RE: Reduction of Debt by €80m21 Oct 2025 08:14
Well VCP's amazing solution to take on 10% debt for their bonds was rejected by bond holders.
I am sure most bond holders would have accepted the new terms, if they believe the debt could be paid in full by the new proposed maturity date, who doesn't love 10% on a bond? Unless of course the bond is worthless, current ASK on these bonds is 28c, the bid price is in the low 20s.
If the ask on 250m EUR bonds is only 27c, the value of the bond in theory only sits at 67m EUR, surely the best option for VCP would be to buy their own bond via a third party financing? (if the majority were keen to sell at this price, which they may not).
The board now say more advantageous options are available, guess we will wait and see. But if they are not going to the bond market, 250m EUR is a lot to find via another route at a current market cap of 73m EUR.
If the board can address the 2028 bonds with a constructive way I think this could turnaround, but now their first offer is rejected it may slump lower until resolved.