Antalis shares start trading on Euronext Paris stock exhange. Sequana still holds more than 80% of Antalis' share capital.
Sequana has completed the stock exchange listing of its distribution arm Antalis International. Antalis shares started trading on the Euronext Paris at the market opening on 12 June.
This follows the positive vote by Sequana's shareholders on the annual general meeting on 6 June to distribute approximately 18,36 % of Antalis share capital to Sequana shareholders, on the basis of one share of Antalis common stock for every five shares in Sequana. On 8 June, the Euronext Paris stock exchange decided to admit Antalis International shares to listing and trading on the regulated market through the direct listing procedure. According to the admission notice, a total of 71,000,000 Antalis shares had been listed at a nominal price of €3 each.
Antalis IPO forms part of Sequana's plan de sauvegarde
Last February, the French holding company Sequana had filed for creditor protection under safeguard proceedings of the French restructuring and insolvency law (procédure de sauvegarde). Stock exchange listing of Antalis and the sale of Arjowiggins Security are part of Sequana's strategic plan aimed at securing the financial means necessary to meet its obligations and enabling the holding company to exit creditor protection.
The stock echange listing of Antalis was furthermore aimed at "ensuring the growth of Antalis International on its various markets, especially in the dynamic sectors of Packaging and Visual Communication", according to Sequana.