Finexsi recognizes the fairness of the capital increase booked for Tikehau Ace Capital

( — Proposed by Finexsi, a company that acted as an independent expert whose mission is to comment on the fairness of the issue price of new shares in the context of capital increases and financial terms secured for Tikehau Ace Capital. Of the financial restructuring Figeac Aero I submitted the report from the standpoint of shareholders.

The report recalls: “The Fijack Aero Group faced a significant decline in activity, especially due to the health crisis that affected the aviation sector, but the economic recovery experienced by the sector does not allow the company to deal with it. In the context of the Group’s necessary financial restructuring, the company benefited from the extraordinary mandate acquired in July 2021 and approached its financial partners to discuss the following scenarios: Strengthening fairness, existing The Inter-Ministerial Commission for Industrial Restructuring (CIRI) also intervened in the rescheduling of financing, the acquisition of new liquidity, and the restructuring. These discussions were agreed on September 9, 2021. I dreamed of moving Tikehau Ace Capital to capital by increasing the capital of the network. Discussions with other financial partners, including Ornane holders, continued, and on April 5, 2022, the conditions in this report. New terms have been announced through an agreement on the adjustment of the financial structure of the companies designated by.

The financial restructuring plan is specifically aimed at strengthening capital through a € 53.5 million to € 58.5 million capital increase and a € 1 subscription by Tikehau Ace Capital at an issue price of € 5.60 per share to Tikehau Ace Capital. increase. Issued 10 million bonds with an annual rate of 12% and a maturity of 6.5 years. The plan also provides bank debt reprofiling with a new depreciation curve for short-term and medium-term borrowings in exchange for a 62.5 basis point rate hike, extending the term to September 2028. The plan stipulates the provision of new loans for 98ME, including 66ME PGE. The plan involves adjusting the terms of the Ornans contract, which offers a partial redemption of 20 ME at a 7% discount, and extending the balance to maturity until October 18, 2028. The goal is to return to a tolerable level of financial leverage and structure that will enable the company to cover its medium-term cash requirements and continue to implement its “Road to 25” strategic plan.

To assess the fairness of the subscription price of the capital increase booked for Tikehau Ace Capital, Finexsi conducted a multi-criteria evaluation of Figeac Aéro to perform shareholder dilution and return on investment calculations.

The capital increase secured for Tikehau Wes Capital will be based on:Subscription price of € 5.60 per share, Matches the stock market reference before the announcement of the operations that make up this subscription price. In addition, this price is the same as the redemption price of Figeac Aéro shares from Jean Claude Maillard by Tikehau Ace Capital.

The theoretical valuation of Figeac Aero shares after restructuring is between € 6.11 and € 7.33.. Based on the assumptions used, the simulations performed from the transaction do not reflect a significant dilution or increase in value to either the shareholders or the owner of ORNANE.

A survey of related contracts did not reveal any financial provisions that could question the fairness of the reserved capital increase. Therefore, Finexsi believes that the terms of restructuring are financially fair to the shareholders of the company.