Net Asset Value • Jun 4, 2010
Net Asset Value
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At 31 May 2010, net asset value came to €55 per share (details in appendix), nearly double the figure of €28 reported at 31 December 2008. The discount to NAV was 19.4% at 31 May 2010.
The calculation methodology detailed in the 2009 annual report remains unchanged. Moreover, it conforms to the recommendations of European Venture Capital Association.
Three million Saint-Gobain put options were sold during May 2010.
€66.4 million in proceeds from the sale was used to repay €162.2 million in financing without margin calls. The rest derived from Wendel's cash holdings. Following this transaction, the bank financing without margin calls contracted to finance the acquisition of Saint-Gobain shares comes to €1,386.2 million, with maturities from June 2011 to March 2012. Since 1 June, Wendel has sold 1,055,000 additional put options.
As a result of this additional transaction, Wendel's exposure to fluctuations in the price of the 89.8 million Saint-Gobain shares that the Company holds increased from 75.1% to 79.7%.
About Wendel
Wendel is one of Europe's leading listed investment firms. The Group invests in France and abroad, in companies that are leaders in their businesses: Bureau Veritas, Legrand, Saint-Gobain, Materis, Deutsch, Stallergenes, Oranje-Nassau and Stahl. Wendel plays an active role as industry shareholder. It implements long-term development strategies, which involve boosting growth and margins of companies so as to enhance their leading market positions. Wendel's consolidated 2009 sales totalled €4.9 billion. Wendel is listed on Eurolist by Euronext Paris. Standard & Poor's rating: Long term BB, negative outlook – Short term B since 12 February 2009.
Anne-Lise BAPST: + 33 (0) 1 42 85 63 24 Laurent MARIE: + 33 (0)1 42 85 91 31 [email protected] [email protected] Christèle LION: + 33 (0) 1 42 85 91 27 Olivier ALLOT: + 33 (0) 1 42 85 63 73 [email protected] [email protected]
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| $(in \in M)$ | 31/05/2010 | ||
|---|---|---|---|
| Listed investments by company · Saint-Gobain - Bureau Veritas - Legrand - Stallergenes |
Number of shares 89.8 million 56.3 million 65.6 million 6.1 million |
Price $(1)$ €32.92 €41.65 €23.94 €55.90 |
7.211 2.957 2.344 1.570 340 |
| Unlisted investments: Materis, Deutsch, Stahl and VGG/AVR | 418 | ||
| Other assets and liabilities owned by Wendel and holding companies $\omega$ | 42 | ||
| Cash and cash equivalents $(3)$ | 1,705 | ||
| Gross Asset Value | 9,375 | ||
| Wendel bond debt | (2,641) | ||
| Bank debt related to Saint-Gobain financing | (4, 398) | ||
| Net value of hedging related to Saint-Gobain financing (4) | 441 | ||
| Net Asset Value Number of shares Net Asset Value per share |
2,777 50, 453, 893 €55.0 |
||
| Wendel share price: average of 20 most recent closing prices | €44,35 | ||
| Premium (Discount) to NAV | $(19.4\%)$ |
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