Reno De Medici - Cascades
Reno De Medici - Cascades
Reno De Medici - Cascades
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RENO DE MEDICI: FULL CONSOLIDATION SINCE Q2<br />
<strong>Reno</strong> <strong>De</strong> <strong>Medici</strong> (RdM)<br />
1. <strong>Cascades</strong> owned 42.2% of outstanding shares at the end of Q3 2011<br />
2. <strong>Cascades</strong> can acquire up to 5% per year on the open market<br />
3. <strong>Cascades</strong> has the option to acquire 9.07% from one shareholder « Industria Innovatione»<br />
• <strong>Cascades</strong> has a call option to buy for €0.43 per share until <strong>De</strong>c. 31, 2012<br />
• Industria has a put option to sell for €0.41 per share from Jan 2013 to March 31, 2014<br />
• Total potential investment of €14-15 M<br />
4. Put / Call option for <strong>Cascades</strong> virgin assets in effect<br />
• 2011 is reference year<br />
• Paid in cash or in additional shares of RdM<br />
• May represent 10%-20% of outstanding shares of RdM (depending on acquisition structure)<br />
Due to the option in place (9.07%) and the size of its ownership, <strong>Cascades</strong> began to fully<br />
consolidate RdM‟s results in its financial statements in Q2 2011<br />
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