On Thursday October the 12, deminor NXT organised a conference in Brussels on the theme: Cession of a participation. Is the discount a taboo or a reality?
We had an impressive panel of experts to go through this quite technical subject: Louis-Adrien Lussey (Partner EY Belgium), Olivier Devos (Managing Partner Degroof Petercam Corporate Finance), Luis Laperal (Partner RSM Belgium). The moderator and keynote speaker was Pierre Nothomb, Chairman of deminor NXT.
The discussion between the panellists, with a lot of interventions and questions from the audience, went through the financial aspects of the discounts (under which circumstances a discount can be applied, at which level, etc.).
We tried to avoid the empirical approach that is often used to fix a discount. On the contrary, it was very interesting to see that it was possible to objectify the level of a given discount, when a transaction was responding to some specific conditions.
On top of the financial considerations, the panellists gave a lot of references of type of transactions where a discount is used, and in what extend it can be justified.
After this, we went through some advices to avoid being exposed to a too important discount when, being a minority shareholder, you have to exit your position. There are of course some legal and contractual protections that can be activated to avoid losing a significant part of your participation value.
Before the debate, guests had the opportunity to participate in one of two information sessions as part of our service: “How to sell your shares at the best price? A few legal assets at hand.” or “How can you successfully finance the growth of your company?”
After the info sessions and debate, attendees could continue discussing this interesting topic in the rooftop bar of Comet Meetings Louise during a walking dinner.