Orpea - comment

The AMF (French regulator) has suspended Orpea’s shares after last week’s (unjustified) 40% rise in the share price. The AMF are seeking a statement from Orpea in relation to recent press speculation. Rumours have circulated that there is a potential debt for equity swap and/or equity raising, via Caisse des Dépôts (who have appeared to subsequently deny) or others.

We expect Orpea management to acknowledge that they are in discussions with its stakeholders, but are doubtful anything has yet to be agreed.

Shares remain suspended.