Tonner Drones: the company will take 15% of MHM Corporate by converting part of its receivables
The conversion of convertible bonds redeemable in shares (ORA) held by Tonner Drones will make the company the reference shareholder of MHM Corporate, without any cash outlay on its part. The transaction is part of a capital increase by MHM intended to erase its short-term liabilities.
A stake of approximately 15% through ORA conversion
Tonner Drones announced on September 10, 2026 its participation in the capital restructuring of MHM Corporate, of which it will become the reference shareholder. The company was previously only a creditor of MHM. It will convert part of its ORA receivables into MHM shares, at the issue price of €0.0110 per share, identical to that retained for the entire transaction. This conversion covers 22 million shares, representing approximately 15% of MHM's capital following the transaction. The transaction requires no cash outlay or new capital expenditure by Tonner Drones. MHM Corporate is conducting a public capital increase with preferential subscription rights for an amount of approximately €1.1 million, entirely guaranteed by independent third-party investors. It is accompanied by a conversion of ORA into equity for an additional amount of €0.48 million, at the same subscription price. The transaction is open to existing shareholders as well as new investors. According to the press release, MHM was historically focused on real estate and has expanded its corporate purpose to allow expansion into other sectors, including the drone industry.
Residual ORA and a 90-day lock-up commitment at most
Following the transaction, Tonner Drones and its CEO Diede van den Ouden will each hold a 15% stake in MHM Corporate. Tonner Drones will also retain approximately €1.0 million in ORA in the company, potentially representing approximately 95 million shares at €0.0110. The total remaining ORA liabilities for MHM will amount to approximately €3.0 million after the issuance, held entirely by Tonner Drones and M. van den Ouden. Both parties have accepted a lock-up agreement covering all their shares and ORA, for a period of 90 days, or until the MHM share price reaches or exceeds €0.0140, whichever is earlier. According to the press release, the elimination of MHM's short-term liabilities and the conversion of its debt into equity clarify the company's capital structure. M. van den Ouden has agreed in principle to align his personal stake with Tonner Drones' strategic direction, with both parties stating they will maintain a combined stake below applicable regulatory thresholds.
Significant dilution for existing MHM shareholders
The press release indicates that the transaction involves a very substantial issuance of new shares, resulting in significant dilution for existing MHM shareholders. According to Tonner Drones, this issuance should have a material impact on the trading dynamics and theoretical price of MHM shares. The company invites investors to review the official issuance documentation and risk factors before any investment decision. Tonner Drones holds stakes in several French companies, including Diodon, Elistair, Donecle, Roth Mions, Calibre, MHM Corporate and Azur Drones. On August 12, 2026, the company had converted €2 million of bond debt into shares, just days after a bond issuance of €1.5 million subscribed on August 5, 2026.
