Gascogne SA (ENXTPA:BI) announced a private placement of 13,452,248 shares €2.50 per share for gross proceeds of €33,630,620 on April 9, 2014. The company will issue the shares to existing investors, Attis 2 SAS and Electricité et Eaux de Madagascar Société anonyme. Attis 2 is formed by a consortium of investors comprising the Landes region companies Biolandes Technologies and Les Dérivés Résiniques et Terpéniques, Bpifrance Participations, and Crédit Agricole group. As part of the transaction, the overall commitment of cash subscription of Electricité et Eaux de Madagascar Société anonyme will be as high as approximately €4,200,000. The balance of commitment of cash subscription will be for €1,392,090 being specified that the sum of €682,090 is sequestered by the investor between the hands of the conciliator and that an amount of €710,000 remains to be mobilized. The company entered into a restructuring agreement on the same date. The transaction is expected to close by September 19, 2014. The transaction is a part of the reorganization plan of the company. The transaction is subject to approval from the shareholders of the company and completion of other conditions.

On September 19, 2014, Gascogne SA closed the transaction. Jean-Pierre Brice and Guillaume Carreaud of Capital Mind S.A. acted as the financial advisors to the company. Maurice Lantourne of Lantourne et Duret Société d'avocats, Michel Frieh, Pierre-Alain Bouhénic, Maud Manon, Philippe Danesi, Guillaune Boitel, and Elise Aubert, of DLA Piper, and Georges Jourde, Yankel Bensoussan, and Pierre Deval of Veil Jourde acted as legal advisors to the investor. Xavier Bailly, Shafik Hosni, Paul Lederlin, Florent Lecomte, Raphaël Morel, Hugues Berly, Basile de Fontenay, Basile Paul-Petit, and Philibert Carminati of Eight Advisory acted for financial due diligence for the investor. Régis Valliot and Annic Bitoun of SCP Vallio-LE Guerneve-Abitbol acted for legal restructuring of the investor. Diane de Moüy, Alexis Marraud des Grottes, Philippe Hameau, Anne-Sophie Kerfant, Christine Guillot-Bouhours, Michel Roseau, Emilie Haroche, Corinne Ricciardella, Julien Haure, Alexia Drouet, Gaspard de Pomellec, Eleonore Jafari, and Julien Bensaid of Orrick Rambaud Martel, acted as legal advisor to the company. Laurent Jourdan, Barna Evva, Victor Collados, and Aurélie Kunts of RACINE acted as debt lawyer to the company.