Evry, 14 December 2021: Global Bioenergies (the “Company”) is today announcing the successful completion of its capital increase for a total amount of €14.5M, without preferential subscription rights for shareholders in favor of institutional investors for €13.5M and of retail investors via the PrimaryBid platform for €1M (the “Offering”).
Samuel Dubruque, Chief Financial Officer, said: “We now have €21.2M cash in hands, which gives us visibility beyond the first semester of 2023. This transaction brings us renowned investors, French and European, convinced of the interest of the path in which we are engaged. We are pleased to have been able to involve retail investors in this offering, which are becoming increasingly numerous among the Company’s shareholders, and whose participation exceeded expectations. We thank all of the Company’s shareholders who support Global Bioenergies’ purpose through their trust and commitment.”
As a reminder, the purpose of the Offering is to provide the Company with the means to:
- continue the commercial development, finish the construction, start the industrial production and finance the working capital requirements of the Pomacle-Bazancourt unit: production of biosourced isododecane intended for the niche make-up market (for approximately 50% of the funds raised by the Offering);
- conduct the engineering work and roll out the projected plant, which in 2024 will produce at the scale of 1,000 tons to supply the larger skincare and haircare markets (for approximately 25% of the funds raised by the Offering);
- pursue R&D efforts aimed at reducing the operating cost of the process for a use in commodity and sustainable aviation fuel applications within five years, and diversify commercial opportunities (for approximately 25% of the funds raised by the Offering).
The Offering was implemented pursuant to the 9th and 11th resolutions of the General Meeting of 18 June 2021, at a price of 4.13€ per share, representing a discount of 19.8% to the volume-weighted average of the share price over the three trading days prior to its setting and to the closing price on 13 December 2021.
The Offering, in a total amount of 14.5M€, share premium included, was carried out by the issue, without preferential subscription rights, of 3,510,000 new ordinary shares representing 30.9% of the Company’s existing share capital prior to the Offering, as part of:
- an issue reserved for the Company’s commercial or industrial partners and/or private equity funds investing in the biotechnology, green energy, cosmetics or retail sectors, in the amount (including the share premium) of €13.5M through the issue of 3,267,870 new shares (the “Issue Reserved for a Category of Persons”); and
- a public offering to retail investors via the PrimaryBid platform, in the amount (including the share premium) of €1M through the issue of 242,130 new shares. The offering via PrimaryBid is the second of its kind in France (the “PrimaryBid Offering”).
The shareholders that undertook to subscribe as part of the Offering, notably including the L’Oréal group, through its BOLD (Business Opportunities for L’Oréal Development) private equity fund, and the Cristal Union group, via its Cristal Financière holding company, were satisfied in line with their demand. These two shareholders accounted for 13.3% and 1% of the Offering respectively.
The settlement-delivery and admission to trading of the new shares on Euronext Growth will take place on 16 December 2021.
The new shares will be assimilated with the existing shares on the Euronext Growth market under the ISIN code FR0011052257 – ALGBE, and will carry immediate dividend rights.
These new shares will represent 30.9% of the Company’s share capital before the Offering and 23.6% of the Company’s share capital after the Offering.
After the settlement-delivery of the Offering, the Company’s share capital, in the amount of 743,284.65€, will be composed of 14,865,693 shares.
Prior to the completion of the Offering, the Company’s shareholding structure was as follows:
[1] Shares held directly and indirectly via Schmilblick Ventures, of which he is the sole shareholder.
Following the completion of the Offering, the Company’s shareholding structure will be as follows:
[1] Shares held directly and indirectly via Schmilblick Ventures, of which he is the sole shareholder.
Financial intermediaries
TP ICAP Midcap acted as sole Lead Manager and Bookrunner.
Within the framework of the PrimaryBid Offering, investors were only able to subscribe for the Offering via the PrimaryBid partners mentioned on the PrimaryBid website (https://primarybid.fr/).
Prospectus
Pursuant to the provisions of Article 211-3 of the General Regulation of the Autorité des Marchés Financiers (AMF) and Articles 1.4 and 3 of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017, the Offering did not give rise to a prospectus approved by the AMF.
About GLOBAL BIOENERGIES
Global Bioenergies has developed a process to convert plant-derived resources into a family of compounds used in the cosmetics industry as well as the energy and materials sectors. In 2021, the Group entered the market with the launch of LAST®, its own make-up brand with formulas based on a key ingredient produced via its technology. The Company is constantly seeking to enhance the performance of its process while gradually ramping up production capacities in order to supply ingredients to major cosmetics manufacturers, thereby promoting naturalness in the industry whilst improving its carbon footprint. Some of these compounds can also be used to produce renewable plastics, rubbers and paints. Lastly, Global Bioenergies is also aiming to reduce CO2 emissions in the aviation sector and thereby curb global warming. Global Bioenergies is listed on Euronext Growth Paris (FR0011052257 – ALGBE).