Mory Group: Press release from Alain Breau
The negotiations that were engaged a few weeks ago with a stranger company, concerning the MORY TEAM messagerie network, will not bring to an accord on a juridical or financial aspect, as both parties did not reach an agreement on these points.
The company strategy for developing, performing and remaining independent will hence be pursued through a common agreement between its CEO Alain BREAU, its financial partners Bridgepoint and Barclays, and operational management (regional managers and subsidiary managers), that will be associated to MORY TEAM capital, in the scope of an increase of the capital cover of this company, which is the main subsidiary of MORY holding.
MORY GROUP specifies that the various operations that happened in 2006 and 2007 allowed it to increase its capital cover by 22 pct, reaching now 61 million euros.
The gearing (total debts (including LBO senior debt) / capital cover) has increased in the meantime from 1,52 pct to 54 pct.
The Administration Board confirmed its full confidence in the MORY GROUP future, which doubled its size between 1999 and 2007, and which is now directly settled in 15 European countries, North Africa and Central Asia.
