Le Lan Family and Predica Renew Their Partnership
The Le Lan family and Predica, a subsidiary of Crédit Agricole Assurances, have once again showcased their commitment to each other by signing a new five-year agreement. This pact, effective from October 15, 2024, signifies a renewal of trust and collaboration, replacing the previous agreement from 2019 while stipulating that the Le Lan family members will act concertedly regarding Argan.
Enhancements to Argan's Governance Structure
Through this renewed commitment, an important evolution is anticipated in Argan's governance. The Supervisory Board is set to be streamlined to six members from its current composition of eight. This restructuring aims to enhance the efficiency and effectiveness of the board, leading to better governance within the company.
New Supervisory Board Composition
The proposed new setup for the Supervisory Board includes:
- Three members appointed by the Le Lan family.
- Two independent members, adhering to the corporate governance recommendations set forth by Middlenext and AFEP-MEDEF.
- Predica, as a legal entity, will also have representation on the board.
Committees and Observer Roles
The new agreement empowers both the Le Lan family and Predica to appoint a non-voting observer (or censor) to the Supervisory Board, a provision that enhances oversight without impacting decision-making autonomy. The two established committees—the Audit, Risks and Sustainability Committee and the Nomination and Remuneration Committee—will maintain their existing structures and continue to be led by independent members, ensuring both transparency and accountability.
Looking Ahead: Future Meetings and Shareholding Details
The stakeholders expressed their intention to convene again before the expiration of their renewed pact in 2029 to discuss subsequent agreements or terms as necessary. Currently, following Argan's capital increase, the Le Lan family holds a significant 36.7% stake, while Predica owns 15.0%, reflecting their strong investment in the business.
Financial Calendar Overview for 2025
Looking forward, Argan has laid out the financial calendar for 2025, which includes key dates for financial reporting and general assembly meetings:
- January 3: Release of Q4 2024 net sales
- January 16: Annual results of 2024
- March 20: General Assembly 2025
Understanding ARGAN: A Leader in Real Estate
ARGAN is a prominent name in the real estate sector, specializing in the development and rental of premium warehouses. As the only French company focusing exclusively on this area, ARGAN has distinguished itself by adopting a client-tenant-centric approach, constructing pre-let warehouses for various blue-chip clients. This method ensures a seamless journey throughout every phase of the project, from development to rental management.
Commitment to Sustainability and Profitability
Profitability and debt management are core components of ARGAN's business philosophy. The company embraces a thoroughly proactive Environmental, Social, and Governance (ESG) strategy, which is evident in its innovative Aut0nom® concept, aimed at achieving Net Zero for its warehouses. As of June 30, 2024, ARGAN's portfolio spans 3.6 million square meters across nearly one hundred warehouses, exclusively located in mainland France. This impressive portfolio holds a valuation of €3.8 billion, generating around €200 million in annual rental income.
Contacting ARGAN for More Information
For any inquiries regarding ARGAN, you can reach out to their dedicated team:
- Francis Albertinelli – CFO
- Aymar de Germay – General Secretary
- Samy Bensaid – Head of Investor Relations
- Phone: +33 1 47 47 47 40
- Email: contact@argan.fr
For media relations, you may contact:
- Marlène Brisset – Media relations
- Phone: +33 6 59 42 29 35
- Email: argan@citigatedewerogerson.com
Frequently Asked Questions
What is the significance of the new agreement between the Le Lan family and Predica?
The agreement solidifies their partnership and indicates a commitment to continue their collaborative efforts in governing Argan.
What changes are being implemented in Argan's governance?
Argan will have a streamlined Supervisory Board, reduced to six members, enhancing operational efficiency.
How does this agreement affect the composition of the Supervisory Board?
Three members will be proposed by the Le Lan family, along with two independent members and representation from Predica.
What is the focus of ARGAN in the real estate sector?
ARGAN specializes in developing and renting premium warehouses, prioritizing client relationships and sustainability.
How can investors get in touch with ARGAN?
Investors can contact ARGAN's investor relations team via phone or email, as provided in the company contact information.
