The de Pret family is exchanging four of its holdings for 37.5% of the capital of the listed Walloon holding company, Whitestone. These holdings include shares in the giant Sibelco and the fintech Abbove.
Founded by former employees of the National Portfolio Company (CNP), Whitestone debuted on Euronext Growth in 2021. The idea? To offer local investment opportunities to small investors.
Two private placements and various shareholdings later, including in battery recycling and biodegradable “chemical milks,” it was time to write a new chapter. The company had invested the majority of its capital, “with the remaining balance kept to cover overheads and support portfolio scale-ups,” it said in a statement Monday night.
The de Pret family, which counts among the reference shareholders of the brewing giant AB InBev, will contribute to the future. Through its family office Multifin, it is selling four of its own holdings in exchange for 37.5% of the capital of the Brabant holding company, named after the “rue de la Blanche Borne,” the headquarters of the Frère family.
The transaction amounts to a total of €17.8 million, through the issuance of 1,369,680 new shares. This represents a premium of 25% over the last trading price (€10.4), suspended since Monday at 9 a.m., and a discount of 13% compared to the net asset value reassessed as of December 31 last year.
The considerations involve shares of the minerals giant Sibelco, stakes in the Abbove wealth management platform (formerly Pax Familia), and exposure to the Singaporean agri-food fund Clay Capital (formerly VisVires New Protein), notably found in the French pioneer in insect farming for animal feed, Ynsect, alongside investors such as Bois Sauvage and the Lippens family (Finasucre).
A stake in the Limburg-based developer and operator of photovoltaic and wind parks, charging stations, and battery parks, Energy Solutions Group, is also noteworthy. The latter raised around €70 million last summer; various AB InBev families participated in the funding round, including the de Pret family.
Peaceful exchange
The exchange of assets, subject to the vote of 75% of shareholders gathered at the general meeting on February 28, is intended to be peaceful. “There will be no voluntary or mandatory public takeover offer for the company’s shares,” the Walloon holding company announced. The triggering threshold for a mandatory offer is set at 50% of the capital or voting rights on Euronext Growth, not at 30% as on Euronext.
“Multifin is not acting in concert with any existing shareholder.” In this sense, the de Pret family will only maintain its stake between 37.55% and 40% in the future, with regard to future cash capital increases totaling “between €15 and €25 million,” according to Whitestone. Existing shareholders will have a preemptive subscription right to these increases, intended to strengthen their holdings in certain investments and continue investing in high-potential Belgian SMEs.
Led by Philippe Masset, former CEO of Degroof Petercam, Whitestone operates on two fronts. The holding company is involved in listed asset management (equities and bonds) and unlisted investment (private equity). Regarding this second branch of activity, the group is currently active in four sectors: financial services (gold, precious metals, and currency trading), industry (battery recycling, insulation, composite materials), technology (customer relations, business management), and the environment (natural care and cleaning products, impact funds).
Gerard Lamarche, former deputy co-administrator of GBL and advisor to Multifin for five years now, will be proposed as an administrator of Whitestone at the next AGM, along with Valentine de Pret.
Published by Simon Souris on the 13/02/2024 in L’Echo
