5 of the capital is not presented to the Assembly

Summoned last night in Lyon, Infogrames shareholders asked to make in terms of financial restructuring of the group, vital for the games editor question video that plays either more or less its future. But, as had been the case on 29 September, chaired by Bruno Bonnell society has failed to reach the necessary quorum 20 percent of the capital present or represented for the extraordinary part of the Assembly, only able to pronounce on the restructuring. Only the regular part of the AG, required no quorum in second convocation, could be held. All resolutions were adopted, including the appointment of two directors representing BlueBay Asset Management, a British Hedge Fund plays a key role in the restructuring of the Group and to hold a share up to 49 of the capital. But these two appointments in the person of Elie Muzaidekh and Gina Germano will be effective only if the restructuring plan was actually adopted.

On the 37.9 million shares required, only 24.5 million were present or represented yesterday in Lyon, or 12.9 of the capital. Nicolas Miguet, which, according to the direction of Infogrames had together 12.4 million shares, on its behalf, or 6.5 of the capital is not presented to the Assembly. Actions he represented were therefore not taken into account. In any event, even with these actions, the quorum would not certainly of little was reached.

While the company through a difficult pass, it was obliged to set a new appointment to its shareholders, November 15.

"A lot of wasted money."

"A month of delay, it lost money", has said Bruno Bonnell, who made no secret that the Group had made "historical errors" at the end of the 1990s, "who cut the wings of the champion of the time". Today, Infogrames pay very expensive these errors, and has not posted a single benefit for seven years.

From here to November 15, the uncertainty will persist and even grow. First, Infogrames should again mobilize its shareholders, which will be not easy given the difficulties met by society to barely 13 of the capital including the 3 of the founders since the announcement of the plan in early September. More no investor long-term is positioned on Infogrames, shareholders the Group has more than 100,000 shareholders individual were abandoned for the most part. Others take advantage of very strong variations of the title to make very risky roundtrips.

Succeed to collect enough shareholders will be one thing, but to convince them to adopt the plan will also be a real challenge for the direction of Infogrames, highly criticized. Yesterday, before the start of the General Assembly, these small carriers they were only about 50 were rather mixed. Some, resigned, is reported ready to vote the plan. Others did not hesitate to declare itself, preferring a deposit balance of the company instead of giving a new discharge to the management.

Further uncertainty ground, or even concern, the management of the Group should therefore deal with Nicolas Miguet, editor of a letter stock advice, President of the rally of the French taxpayers and candidate in the 2007 presidential election. If Nicolas Miguet maintains the 12.4 million shares on its behalf, it will approximately hold 33 of the votes in the Assembly on the basis of a quorum just reached at the next meeting. The agreement is therefore imperative. The man, who is happy in the position of defender of the small shareholders against those he calls the "banksters", is illustrated in the putsch who reversed the direction of Eurotunnel in April 2004. The origin of this "coup", he had succeeded in bringing together 400 million shares Eurotunnel on its name, or 20 of the capital. But the adventure had turned to bust a few months later. Infogrames is therefore still not the end of the tunnel.