Capital increase highly successful: offer 4.7 times oversubscribed


Naturex today announces that the capital increase initiated on 12 January has been highly successful. 49% of existing shareholders of Naturex exercised their preferential right. The other subscriptions received represented 8.5 times the amount remaining available after these preferential rights were exercised. In all, the offer was oversubscribed 4.7 times. Given the success of the offer, Naturex exercised the extension clause in full in order to satisfy shareholders demand as far as possible.

The transaction raised a total of 10.66 million euros, including the extension clause, via the issuance of 414,865 shares with share warrants priced at 25.70 euros. The new shares and the share warrants will be negotiable on the Nouveau Marché at Euronext Paris from 28 January (the shares under the code ISIN FR 0000054694, and the warrants under the code ISIN FR 0010154468).

"We would like to thank our shareholders, both old and new, who have shown their interest and confidence in the future development of our group," said Jacques Dikansky, Naturex Chairman. "The capital increase will enable us to finance two or three new acquisitions that fit into our external growth plans. companies operating in our core business, specialty food or neutraceutical ingredients, preferably in Europe or the United States."

This transaction was conducted by CIC Vizille Capital Finance as lead manager, with CM CIC Securities as bookrunner and Société Générale as joint lead manager.

Breakdown of shareholder structure

  Before capital increase After capital increase
 (before exercise of share warrants)
Mr Dikansky
 % of voting rights
22.8 %
 36.9 %
19.1 %
 32.0 %
Public 77.2 % 80.9 %

About Naturex
 Naturex manufactures and sells 100% natural ingredients for the food, flavour and nutraceutical industries. The group, founded in 1992, is based in Avignon. The group has grown steadily and rapidly since it was formed and has established itself as an influential contact for decision-makers in the agri-food and nutraceutical industries. Naturex is a highly international company with nearly 90% of its earnings coming from abroad, and has facilities in Morocco and the United States, as well as sales offices in more than 30 countries.
 During financial year 2004, Agri-food Flavours division accounted for 45.9 % of sales, nutraceuticals – 47.0%, and special-order extraction – 7.71%. 52.4% of turnover came from USA/Canada, 38.8% - from the European Union (France alone accounts for 10.9%), 5.2% - from Asia/Oceania, and 3.6% from the rest of the world.

NATUREX has been listed on the Nouveau Marché in Paris since October 1996
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 Next information
 Q1 2005 sales / annual results for 2004: 5 April 2005
 Your contacts

  Jacques Dikansky – Chairman & Chief Executive Officer
 Tel.: +33 (0)4 90 23 96 89
 Marion Brossard – Press relations
 Tel.: +33 (0)1 53 67 36 57
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