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Cie du Bois Sauvage / Capital reduction - additional information 25-05-2011

 

1.     Capital reduction - additional information

The record of the capital reduction by EUR 26 per share decided by the Extraordinary General Meeting of 27 April 2011 was published in the annexes to the Moniteur belge on 16 May 2011. Consequently, the two-month period (protection of creditors) starting from that publication will end on 16 July 2011.

In the absence of opposition from creditors, the timetable for payment of the capital reduction in exchange for coupon 23 will be as follows:

  • Ex-date                            26/7/2011
  • Record date                     28/7/2011
  • Payment date                   29/7/2011

Note that the strip coupon 23 will have no value.

 

2.     Practical procedures concerning the Compagnie du Bois Sauvage convertible bond 2004-2011 at 5.5% maturing on 30 June 2011

Principle

Applications for conversion must be filed with the Banque Degroof (Rue de l'Industrie 44, 1040 Brussels) or with the registered office of the company (Rue du Bois Sauvage 17, 1000 Brussels). These applications can also be filed with this bank via any other financial institution.

The bonds will be convertible from 10 June 2011 to 30 June 2011 inclusive.

Holders of convertible bonds who have not requested conversion of the securities by 30 June 2011 at the latest can no longer invoke this right after that date. Non-converted bonds will be redeemed at their nominal value (EUR 180.00) on 30 June 2011.

Shares resulting from the conversion

The shares resulting from the conversion will be issued with coupon 23 attached.

Coupon 23 will give the right to a cash payment of EUR 26 per share.

In the absence of opposition to the capital reduction from creditors, the timetable for this cash payment in exchange for coupon 23 will be as follows:

  • Ex-date                            26/7/2011
  • Record date                     28/7/2011
  • Payment date                   29/7/2011

Note that the strip coupon 23 will have no value.

Transferability of shares

The shares will be freely negotiable.

Since for the holder, the fiscal treatment (absence of withholding tax) is the same for the cash payment and the capital reduction, the shares resulting from conversion will be listed at the beginning of July on NYSE Euronext under the same code as the shares that are currently circulating (ISIN BE0003592038).

 

3.     Practical procedures concerning Compagnie du Bois Sauvage warrants or stock options currently in circulation

In the absence of opposition by creditors to the capital reduction, the strike price for the warrants and stock-options in circulation will be reduced by EUR 26 per share as from 26 July 2011, as described in the table below:

  Number Current strike price (EUR) New strike price (EUR)
Warrants 2005-1 (10 to 30 June 2011-2012) 132,500 265.00 239.00
Warrants 2005-2 (10 to 30 June 2013 to 2015) 132,500 290.00 264.00
Stock options 2006 (1 to 20 April 2012 to 2016) 2,350 283.41 257.41
Stock options 2007 (1 to 20 April 2012 to 2017) 2,300 341.92 315.92
Stock options 2008 (1 to 20 April 2013 to 2018) 2,700 345.50 319.50
Stock options 2008 (1 to 20 April 2013) 100 345.50 319.50
Stock options 2009 (1 to 20 April 2014) 3,150 158.93 132.93
Stock options 2010 (1 to 20 April 2015) 3,400 189.48 163.48

 

4.     General Comment

The adjustment of the procedures for converting the Compagnie du Bois Sauvage bond and the stike price of Compagnie du Bois Sauvage warrants and stock options result from the application of the anti-dilution clauses mentioned in the prospectus of the various issues and in the Stock option plan.

Contact
Bruno Spilliaert, Secrétaire Général
02/227.54.55
bruno.spilliaert@bois-sauvage.be

 

 


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