Casino announced on Thursday that an independent expert has concluded that the terms of its financial restructuring plan are fair from the point of view of existing shareholders.

In its report, Sorgem Evaluation estimates the group's enterprise value at around 3.7 billion euros without implementation of the restructuring plan, based on the price of the capital increase reserved for the consortium, a level well below the amount of net debt, which stands at almost 7.9 billion euros.

Under these conditions, the expert judges that the current economic value per share, and therefore the value per 100 shares, is zero.

After implementation of the plan, Sorgemn estimates that the value of these 100 shares would be around five euros, which would value 100 of the current shareholder's shares at a unit price very close to the subscription price of the capital increase.

At the end of the restructuring plan, the consortium would hold 53.7% of Casino's capital and take control, while current shareholders would be massively diluted with around 0.3% of the capital at the date of completion of the restructuring, the retailer points out.

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