Mission inaccomplie

22 July 2004 By Robert Cyran Follow @rob_cyran

Making Frank Dangeard CEO is controversial. But it is a good idea. He has the credentials to turn the French group around. Dangeard s financing plan is broadly sensible. But there is one question mark over the nature of Silver Lake s investment in Thomson.

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Thomson, the French technology company, has announced a fivepoint restructuring plan consisting of: the issuance of a $500m convertible loan maturing in 2010 with a 3% coupon and 21% premium; an 8.5m share options grant to employees; a E400m share buyback; the issuance of up to 15m warrants to shareholders who have held the stock for over two years; and the appointment of Frank Dangeard, the chairman, as chief executive in addition to his current role.

The group also disclosed that it had a net loss of E189m in the first half of the year. Its net loss was E92m in the equivalent period last year. Sales grew 8% to 3.9bn in the first half.

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