SMCP Settles Legal Proceedings Over 15.9% Stake Dispute
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Overview of SMCP's Recent Legal Developments
In an important update, SMCP has received confirmation regarding the legal proceedings linked to a significant 15.9% stake in its share capital. The London Court of Appeal has turned down requests from Dynamic Treasure Group (DTG) to appeal the High Court's ruling, which declared the sale of shares to DTG invalid. This decision marks a significant step in resolving the ongoing dispute surrounding this stake.
Details of the Court Ruling
The High Court's ruling on July 12, 2024, found that the transfer of SMCP shares from European Topsoho S.à r.l. to DTG was invalid, leaving DTG with no further avenues for appeal. As a result, GLAS SAS, a London Branch entity, has signaled intentions to initiate measures for the forced return of the 15.9% stake currently held in Singapore.
Impact on SMCP
This legal development is expected to bolster SMCP's position in the market, reaffirming its control over its share capital. SMCP's management views this outcome as a positive resolution, aimed at guarding the interests of its other shareholders and maintaining the value of the company's capital structure.
About SMCP
SMCP stands as a prominent figure in the accessible luxury market, encompassing four distinguished Parisian brands: Sandro, Maje, Claudie Pierlot, and Fursac. The company operates across 46 countries, boasting a comprehensive network of over 1,600 stores complemented by a robust digital presence. Founded in Paris in the 1980s and 1990s, Sandro and Maje were created by Evelyne Chetrite and Judith Milgrom, who continue to steer the creative vision. The acquisition of Claudie Pierlot in 2009 and Fursac in 2019 further diversifies SMCP's portfolio, catering to a wide range of luxury consumers. SMCP is publicly traded on the Euronext Paris under the ticker SMCP.
Contact Information
For further inquiries, SMCP encourages interested parties to reach out to their investor relations and press contacts. Amélie Dernis is available for investor inquiries at +33 (0) 1 55 80 51 00 or via email. Additionally, Brunswick is the communications partner for SMCP, with Hugues Boëton and Tristan Roquet Montegon available at +33 (0) 1 53 96 83 83.
Frequently Asked Questions
What was the outcome of the London Court of Appeal ruling?
The Court refused permission for DTG to appeal the High Court's ruling that declared the sale of SMCP shares invalid.
What percentage of shares was involved in the dispute?
The dispute involved a 15.9% stake of SMCP's share capital.
Who are the founders of SMCP's primary brands?
Sandro and Maje were founded by Evelyne Chetrite and Judith Milgrom.
What are the main brands under SMCP?
SMCP's main brands include Sandro, Maje, Claudie Pierlot, and Fursac.
Where is SMCP publicly traded?
SMCP is listed on the Euronext Paris, under the ticker SMCP.
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