Bluebay could take majority Infogrames stake
Following last week's announcement by French publisher Infogrames that BlueBay Asset Management had increased its holding in the company and underwritten a EUR 150 million bond, further details have emerged that could at some point see BlueBay take a majo
Following last week's announcement by French publisher Infogrames that BlueBay Asset Management had increased its holding in the company and underwritten a EUR 150 million bond, further details have emerged that could at some point see BlueBay take a majority stake if certain conditions are met.
While BlueBay currently holds 25.72 per cent of Infogrames' capital, and 25.64 per cent of voting rights, this could translate into 59.8 per cent and 59.7 per cent respectively if the convertible bonds are translated into shares.
That's according to a report on Forbes by Thomson Financial, which also indicates that such a move would happen automatically on April 1, 2014, although Infogrames has the option to buy the bonds back or convert them at any point before then.
In total BlueBay holds 88.5 per cent of the total bond issue, the company said.