Continued growth, temporarily hampered by the health crisis
At current scope, consolidated revenue increased by 1.8% to €7 million, of which 21% was generated by the subsidiary Delta Drone International Ltd, based in Australia and operating mainly in the mining sector.
The activity continues to be impacted by the consequences of the global health crisis: the shortage of certain components, the very uncertain delays in supply and the difficulties of transport and movement, both goods and people are the main factors that explain the situation.
In this context, many cases, signed or in a finalization situation, are postponed as to their execution and therefore their invoicing. As a result, apart from worsening the general situation, turnover in the coming months, particularly for the whole of the second half of the financial year, could be significantly higher than in the first six months of the year.
This time lag does not, however, call into question the group’s development plan. Today the business model is very clear, based exclusively on the design and marketing of 3 professional high-tech solutions addressed to the security, logistics (warehouse inventories) and mining sectors.
The group’s clientele consists mainly of large accounts, most of them multinational, and the order book remains above €20 million, offering high visibility.
Finally, the Delta Drone group is international, with a strong presence in Africa (operations in 11 countries) and Oceania (Australia).
Positive impact of the shutdown/divestment of loss-making activities on results
The activities divested or discontinued represented a turnover of €651€ in the first half of the 2020 financial year. Their exit from the Group’s perimeter has facilitated the establishment of the organization as planned in the framework of the 2020-2021 strategic plan.
Above all, it should result in a significant improvement in the result, starting in the1st half of this financial year (for the record, the half-yearly accounts will be published on 30 September).
July 31 deadline to finalise Operation Weesure
On April 21, Delta Drone and Weesure announced in a press release the signing of a LOI (Letter of Intent) aimed at strengthening the security division of the Delta Drone Group, with a scheduled end date of july 31, 2021.
By mutual agreement, the parties decided, for technical reasons related to the various audits, to extend this date by a few weeks, until the beginning of October. Here again, the health crisis has shaken up the agendas of the teams in charge of the file, making the planned end dates of the mission difficult to keep.
Extraordinary General Meetings of July 21, 2021
Two extraordinary general meetings were held successively on July 21, 2021: the first to approve the operation consisting in increasing Delta Drone’s shareholding in its subsidiary ATM Group SRA so as to now hold 100% of the capital, the second on third convocation, corresponding to resolutions of an extraordinary nature that could not be voted previously, for lack of quorum.
In view of the difficulties encountered in achieving the quorum necessary for the adoption of extraordinary resolutions, a request was lodged with the President of the Commercial Court of Lyon for the appointment of an ad hoc representative with the task of representing defaulting shareholders in the context of general meetings. Thus, at the end of an order of the President of the Commercial Court of Lyon rendered on July 7, 2021, Maître Florence Tulier-Polge, domiciled Immeuble Le Mazière, rue René Cassin, 91000 Evry, was appointed as ad hoc representative, in charge of representing the defaulting shareholders having to deliberate on the agendas.
In accordance with the terms of the above-mentioned ordinance, the votes cast by the ad hoc representative are taken to enable the quorum to be reached,it being specified that the voting rights attached to the shares of defaulting shareholders were exercised by the ad hoc representative as follows: two thirds of positive votes and one third of negative votes for resolutions of an extraordinary nature. Thus, the participation of the ad hoc representative is made “neutral” in the expression of the vote of defaulting shareholders.
Given the presence of Maître Tulier-Polge, the quorum reached for the General Meeting on 3rd convocation amounted to 100% of the 1,309,574,421 shares with the right to vote.
The ad hoc trustee represented 1,235,495,029 shares and 1,236,779,055 voting rights.
All 11 resolutions put to the vote were approved by more than 68%.
Taking into account the presence of Maître Tulier-Polge, the quorum reached for the General Meeting held for the ATM Group SRA operation amounted to 100% of the 1,309,574,421 shares with the right to vote.
The ad hoc trustee represented 1,245,055,028 shares and 1,247,698,101 voting rights.
All 6 resolutions put to the vote were approved by more than 68%.