Belgian fertilizer producer Rosier SA is proceeding with the transactions proposed as part of the rescue package offered by controlling shareholder Vienna-based polyolefins and fertilizers major Borealis AG, and will carry out a recapitalization of the company, following approval at an extraordinary shareholders’ meeting held June 16 (GM June 10, p. 26).
The recapitalization will be through a €55 million (approximately $57.9 million at current exchange rates) capital increase provided by Borealis, and will be implemented at the latest by July 31, 2022.
After the envisaged capital increase, Borealis will hold a stake of 98.09% in Rosier, up from the current approximate 77.47%.
As a result of the capital increase, as previously reported, Borealis will have the right to launch a “naked” squeeze-out offer for the Belgian fertilizer company, and to delist the company from Euronext Brussels.
Moustier-based Rosier earlier this year sought investor approval for a debt-for-equity swap aimed at raising €55 million from Borealis after its assets fell to less than a quarter of its statutory share capital (GM Feb. 11, p. 33).
At the same time as the implementation of the capital increase, Rosier will enter into a new committed unsecured intra-group financing facility of up to €15 million.