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REPORT ON ACTIVITIES THIRD QUARTER 2011 10-11-2011

On 9th November 2011, the intrinsic value amounted to EUR 275 per share compared to EUR 296 at 30th June 2011 (-7%)

SIGNIFICANT EVENTS SINCE 30TH JUNE 2011
The capital reduction by EUR 26 per share decided at the Extraordinary General Meeting of 27th April
2011 was paid out at the end of July 2011.

The public takeover bid on the Danish company Satair by the EADS group has been successfully closed at the end of September 2011. Considering the exceptional dividend of DKK 50 per share received in June 2001, the equity of Compagnie du Bois Sauvage increased by about EUR 9.5 million (of which about EUR 8 million in capital gain from disposal) compared to 31st December 2010 and by EUR 5 million compared to 30th June 2011. Furthermore, this sale had a positive impact on the cash position by EUR 19.5 million.
Compagnie du Bois Sauvage was shareholder of Satair since 2006 and realize, following this sale, an IRR of 20% on its investment.

The loan of EUR 1.1 million to the French company Dordogne Périgord Investissement was early repaid in July 2011.

Further to the exercise by the company VEAN of the sale option at her disposal towards Compagnie du Bois Sauvage since November 2007 on 200,000 Recticel shares at a price of EUR 11 per share, Compagnie du Bois Sauvage's participation held in Recticel with affiliated persons (Guy Paquot, Fingaren s.c.a. et Entreprises et Chemins de Fer en Chine s.a.) has raised 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

To date, 14,332 Recticel exceeding shares were sold on the stock market at an average price of EUR 4.8 per share bringing overall Recticel participation to 30.38%.

As part of the authorization granted by the Extraordinary General Meeting of 28th April 2010 (http://www.bois-sauvage.be/info/AG2010/PVAGE2010.pdf) for the share buyback, Compagnie du Bois Sauvage has decided to cancel 29,612 shares, or 1.8% of the capital.
The number of shares outstanding is decreasing from 1,611,612 to 1,582,000.

To date, Compagnie du Bois Sauvage still holds 1,335 shares.

HOLDINGS
The results and/or trends of the principal holdings are in line with expectations.

OUTLOOK FOR THE CURRENT FINANCIAL YEAR
The Board remains confident in the assets quality, and cautious on the outlook in the short or medium term.

FINANCIAL TIMETABLE
5th March 2012 (5.35 pm)       Annual Results 2011

The Management Committee


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