Polygon Global Partners LLP is the investment manager for the Polygon European Equity Opportunity Master Fund and certain client accounts which collectively are the holders of 5.29% of Orange Belgium’s total share capital.
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Polygon has hired investment bank Ondra as its financial advisor in relation to Orange SA’s announcement (as published by the Belgian Financial Services and Markets Authority on 21 January 2021) of its intention to launch a voluntary conditional public takeover bid on all the shares of Orange Belgium that it does not yet own. Ondra is carrying out a valuation of Orange Belgium.
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Polygon remains supportive of the strategy pursued by Orange Belgium and continues to believe that a price of 22 euros per share would substantially undervalue the company on a standalone basis. Specifically, Polygon points to Orange SA’s recent monetization of its French rural fibre networks as well as what Polygon believes is the unaccounted-for value in Orange Belgium owned towers.
Polygon plans to further communicate on the situation in due course and remains at the disposal of Orange Belgium’s Board of Directors and Orange SA’s management.
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