Cie du Bois Sauvage - Acquisition of Recticel shares 20-09-2011
The company VEAN has notified the exercise of the sale option at her disposal towards Compagnie du Bois Sauvage since November 2007 on 200,000 Recticel shares at a price of 11,00 EUR per share.
The Board has taken note of this exercise and has asked the Management Committee to proceed with the acquisition.
Further to this acquisition which closing will take place on the 26th September 2011, the participation that Compagnie du Bois Sauvage holds in Recticel with affiliated persons (Guy Paquot, Fingaren s.c.a. and Entreprises et Chemins de Fer en Chine s.a.) amounts to 8,803,650 shares on a total of 28,931,456 shares, raising its participation from 29.74% up to 30.43%.
Noting that the 30% threshold was crossed in less than 2%, the company decided, in order to take advantage of the exemption from the obligation to launch a mandatory takeover bid as provided for in Article 52, § 1, 7 of the Royal Decree (OPA) of April 27, 2007:
- To instruct the Management Committee to proceed with the sale of the Recticel shares exceeding the threshold of 30% within twelve months from the date of acquisition; and
- Not to exercise the voting rights attached to the excess shares
This option is valued in the accounts of Compagnie du Bois Sauvage in accordance with the IFRS rules.