Press release
Paris, June 26, 2018
Proposed delisting offer on Locindus
Crédit Foncier de France and Groupe BPCE presented this day a project to integrate the activities and teams of Crédit Foncier and initiated an information-consultation procedure on such project with the works councils of Crédit Foncier and the relevant entities of Groupe BPCE.
Once the opinion of these bodies has been obtained, subject to modifications and in the event of implementation of this project, Crédit Foncier will file a delisting offer on Locindus shares pursuant to article 236-6 of the General Regulation of the French financial markets authority ( Autorité des marchés financiers ).
Under these circumstances, subject to the opinion of the independent expert that will be appointed by the board of directors of Locindus in the context of the proposed delisting offer and the approval decision ( conformité ) of the Autorité des marches financiers, the price of this delisting offer would amount to € 25 per share, representing a 3% premium over the estimated net book value per Locindus share as at December 31, 2018 [1] , a 6% premium over the net book value per Locindus share as at December 31, 2017 [2] and a 12% premium over the weighted average Locindus share price over 1 month (prior to the announcement of the proposed offer).
Depending on the outcome of the offer and if the conditions are met, Crédit Foncier will proceed with the squeeze-out of Locindus (the scope of the independent expert including such point).
| Press contacts | |
| Nicolas Pécourt | Kayoum Seraly |
| Head of Communication and CSR | Information and Press Relations Manager |
| T : +33 1 57 44 81 07 | T : + 33 1 57 44 78 34 |
| nicolas.pecourt@creditfoncier.fr | kayoum.seraly@creditfoncier.fr |
[1] Or € 24,2 per share, it being specified that the offer price would be adjusted should the actual net book value per Locindus share at December 31, 2018 exceed the offer price.
[2] Restated the dividend of 89 cents per share for the net income of 2017 paid in 2018, or € 23.5 per share.
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