Cabasse: 0.4 million euros raised, market appeal disappoints

(CercleFinance.com) - Cabasse has completed a €448,000 convertible bond issue maturing in 2029, well below the €3 million initially envisaged.


The French luxury hi-fi audio company says it has issued 448 bonds convertible into or exchangeable for new or existing shares (Océanes) at a unit subscription price of €1,000.000 euros.

These bonds will be offered at a fixed rate of 10% per annum.

Cabasse - which was aiming to raise three million euros in capital - acknowledges that the proceeds of the offering will enable it to strengthen its balance sheet in the short term, but that the sum remains insufficient in relation to its twelve-month financing requirements.

At the end of June, the company estimated that it had available cash of 0.3 million euros for financial debts of 4.2 million euros, including 2.3 million euros in state-guaranteed loans.

In a press release, the company states that it is therefore continuing discussions with its banking partners with a view to rescheduling its debt, and is actively working to obtain new sources of financing in order to extend its cash horizon.

On the Paris Bourse, Cabasse shares were booked lower on Monday morning, after posting losses of over 9% in late morning trading.

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