At the end of February 2025, capital increases were completed by (a) the conversion of the current accounts of AMC Asset Segregated, chairman Gilles-Emmanuel Trutat, and the directors, (b) the conversion of previous debts held by several Swiss private banks, a Luxembourg fund, and large individual investors, (c) the contribution of new funds by five qualified private investors.
The amount of the 3 capital increases totalled €5m (issue premium included), which helped bring the equity of Odiot SA (ex Well) to an estimated -€1.2m in 2025 from -€6.6m the year before. The limited fresh funds have immediately been put at work for the renovation of the industrial building located in Brétigny-sur Orge (France), the acquisition of new matrices, particularly for the Compiègne and Demidoff collections, and a laser welding machine.
A debt-type fund raising netted €650k in late 2025. It has been complemented by other in-between fund raisings, so that the total new money injected in 2025, is c. €1.54m.
While the business is not consuming cash, it needs more long-term resources to fund its industrial rebirth, and to bring stability. Another €2M in 2026 looks necessary, ideally as a non-dilutive fundraising. Odiot’s management sees three priority areas: 1) the creation of strategic reserves of precious metals (silver and gold bullion) so as to anticipate demand, and guarantee optimal delivery times; 2) the optimisation of industrial tools, to improve production efficiency and foster growth through capacity availability; 3) the inventory and restoration of the House’s historical archives, true witnesses to its artistic and cultural heritage.
At the margin for now, directional positioning on metals could help the bottom line. Obviously, this would happen with limited risk, as metals have a natural manufacturing usage. It is worth pointing out that, over long periods, gold and silver tend to deliver similar performances.
Possible exceptional income
Odiot SA may recover unpaid loans made to one of its financial holdings when it operated as Well SA. A recently signed protocol with listed company Vergnet, currently worth zero in market cap terms, anticipates a first €250k payment by year end 2025. Another €1.15M might be recovered over the next three years, but it depends on Vergnet’s improbable financial health.
