PARIS - Xilam Animation (Paris:XIL), a French animation studio known for its Academy Award-nominated content, has announced the completion of a capital increase that raised €3.68 million. The capital was raised through the issuance of 982,299 new shares priced at €3.75 each, with the aim to strengthen the company's financial structure amid rising borrowing costs and stricter lending conditions.
The subscription demand exceeded the initial offering by 8.7%, with the final number of shares issued matching 100% of those initially offered. The capital increase will result in a 16.7% dilution for shareholders who did not exercise their subscription rights.
The new shares are expected to be admitted to trading on the Euronext Paris market in Compartment B as of January 12, 2024, and will be assimilated into the existing shares under ISIN FR0004034072. Following the capital increase, Xilam's share capital will amount to €589,379.90, divided into 5,893,799 shares with a par value of €0.10 each.
The capital increase was authorized by the Chief Executive Officer on December 12, 2023, following the delegation of authority by the company's Board of Directors, and is in line with the resolution adopted at the Annual General Meeting of shareholders on June 23, 2022.
Marc du Pontavice, a major shareholder, had expressed his intention to underwrite up to 75% of the capital increase if necessary. However, the Autorité des Marchés Financiers (AMF) granted a waiver from the obligation to file a mandatory public offer following the threshold crossings resulting from his subscription, with no appeals against the waiver received within the legal timeframe.
The capital increase does not require a prospectus as per the European Union regulations, given that it represents less than 20% of the number of shares already admitted to trading.
Xilam is recognized for its creativity and innovation in the animation industry, producing content for both children and adults across various platforms. The studio employs over 600 people and has established a robust catalogue of programs, including popular franchises like "Oggy and the Cockroaches," "Zig & Sharko," and newer series such as "Oggy Oggy."
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