Annuncio • Sep 28
SCOR SE Intends to Delist MRM by the End of 2024 M.R.M. SA (the “Company” or “MRM”) has been informed that SCOR SE (“SCOR”) has reached an agreement to acquire Altarea SCA’s (“Altarea”) stake in MRM, representing circa 15.92% of the share capital, bringing SCOR’s shareholding in MRM to circa 72.5% of the share capital and voting rights. This transaction will result in the loss of MRM’s status as a listed real estate investment company subject to the French REIT regime (“Sociétés d’Investissements Immobiliers Cotées” or “SIIC”). The Board of Directors also noted that Altarea resigned from its position of member of the Company's Board of Directors, simultaneously with the signing of the share purchase agreement. The Board of Directors of the Company met on September 27, 2024 and noted that, following this acquisition, SCOR SE intends to file a simplified public tender offer to acquire the remaining MRM shares held by the minority shareholders. Provided the legal threshold is reached, this offer would be followed by a squeeze-out with the intent to delist the Company by the end of 2024 (the “Offer”). SCOR is considering an estimated Offer price of €35.4 per MRM share based on MRM's NTA Adjusted Net Asset at 30 June 2024, which may be adjusted for disposals not completed by the end of the first half of 2024. The Offer would remain subject to review and clearance from the Autorité des marchés financiers. The Board of Directors of the Company unanimously welcomed favorably this Offer. Annuncio • Sep 27
SCOR SE (ENXTPA:SCR) intends to file a simplified public tender offer to acquire remaining 27.52% stake in MRM (ENXTPA:MRM) for €31.2 million. SCOR SE (ENXTPA:SCR) intends to file a simplified public tender offer to acquire remaining 27.52% stake in MRM (ENXTPA:MRM) for €31.2 million on September 26, 2024. Offer price is €35.4 per share. In related transaction, SCOR SE reached an agreement to acquire 15.92% stake in MRM from Altarea SCA. This offer price values MRM at €113.7 million for 100% of the share capital of MRM. If conditions are met, it will be followed by a squeeze-out resulting in a delisting of MRM by the end of 2024. The transaction is subject to examination and clearance by the Autorité des marchés financiers. The Offer will be subject to no regulatory approvals or other conditions and will be financed with SCOR’s available cash funds. Reported Earnings • Jul 29
First half 2024 earnings released: €0.28 loss per share (vs €0.31 profit in 1H 2023) First half 2024 results: €0.28 loss per share (down from €0.31 profit in 1H 2023). Revenue: €5.80m (down 25% from 1H 2023). Net loss: €900.0k (down 191% from profit in 1H 2023). Annuncio • Jun 08
MRM Approves Cash Dividend Payout in Respect of 2023 Financial Year, Payment Will Be Made on 12 June 2024 MRM at the AGM held on June 5, 2024, approved cash dividend payout to shareholders of EUR 1.30 per share in respect of 2023 financial year. The planned ex-dividend date is 10 June 2024 and payment will be made on 12 June 2024. Annuncio • Jun 06
MRM Approves Board Changes MRM at the AGM held on June 5, 2024, approved the appointment of Thierry Lacaze as independent director, replacing Brigitte Gauthier-Darcet. As a result of those votes, the composition of the Board of Directors is now as follows: Louis Bourrousse, Chairman of the Board of Directors and director; SCOR SE, director, represented by Carole De Rozières; Altarea, director, represented by Rodrigo Clare; Thierry Lacaze, independent director; Valérie Ohannessian, independent director; and Karine Trébaticky, director. Having spent his entire career in commercial property,Thierry Lacaze now works as a consultant to companies in the sector. He began his career as a property manager in 1982 at SCC, before being promoted to department head. In 1985, he was appointed director of the EVRY2 shopping centre. In 1990, he joined Tréma as head of operations. From 1999, he served as portfolio manager and became a member of the Executive Committee at SCC, overseeing all operations and sales teams. He was then in charge of the company’s development and client relations. Thierry Lacaze holds a university degree in finance and accounting. Upcoming Dividend • Jun 03
Upcoming dividend of €1.30 per share Eligible shareholders must have bought the stock before 10 June 2024. Payment date: 12 June 2024. Trailing yield: 6.8%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (5.1%). Annuncio • Apr 05
MRM Announces Chief Executive Officer Changes MRM announced At meeting that the Board noted François Matray’s decision not to seeks renewal of his mandate as Chief Executive Officer of MRM for personal and family reasons. He had held this position since 1 October 2020. The Board of Directors of MRM, a real estate company specializing in retail property, convened and announced the appointment of Damien Chiaffi as Chief Executive Officer. At meeting, the Board noted François Matray’s decision not to seek a renewal of his mandate as Chief Executive Officer of MRM for personal and family reasons. He had held this position since 1 October 2020. Damien Chiaffi has worked at MRM since 2015 and is currently Real Estate and CSR Director. His appointment as Chief Executive Officer will take effect following the General Meeting of Shareholders scheduled for 5 June 2024. Members of the Board praised the achievements of Mr. Matray during his term of office, most notably the acquisition of the Flins and Ollioules shopping centres at the end of 2022, which marked a change of scale for MRM. Declared Dividend • Mar 25
Dividend of €1.30 announced Shareholders will receive a dividend of €1.30. Ex-date: 10th June 2024 Payment date: 12th June 2024 Dividend yield will be 7.8%, which is higher than the industry average of 5.6%. Reported Earnings • Mar 08
Full year 2023 earnings released Full year 2023 results: Revenue: €12.7m (up 24% from FY 2022). Net loss: €10.0m (loss widened 179% from FY 2022). New Risk • Feb 12
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.9x net interest cover). Shares are highly illiquid. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€63.1m market cap, or US$68.1m). Buying Opportunity • Jan 10
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €23.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Meanwhile, the company became loss making. Board Change • Jan 05
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Director Valérie Ohannessian was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Dec 13
MRM Announces Board Changes MRM announced that at its meeting of 12 December 2023, the Board of Directors noted the resignation of its Chairman François de Varenne as Board member and decided to co-opt Louis Bourrousse as his replacement, as well as to appoint Louis Bourrousse as Chairman of the Board of Directors. François de Varenne had been a Board member and Chairman of the Board of Directors of MRM since the company’s recapitalisation, in which SCOR SE became MRM’s majority shareholder (1) in 2013. His duties at SCOR have since been extended. Having served as acting Chief Executive Officer of SCOR at the start of the year, he was appointed Chief Financial Officer and Deputy Chief Executive Officer of SCOR in late May. He is replaced by Louis Bourrousse, who in November was appointed Chief Executive Officer of SCOR Investment Partners, the SCOR Group’s asset management company. This decision appeared to be a way of ensuring continuity on MRM’s Board of Directors, with the desire to continue to have a Board member connected to SCOR SE, MRM’s majority shareholder, as Chairman. Louis Bourrousse is also now Chairman of the Investment Committee. The ratification of his appointment as Board member will be on the agenda for the next general meeting. At the same meeting on 12 December 2023, the Board also noted that Carole de Rozières has replaced Karina Lelièvre as permanent representative of SCOR SE. Karina Lelièvre, Deputy General Secretary of SCOR SE, had represented SCOR SE on MRM’s Board of Directors since 2013. Carole de Rozières is Chief Asset Owner Officer at the SCOR Group. As a result of the changes made during the meeting, the composition of MRM’s Board of Directors is now as follows: Louis Bourrousse, Chairman of the Board of Directors and Board member; SCOR SE, Board member, represented by Carole de Rozières; Altarea, Board member, represented by Rodrigo Clare; Brigitte Gauthier-Darcet, Board member; Valérie Ohannessian, independent Board member; and Karine Trébaticky, Board member. Louis Bourrousse joined SCOR in 2013 as Head of Strategy & Development at SCOR Global Investments, before being promoted to Head of Strategic Planning & Investments in 2017 and Head of Investment Business Performance in 2019. In November 2021, he was appointed Head of Business Development and member of the Executive Board of SCOR Investment Partners, becoming Chief Executive Officer in November 2023. Louis Bourrousse began his career in 2006 as an investment banker specialising in mergers and acquisitions at Oddo BHF and Nomura. He is a graduate of the Ecole Polytechnique and holds a Master’s degree in Finance from ENSAE ParisTech. Carole de Rozières joined SCOR in September 2022 as Chief Asset Owner Officer. She began her career in 2002 as an actuary at AXA France, before moving to the Investment Department as a financial controller in 2007 and then being promoted to Head of Asset Allocation for individual life insurance portfolios, followed by Head of Investment and Allocation for AXA entities in France. Before joining SCOR, she was head of Unit Linked Products and Duty of Advice within the Savings and Protection business unit. Carole de Rozières is a CFA charterholder. She studied Finance and Actuarial Science at ENSEA and holds a diploma in Mathematical Modelling and Methods in Economics from Université Paris I Panthéon Sorbonne. Reported Earnings • Jul 31
First half 2023 earnings released: EPS: €0.46 (vs €1.36 in 1H 2022) First half 2023 results: EPS: €0.46 (down from €1.36 in 1H 2022). Revenue: €6.20m (up 32% from 1H 2022). Net income: €1.00m (down 66% from 1H 2022). Profit margin: 16% (down from 63% in 1H 2022). Annuncio • Jun 08
MRM Approves Cash Payout for the 2022 Financial Year, Payable on 14 June 2023 MRM at the AGM to be held on June 7, 2023, approved cash payout to shareholders of €1.80 per share in respect of the 2022 financial year. The ex-dividend date is 12 June 2023 and payment will be made on 14 June 2023. Board Change • Mar 28
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Valérie Ohannessian was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 09
Full year 2022 earnings released Full year 2022 results: Net loss: €3.60m (down 164% from profit in FY 2021). Board Change • Jan 18
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Valérie Ohannessian was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
