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Technicolor SA (TCLRY)

Other OTC - Other OTC Delayed Price. Currency in USD
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0.1700-0.0300 (-15.00%)
As of 11:51AM EDT. Market open.
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Trade prices are not sourced from all markets
Previous Close0.2000
Open0.1375
Bid0.0000 x 0
Ask0.0000 x 0
Day's Range0.1375 - 0.1700
52 Week Range0.0100 - 1.7400
Volume1,305
Avg. Volume8,226
Market Cap30.812M
Beta (5Y Monthly)0.90
PE Ratio (TTM)N/A
EPS (TTM)-0.6190
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateAug. 28, 2020
1y Target EstN/A
  • GlobeNewswire

    Successful Completion of the Final Steps of the Financial Restructuring of the Company

    PRESS RELEASE            SUCCESSFUL COMPLETION OF THE FINAL STEPS OF THE FINANCIAL RESTRUCTURING OF THE COMPANYParis (France), 22 September 2020 – Technicolor (Euronext Paris: TCH; OTCQX: TCLRY) (“Technicolor” or the "Company") is pleased to announce the successful completion of the final steps provided for in the accelerated financial safeguard plan of the Company approved by the Paris Commercial Court on 28 July 2020 (the “Safeguard Plan”).Richard Moat, Chief Executive Officer of Technicolor, stated:“With the closing of this most recent transaction we have finalized our financial restructuring. This significant accomplishment has been achieved in a very short period of time thanks to the commitment of all our stakeholders, and I would like to take this occasion to once again thank all the parties who have made this restructuring possible. We now have an appropriate capital structure adapted to the needs of our business, and we are entering a new era in our history. Technicolor has solid business foundations and strong capabilities, especially in terms of highly skilled people and assets. Our Company plays a vital role in the markets in which we operate, and provides truly differentiated products and services to our clients, who have been very supportive throughout this process. We have the right business focus, operational design and, with the gradual recovery of our key markets, in particular Production Services, Technicolor is poised to return to delivering profitable growth, cash generation and value creation for shareholders.”Implementation of the reinstated Debt FacilitiesThe Company finalized and executed today the contractual documentation implementing the reinstatement of 46.5% of the debt facilities due by the Company under (i) the facility agreement of circa EUR 984 million originally dated 6 December 2016 and (ii) the revolving credit facility agreement of EUR 250 million originally dated 21 December 2016 (together, the “Debt Facilities”) within new term lines of credit in an amount equivalent to EUR 574 million in principal, maturing on 31 December 2024 and the granting, as collateral, of new security interests on certain assets of the Company and its subsidiaries (collectively, the “Group”).Repayment and equitization of the non reinstated Debt FacilitiesThe significant reduction of the Group's indebtedness, in an amount of c. EUR 660 million, has been finalized today as part of the definitive completion of (i) the capital increase with shareholders' preferential subscription rights for a total gross amount, including issue premium, of EUR 329,999,999.90 (the "Rights Issue") partly subscribed in cash by the shareholders and holders of subscription rights and by way of set-off, at par, by the creditors under the Debt Facilities pursuant to their guarantee committment and (ii) the capital increase with cancellation of the shareholders' preferential subscription right in favour of the creditors of the Debt Facilities, for a gross amount, including the issue premium, of EUR 329,999,996.60, subscribed exclusively by the creditors under the Debt Facilities by way of set-off, at par, against the balance of their claims under the Debt Facilities (the “Reserved Capital Increase” and together with the Rights Issue, the “Capital Increases”). The non reinstated Debt Facilities have therefore been repaid in cash for an amount of EUR 59,716,580.58 and equitized for an amount of EUR 600,283,419.22.Following the completion of the Capital Increases (but before exercise of the New Money Warrants and Shareholders Warrants (each as defined below)), and to the knowledge of the Company1, the shareholding structure of the Company is the following:Shareholders Number of shares% of capital and voting rights2 Credit Suisse AM 27,710,94212.7% Barings 22,406,57310.3% Bain Capital Credit 17,892,1748.2% Alcentra (Jubilee) 14,112,6566.5% Farallon 12,625,6115.8% GS 11,980,4725.5% Angelo Gordon 10,812,0535.0% Bpifrance Participations 10,043,2364.6% Other creditors 66,466,97830.4% Other shareholders 24,273,44411.1% Total  218,324,139100.0% It should also be noted that, pursuant to the Safeguard Plan (i) the lenders of the New Money (as this term is defined below) have received as of today a total amount of 17,701,957 free warrants (the “New Money Warrants”) exercisable for a period of 3 months, giving the right to subscribe to a maximum number of 17,701,957 new shares, at the price of one euro cent (EUR 0.01) per new share (without issue premium) in return for their contribution to the Group of a sum equivalent to approximately EUR 420 million (net of costs and commissions) (the “New Money”) and (ii) that all the shareholders of the Company registered in the account on August 7th, 2020 have received as of today a total amount of 15,407,114 free warrants (the “Shareholders Warrants“), on the basis of one (1) Shareholders Warrant for one (1) existing share, five (5) Shareholders Warrants giving the right to subscribe for four (4) new shares, which may result in the issue of a maximum number of 12,325,691 new shares, at a price of EUR 3.58 per new share.Closing of the Chapter 15Additionally, Technicolor announces that, on September 11, 2020, the U.S. Bankruptcy Court presiding over Technicolor’s Chapter 15 proceedings ordered the closing of such proceedings. This marks the final step of the Company’s proceedings in the United States of America.DisclaimerThis press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No communication and no information in respect of this transaction may be distributed to the public in any jurisdiction where a registration or approval is required. The issue, the subscription for or the purchase of Technicolor’s shares may be subject to specific legal or regulatory restrictions in certain jurisdictions. Technicolor assumes no responsibility for any violation of any such restrictions by any person.This press release and the information it includes do not constitute an offer to sell or subscribe for, or a solicitation of an order to buy or subscribe for Technicolor securities in Australia, Canada, Japan, or the United States of America or in any other country in which such offer or solicitation would be unlawful.The release, publication or distribution of this press release may, in certain jurisdictions, constitute a breach of the applicable local laws and regulations. Consequently, persons physically present in such jurisdictions in which this press release is released, published or distributed must be aware of and comply with any such local restrictions. This press release must not be released, published or distributed, directly or indirectly, in Australia, Canada, Japan or the United States of America.This announcement is not an advertisement and not a prospectus within the meaning of Regulation (EU) No 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing the Prospectus Directive 2003/71/EC (the "Prospectus Regulation").With respect to the Member States of the European Economic Area other than France, no action has been undertaken or will be undertaken to make an offer to the public of the securities referred to herein requiring a publication of a prospectus in any relevant Member State. Accordingly, any offer of Technicolor's securities may only be made in any Member State (i) to qualified investors as defined in the Prospectus Regulation, or (ii) in any other case exempting Technicolor from having to issue a prospectus in accordance with Article 1(4) of the Prospectus Regulation.This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. With respect to the United States, Technicolor's securities have not been, and will not be, registered under the Securities Act of the United States of America, as amended (U.S. Securities Act of 1933, as amended, hereinafter referred to as the "U.S. Securities Act") and Technicolor does not intend to make a public offer of its securities in the United States. The securities of Technicolor may not be offered, sold, exercised or delivered within the territory of the United States of America, as defined by Regulation S of the U.S. Securities Act, except pursuant to an exemption from the registration or in a transaction not subject to the registration requirements thereof and any applicable states securities laws.About Technicolor:                                              www.technicolor.comTechnicolor shares are admitted to trading on the regulated market of Euronext Paris (TCH) and are tradable in the form of American Depositary Receipts (ADR) in the United States on the OTCQX market (TCLRY).Investor RelationsChristophe le Mignan: +33 1 88 24 32 83Christophe.lemignan@technicolor.com* * * 1 This information is given without prejudice to any statutory or legal threshold crossing declarations which may be made by the shareholders of the Company and is based on the shares allocation made by the Company between the creditors of the Debt Facilities in accordance with the Safeguard Plan. For better clarity, certain participations have been consolidated into one line between certain creditors of the Debt Facilities and shall not be construed as a declaration of such creditors to act in concert vis-à-vis the Company. 2 Percentage of actual voting rights (treasury shares excluded). Attachment * 09-22-2020_Completion of the financial restructuring_VUS

  • GlobeNewswire

    Results of the Capital Increase With Shareholders’ Preferential Subscription Rights for an Amount of Approximately Eur 330 Million

    PRESS RELEASE            RESULTS OF THE CAPITAL INCREASE WITH             SHAREHOLDERS’ PREFERENTIAL SUBSCRIPTION RIGHTS FOR             AN AMOUNT OF APPROXIMATELY EUR 330 MILLIONParis (France), 16 September 2020 – Technicolor (Euronext Paris: TCH; OTCQX: TCLRY) (the "Company") announces today the results of its capital increase with shareholders' preferential subscription rights (the "Rights Issue") via the issuance of 110,738,255 new ordinary shares (the “New Shares“) at a unit price of 2.98 euros, including the issue premium, i.e. 329,999,999.90 euros. The transaction was launched on 7 August 2020 as part of the accelerated financial safeguard plan of the Company approved by the Paris Commercial Court on 28 July 2020 (the “Safeguard Plan”).The number of New Shares subscribed on an irreducible basis (à titre irréductible) and reducible basis (à titre réductible) amounts to 20,039,121 shares representing 18.10% of the Rights Issue and will be fully allocated, it being specified that in accordance with its subscription commitment, BPI subscribed, on an irreducible basis (à titre irréductible), for 8,370,251 New Shares (i.e. approximately € 25 million).In accordance with the terms of the Safeguard Plan and with the provisions of article L. 225-134 of the French Commercial Code, the holders of claims due by the Company under (i) the facility agreement of circa EUR 1 billion dated 6 December 2016 (the ”Term Loan B”) and (ii) the revolving credit facility of EUR 250 million entered into on 21 December 2016 (the “RCF” and, together with the Term Loan B, the “Facility Agreements”) (the “Claims”) will subscribe for the unsubscribed portion of the Rights Issue (i.e. 90,699,134 New Shares representing 81.90% of the Rights Issue) by way of set-off against their Claims for an aggregate amount (issue premium included) of EUR 270,283,419.32.Settlement and deliveryThe settlement-delivery and admission to trading of the New Shares is scheduled for 22 September 2020. The New Shares will be immediately assimilated to the existing shares of the Company and will be traded on the same quotation line under the same ISIN code FR0013505062.Concurrently with the settlement and delivery of the New Shares, the Company will also proceed with: * the settlement and delivery of a capital increase with cancellation of the shareholders' preferential subscription right in favour of the holders of Claims, for a gross amount, including the issue premium, of EUR 329,999,996.60, through the issue of 92,178,770 new shares at a unit price of EUR 3.58, to be subscribed exclusively by way of set-off, at par, against the balance of the non-reinstated Claims (the “Reserved Capital Increase”); * the delivery to the New Money lenders, in consideration of their contribution to the Group of a sum equivalent to approximately EUR 420 million (net of costs and commissions) (the “New Money”), of 17,701,957 free warrants (the “New Money Warrants”) exercisable for a period of 3 months, giving the right to subscribe to a maximum number of 17,701,957 new shares, at the price of one cent (EUR 0.01) per new share (without issue premium) and representing approximately 7.5% of the Company's share capital after the Rights Issue, the Reserved Capital Increase but before the exercise of the Shareholder Warrants (as this term is defined below); and * the delivery to all the Company's shareholders, registered in account on 7 August 2020, of 15,407,114 free warrants (the “Shareholders Warrants“), on the basis of one (1) Shareholders Warrant for one (1) existing share, five (5) Shareholders Warrants giving the right to subscribe for four (4) new shares for a 4 year period, which may result in the issue of a maximum number of 12,325,691 new shares, at a price of EUR 3.58 per new share. The Shareholders Warrants shall be admitted to trading on Euronext Paris as from 22 September 2020 under the ISIN code number FR0013526225.A further press release from the Company will be published following the completion of the above settlement and delivery operations in order to provide the new shareholding structure of the Company.Public InformationThe issue of the New Shares and of the Shareholders Warrants as well as the admission to trading on the regulated market of Euronext Paris of the shares issued in the context of the Rights Issue, the Reserved Capital Increase and the shares to be issued upon exercise of the Shareholders Warrants and the New Money Warrants were the subject of a prospectus having received approval number 20-343 from the AMF dated 10 July 2020 (the “Prospectus”), and composed of (i) the Company's 2019 Universal Registration Document filed with the AMF on 20 April 2020 under number D.20-0317, (ii) the Amendment to the 2019 Universal Registration Document filed with the AMF on 10 July 20 under number D.20-0317-A01 (the “Amendment”) and (iii) a securities note (including the summary of the Prospectus) dated 10 July 2020 (the “Securities Note“) and (iv) the supplement to the Prospectus having received approval number 20-378 from the AMF on 4 August 2020 (the "Supplement") and incorporating by reference the Half-Year Financial Report of the Company as of 30 June 2020 filed with the AMF on 30 July 2020.Copies of the Prospectus are available free of charge at the registered office of Technicolor, 8-10 rue du Renard - 75004 Paris, on the Company's website (www.technicolor.com) as well as on the AMF website (www.amf-france.org).The Company draws the public's attention to the risk factors described in section 3.1 of chapter 3 of the Universal Registration Document forming part of the Prospectus, in section 2 of the Amendment to the Universal Registration Document and in chapter 2 of the Securities Note. DisclaimerThis press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No communication and no information in respect of this transaction may be distributed to the public in any jurisdiction where a registration or approval is required. The issue, the subscription for or the purchase of Technicolor’s shares may be subject to specific legal or regulatory restrictions in certain jurisdictions. Technicolor assumes no responsibility for any violation of any such restrictions by any person.This press release, the information it includes, do not constitute an offer to sell or subscribe for, or a solicitation of an order to buy or subscribe for Technicolor securities in Australia, Canada, Japan, or the United States of America or in any other country in which such offer or solicitation would be unlawful.The release, publication or distribution of this press release may, in certain jurisdictions, constitute a breach of the applicable local laws and regulations. Consequently, persons physically present in such jurisdictions in which this press release is released, published or distributed must must be aware of and comply with any such local restrictions. This press release must not be released, published or distributed, directly or indirectly, in Australia, Canada, Japan or the United States of America.This announcement is an advertisement and not a prospectus within the meaning of Regulation (EU) No 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing the Prospectus Directive 2003/71/EC (the "Prospectus Regulation").With respect to the Member States of the European Economic Area other than France and with respect to the United Kingdom, no action has been undertaken or will be undertaken to make an offer to the public of the securities referred to herein requiring a publication of a prospectus in any relevant Member State or in the United Kingdom. Accordingly, any offer of Technicolor's securities may only be made in any Member State or in the United Kingdom (i) to qualified investors as defined in the Prospectus Regulation, or (ii) in any other case exempting Technicolor from having to issue a prospectus in accordance with Article 1(4) of the Prospectus Regulation.This document does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. With respect to the United States, Technicolor's securities have not been, and will not be, registered under the Securities Act of the United States of America, as amended (U.S. Securities Act of 1933, as amended, hereinafter referred to as the "U.S. Securities Act") and Technicolor does not intend to make a public offer of its securities in the United States. The securities of Technicolor may not be offered, sold, exercised or delivered within the territory of the United States of America, as defined by Regulation S of the U.S. Securities Act, except pursuant to an exemption from the registration or in a transaction not subject to the registration requirements thereof and any applicable states securities laws. About Technicolor:                                              www.technicolor.comTechnicolor shares are admitted to trading on the regulated market of Euronext Paris (TCH) and are tradable in the form of American Depositary Receipts (ADR) in the United States on the OTCQX market (TCLRY).Investor RelationsChristophe le Mignan: +33 1 88 24 32 83Christophe.lemignan@technicolor.comAttachment * 09-16-2020_Result of the right offering_VUS

  • GlobeNewswire

    Contribution of the balance of the New Money facility for an amount of c. €180 million - Update on the business

    PRESS RELEASEContribution of the balance of the New Money facility for an amount of c. €180 millionUpdate on the businessParis (France), 2 September 2020 – Technicolor (Euronext Paris: TCH; OTCQX: TCLRY) (the “Company”) is pleased to announce today that, as planned, all the conditions precedent required in connection with the contribution of the balance of the EUR 420 million new financing (the “New Money”) have been granted or satisfied. In consequence, c. EUR 180 million (in principal, net of costs and commissions) (the “Balance of the New Money”) have been made available to Tech 6 (a wholly-owned subsidiary of the Company). This is pursuant to a New York law bond issue by Tech 6 subscribed by the lenders of the New Money, for the purpose of financing the short term liquidity needs of the Company and its subsidiaries (the “Group”). Tech 6 has concurrently lend the total amount of the Balance of the New Money to the Company by way of an intragroup loan.In consideration of the funding of the Balance of the New Money, additional security interests have been granted as security to the lenders of the New Money, in particular a fiducie (equivalent of a trust under French law) over the securities of Gallo 8, a subsidiary of the Company.Additionally, Technicolor announces that, on July 31, 2020, the U.S. Bankruptcy Court presiding over Technicolor’s Chapter 15 proceedings granted recognition of the order of the Commercial Court of Paris dated July 28, 2020 approving Technicolor’s accelerated financial safeguard plan. The US Bankruptcy Court’s order gives full force and effect to the French Court’s approval order and prohibits Technicolor’s creditors from taking any action inconsistent with the accelerated financial safeguard plan in the United States.Update on the business: * Based on business activity during the months of July and August, the Group remains confident of achieving the outlook presented in its press release issued on July 30 2020, including the achievement of cost savings in excess of €160 million during the year;   * In Production Services, recent discussions with the major US studios confirm a pick-up in general activity in the film industry;   * New cinema releases remain on hold at present, which is leading to a reduction in revenue in DVD Services, but back catalog demand remains strong;   * Connected Home continues to experience increased demand for broadband gateway products, especially in North America, as consumers seek better home broadband and wifi experience.About Technicolor:www.technicolor.comTechnicolor shares are admitted to trading on the regulated market of  Euronext Paris exchange (TCH) and traded in the USA in the form of American Depositary Receipts on the OTCQX marketplace (OTCQX: TCLRY). Investor RelationsChristophe le Mignan: +33 1 88 24 32 83Christophe.lemignan@technicolor.comAttachment * 09-02-2020_Second tranche_Press Release_VUS