effectively among shareholders.

The proposed OPRA, valued at €36.25 million, is aligned with the initial dividend plan. Each share will be bought back at €14, surpassing the previous offer of €12. The buyback is subject to approvals from financial partners and the General Meeting of Shareholders. This initiative will provide shareholders with partial liquidity while increasing their Earnings Per Share (EPS) due to the reduction in outstanding shares.

CEO Michaël Fribourg remarked that the stock market undervalues Chargeurs' performance and growth potential. The OPRA offers better terms to shareholders without benefiting the controlling shareholder, ensuring a fair and strategic allocation of the company's resources.