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Etam Group Q3 sales down 1.1%

19 Oct '13
4 min read

IV. LIQUIDITY OFFER TO SHAREHOLDERS

The simplified tender offer from Finora for Etam Développement shares (the Finora offer) closed on 2 October 2013. Within the context of the offer, Finora acquired 1,057,858 Etam Développement shares representing 13.25% of share capital and 9.18% of voting rights, and now holds 3,831,538 shares (48.00% of share capital and 33.24% of voting rights). The Milchior-Tarica shareholders acting in concert together own 6,477,175 shares (81.14% of share capital and 76.52% of voting rights).

As announced on 29 August 2013, Etam Développement shareholders have a second opportunity to benefit from the liquidity offer by tendering their shares to the simplified tender offer initiated by Etam Développement within the context of its share buyback programme, concerning a maximum of 10% of share capital at the same price as for the Finora offer, i.e. €23.0 per share.

The share buyback offer was opened on 7 October 2013 and is due to close on 18 October, the last date for shareholders to benefit from the liquidity offer. In keeping with its commitments, Finora will tender to the share buyback offer all Etam

Développement shares acquired within the framework of the Finora offer in excess of 399,128 shares, i.e. 658,730 shares (8.25% of share capital). In this regard, if the number of shares tendered to the share buyback offer exceeds 798,254, each shareholder tendering shares to the share buyback offer will be subject to a reduction in their request proportional to the number of shares presented to the share buyback offer.

The share buyback offer will result in a reduction in Etam Développement’s net cash position, with a corresponding reduction in consolidated equity due to the cancelation of all shares bought by Etam Développement within the framework of the share buyback offer.

Etam Group

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