The Lafuma Group has set Jan. 30 as the deadline for responses to its offer of additional shares at a low price of €9 each, with rights of first refusal for existing shareholders on a pro rata basis of their present holdings. The offer is open only to French investors, or investors from other European countries at certain conditions.

The offer price is 35.25 percent lower than Lafuma's stockmarket price of Jan. 14. As planned, it is also lower than the price of €14 a share already paid by Calida Holding last Dec. 23 in a refinancing move worth €35 million that gave it control over 50.65 percent of the equity (see Outdoor Industry Compass no. 6-25+26 of Dec. 27). Since then, the Swiss company has taken over also the shares held by its French subsidiary and by Felix Sulzberger, chairman and chief executive of Calida and Lafuma, raising its stake to 59.92 percent.

Calida has already stated that it doesn't seek full ownership of Lafuma, but it plans to participate in the new equity increase along with other shareholders such as Jean-Pierre Millet, CDC Entreprises, Spoarcif and Comir.

The new equity increase is expected to raise between €10,104,615 and €10,194,390, depending on the warrants exercized as of today. It is the third stage in a comprehensive refinancing program, and it will lead to the reimbursement of cash advances of €10 million made by Lafuma's shareholders last Apr. 17. The company already reimbursed other loans in the course of last month, leaving it with debts of €6.9 million as of last Dec. 31.

Lafuma plans to make an announcement about the results of its latest offer of new shares on Feb. 7. On Feb. 24, its board of directors will meet to approve the accounts for the three-month financial year through last Dec. 31, making the new fiscal year coincide with the calendar year. However, the management indicates that its sales for the three-month period were more or less stable as compared with the revenues of €41.3 million generated in the last three months of 2012, after several quarters of declining sales.