By Orpea, the French elderly care company, saw a decline in its shares on Monday as it revealed its new board of directors as part of a restructuring effort. At 0928 GMT, shares were down 6.1% at EUR1.04.
Restructuring Agreement Includes New Board Members
On December 22, shareholders will have the opportunity to vote on the appointment of new board members. This includes representatives from the controlling group of investors, which comprises state-owned investment arm Caisse des Depots et Consignations, insurance companies CNP Assurances, Mutuelle Assurance Instituteur France, and Assureur Mutualiste des Professionnels de la Sante.
Key Appointments and Shareholding Details
The investment group is set to hold a majority of shares and voting rights after planned capital increases. The following individuals have been recommended for appointment:
- Audrey Girard, representing Caisse des Depots et Consignations
- Stephane Dedeyan, representing CNP Assurances
- Pascal Demurger, representing MAIF
- Stephane Dessirier, representing MACSF
Additionally, the state-owned investment fund has recommended Philippe Grangeon and Sibylle Le Maire for the board, while MAIF suggests Frederique Mozziconacci. Orpea has proposed Meka Brunel as an independent director.
Leadership Remains Unchanged
Despite the new appointments, both Guillaume Pepy and Laurent Guillot will retain their positions as chairman of the board and chief executive officer, respectively.
Positive News Offset by Share Decline
While Orpea experienced a surge in share prices last week following a French court ruling that allowed the investment group to acquire shares without a takeover bid, the recent announcement of the new board has caused a decline in shares.
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