Exail plunges as it clashes with investor over debt valuation
BUZZ-Exail plunges as it clashes with investor over debt valuation ** Shares in underwater drones maker Exail Technologies EXA.PA plunge around 21% to their lowest level in almost six months, after it clashed with an investor over bond valuation as debt deadline nears
** The French company did not reach an agreement with financial investor ICG over the valuation of a potential redemption and repurchase of bonds, as it seeks to refinance its debt this year
** "Despite an intact operational thesis, these announcements are pushing investors into a period of uncertainty — regarding the cost and timing of negotiations," Portzamparc says in a note
** The brokerage explains that the shares-linked method proposed by ICG would mean that every stock gain increases the eventual cost of buying out the investor
** Portzamparc double-downgrades the stock to "hold" from "buy" and cuts PT by 28% to €115 ($133) per share following this development
** Up to Thursday's close, the shares were up around 47% YTD, having closed at €120 per share
($1 = 0.8645 euros)
(Reporting by Mateusz Rabiega)