Capital Increase And Transfer Of Cross Systems Company

Micropole-Univers has just announced the launch of the capital increase operation of the Cross Systems Company.

This transaction is part of the overall process of the sale to Sinouhé Immobilier (or to any other company it may substitute) of its stake in the capital of Cross Systems Company. The progress of the operations was presented in the press release of March 29.

The number and complexity of the operations having effectively delayed the implementation of the process, Micropole-Univers wishes to remind the following points:

• All these operations do not lead to the sale of the industrial activities of Cross Systems and its subsidiary Micropole-Univers Institut. These two former operational subsidiaries of Cross Systems Company will be transferred to Micropole-Univers at the end of the capital increase operation. All employees will therefore continue to be fully integrated into the Micropole-Univers Group, continuing their activities in full. This operation will not generate any decrease in turnover.
• Micropole-Univers will participate in the capital increase by offsetting receivables against its current accounts and therefore without contributing cash.
• At the end of the capital increase, Micropole-Univers will transfer its shareholding in the capital of Cross Systems Company to Sinouhé Immobilier (or to any company that it may substitute), which will then proceed with a public offer in accordance with the applicable regulations. 

In the end, this operation has many advantages for Micropole-Univers:

• a rationalization of its legal structures and the end of the multiple costs related to the management of two listed structures within the group (double auditing, financial communication, cost of listing itself, etc.)
• a sale price that should be around 3.7 million euros, which will be directly reflected in Micropole-Univers' balance sheet by an increase in its cash flow.

"We are delighted with the finalization of this complex operation, the last stages of which should now be completed by next March, and which will make a positive contribution to the continued development of Micropole-Univers", declared Christian Poyau, Chairman and CEO of Micropole-Univers.