Altice NV: Altice Responds to Recent Market Speculation and Misinformation
November 19 2017 - 6:30PM
Altice Responds to
Recent Market Speculation and Misinformation
November 20, 2017
- Altice N.V. (Euronext: ATC, ATCB) today responds to recent
market speculation and misinformation.
-
Altice is not in preparation of
a cash raising by means of an equity- or equity-linked issuance and
has no intention to pursue such action
Altice confirms that it is not in
preparation of a cash raising by means of an equity- or
equity-linked issuance and has no intention to pursue such action
within the group including Altice USA.
Altice confirms it had 1,205.3
million shares outstanding excluding any treasury shares as of the
end of Q3 2017.
-
Next Alt S.à.r.l. ("Next") does
not have any margin loan exposure to Altice and has not sold any
material number of shares since the IPO
Altice confirms that its majority
shareholder Next does not hold any margin loan exposure related to
Altice.
Altice further confirms that Next
has not sold any shares since the Altice IPO except approximately
0.3 million shares sold to group managers as disclosed in
2016.
Information service provider
Bloomberg L.P. issued on November 12, 2017 an information update,
correcting its total free float shares count for Altice by an
additional approximately 81 million. The impression in the market
that 81 million shares were sold by Next related to the correction
by Bloomberg L.P. is factually incorrect.
-
Management has not taken any
active decision to sell Altice shares
The sale of shares attributed to
Altice's Chief Financial Officer in September 2017 was executed by
a financial institution on maturity of a funded collar originally
entered into in March 2015.
Altice's General Secretary
reported the sale of shares between September and November 2017.
The sale of these shares occurred due to unforeseen life
circumstances.
-
Altice plans to de-lever its
balance sheet and does not have margin loan exposure within the
group
Clear
de-leveraging plan
Altice confirms its plans to
de-lever its balance sheet and bring leverage in line with or below
its stated targets over time. Altice reiterates that it will not
pursue any new meaningful M&A opportunities.
In addition to the operational
turnaround in France, the disposal of non-core assets within Altice
Europe is central to Altice's de-leveraging plan. Certain
non-core assets have already been identified including Altice's
tower portfolio. Altice has initiated processes to effect
disposals as early as the first half of 2018 and will update
investors in due course on its progress.
Absence of any
corporate margin loans
Altice confirms that the Altice
Corporate Financing facility with relationship banks at group level
is guaranteed by Altice and does not have maintenance covenants or
share price triggers.
Altice confirms that it has no
margin loan exposure with respect to its ownership in Altice
USA.
Altice has a
robust, diversified and long-term capital structure with a strong
liquidity position and no recourse or cross-default clauses between
debt silos
-
Group weighted average debt maturity of 6.3
years:
-
No major maturities at Altice France (SFR) until
2022;
-
No major maturities at Altice International
until 2023;
-
No maturities at Altice Luxembourg until
2022;
-
No maturities at Suddenlink until 2020;
-
Near-term maturities at Optimum covered by $2.3
billion revolving facility, cash on balance sheet and cash flow
generation.
-
Altice further confirms that liquidity of the
group is strong with approximately €1.66 billion of cash on balance
sheet (including €0.4 billion at corporate level) as of the end of
Q3 2017 and approximately €3.5 billion of undrawn and available
revolving facilities with an average maturity of 3.9 years.
Regulated
Information
This press release contains inside
information within the meaning of Article 7(1) of the EU Market
Abuse Regulation.
# # #
Contacts
Head of Investor Relations Altice N.V.
Nick Brown: +41 79 720 15 03 / nick.brown@altice.net
Head of Communications Altice N.V.
Arthur Dreyfuss: +41 79 946 49 31 / arthur.dreyfuss@altice.net
About Altice N.V.
Founded in 2001 by entrepreneur Patrick Drahi,
Altice is a convergent global leader in telecom, content, media,
entertainment and advertising. Altice delivers innovative,
customer-centric products and solutions that connect and unlock the
limitless potential of its over 50 million customers over fiber
networks and mobile broadband. The company enables millions of
people to live out their passions by providing original content,
high-quality and compelling TV shows, and international, national
and local news channels. Altice delivers live broadcast premium
sports events and enables millions of customers to enjoy the most
well-known media and entertainment. Altice innovates with
technology in its Altice Labs across the world. Altice links
leading brands to audiences through premium advertising solutions.
Altice is also a global provider of enterprise digital solutions to
millions of business customers. Altice is present in 10 territories
from New York to Paris, from Tel Aviv to Lisbon, from Santo Domingo
to Geneva, from Amsterdam to Dallas. Altice (ATC & ATCB) is
listed on Euronext Amsterdam.
Altice Responds to Recent Market
Speculation and Misinformation
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Altice NV via Globenewswire
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