Press release of 10 December 2009 10-12-2009
On 7th December 2009, the Board of Directors of Compagnie du Bois Sauvage has approved the plan proposed by the Management Committee: to refocus the Group activity on the major strategic investments, to reinforce the balance sheet structure and to promote a better valorisation of the share.
This plan is part of the debt reduction which had been announced together with the 2008 annual results. The net debt of the Group has already been reduced by EUR 50 million to bring it down from EUR 300 million to EUR 250 million. The company has the necessary cash to cover all debts falling due up to end 2012.
Discussions with the banks on the medium term loans ended positively without modification of the financial conditions.
In order to benefit of a maximum flexibility in the realisation of those different objectives, the Board of Directors will propose at the next General Meeting in April 2010 to approve a share buyback program.
On the 9th December 2009, the intrinsic value per share amounts to EUR 269.