The board of Groupe Gorgé SA (ENXTPA:GOE) announced the spin-off of 50.4% stake in Prodways Group SA (ENXTPA:PWG) for €81.62 million on November 8, 2021. The Board of Directors of Groupe Gorgé proposes to its shareholders, to approve the distribution in kind in the form of Prodways Group shares at the rate of 3 Prodways Group shares listed on Euronext in Paris for every 2 Groupe Gorgé shares held. The transaction will have no effect on the equity stake of Prodways Group shareholders other than Groupe Gorgé.

This distribution in kind of Prodways Group shares would be paid on December 22, 2021. Following this transaction, Groupe Gorgé is expected to retain approximately 5.95% of the capital. The transaction is approved by the shareholders of Groupe Gorgé at the General Meeting to be held on December 14, 2021.

The distribution is expected to take place on December 22, 2021.