REED launches conversion of €143.9M in debt, existing shareholders diluted to 0.24%
In a press release published on November 2, 2026, REED (formerly Realites) announced the launch of the three reserved capital increases provided for in its recovery plan. They are paid up through the set-off of receivables. According to the company, current shareholders would see their stake reduced to approximately 0.24% of the share capital upon completion of the transaction.
Three issues reserved for creditors, at prices from €0.05 to €0.35
The three issues cover a maximum of 1,994,074,877 new shares, for a maximum total gross amount of €143.9M, including share premium. They are reserved respectively for secured, unsecured and subordinated creditors. They implement the option to convert receivables into equity provided for in the plan, as exercised by the creditors concerned.
Secured creditors subscribe for up to 680,071,503 shares at €0.05 (€34M at most). Unsecured creditors subscribe for up to 1.25 billion shares at €0.07 (€87.5M), and subordinated creditors for up to 64,003,374 shares at €0.35 (€22.4M).
Compared with the closing price of €0.474 on October 29, 2026, these prices represent discounts of 89.45%, 85.23% and 26.16%. The three transactions are cross-conditional and will be completed concurrently. According to the company, they will reduce its financial debt without generating any cash proceeds.
Creditors set to hold the bulk of the share capital
According to the indicative timetable, settlement-delivery and the admission of the new shares to trading on Euronext Growth Paris would take place on November 6, 2026, on the same trading line as the existing shares. The transaction was the subject of a prospectus approved by the AMF on October 30, 2026, under number 26-377.
Assuming a maximum issue, unsecured creditors would hold 62.54% of the share capital (including 31.21% for Homunity), secured creditors 34.02%, and subordinated creditors 3.20%. oRigine, currently the largest shareholder with 57.55% of the share capital, would see its stake reduced to 0.14%.
A shareholder holding 1% of the share capital before the transaction would hold approximately 0.0024% after it, which the company describes as “massive dilution”. The recovery plan, approved on February 18, 2026 by the Nantes Commercial Court, provides for the repayment of liabilities over ten years and debt waivers.
The plan also formalizes the group’s refocusing on property development in France, around three regional divisions. It provides for asset disposals estimated at approximately €78.1M in total, which are expected to be spread over the duration of the plan.
