Compagnie du Bois Sauvage - Capital reduction 30-01-2012
The Board of Directors of Compagnie du Bois Sauvage met on January 30, 2012 to consider the request of the main shareholder who wishes to complete the deleveraging of the upstream companies.
The Board, after analyzing the feasibility and consistency with the strategy of the Company, has decided to propose a capital reduction of EUR 25 per share (EUR 39.5 million in total).
To this end, it will convene an Extraordinary General Meeting following the Annual General Meeting (April 25, 2012). If approved by the Assembly, the implementation of this new capital reduction should be similar to 2011 and the payment may take place in late July 2012.
In addition, the Board decided to temporarily suspend the shares buyback program.
The Company is not foreseeing any further capital reduction and intends to continue its dividend policy.
The Board confirms the group's strategy to focus on a limited number of participations, not to depend on credit and to maintain the necessary resources to the development of the companies in the group.