BOULOGNE-BILLANCOURT, France--(BUSINESS WIRE)--Regulatory News:
SoLocal Group (Paris:LOCAL) announces that more than two-thirds of the creditors have approved today its financial restructuring plan.
The plan will now be submitted on 19 October 2016 at the Combined General Shareholders’ Meeting, who will have to take a decision with a majority of two-thirds. The vote of shareholders will be decisive for the implementation of both the financial restructuring plan and “Conquer 2018” plan. As a reminder, in case of approval by the shareholders, the plan will still have to be submitted to the approval of the Commercial Court of Nanterre.
The company reiterates the urgency to implement this plan, which is to date the only industrial plan aiming at ensuring the growth of the Group and the sustainability of its activities.
“SoLocal Group reaches today an important step forward in its financial restructuring plan. This vote puts the company on track for a drastic reduction of its debt, allowing to invest in its future development. The company has major assets, and recognized by all, to consolidate its leadership in France and Europe. Conversely, the rejection or postponement of the financial restructuring plan would impose on SoLocal a strategy that would quickly lead to the decline of the company. It is now up to the shareholders to exercise their responsibility through a decisive vote for the future of SoLocal Group,” has declared Jean-Pierre Remy, Chief Executive Officer of SoLocal Group.
Should the Combined General Shareholders’ Meeting of 19 October 2016 not vote in favour of this plan, the Commercial Court of Nanterre would then have to decide on the fate of the financial safeguard plan put in place in 2014.
As a reminder, the information related to the General Shareholders’ Meeting is available on the following website : www.solocalgroup.com/assemblee-generale-extraordinaire-2016, as well as a toll-free number 0 800 81 84 54).
Moreover, SoLocal Group took note of the declaration of Family office Amar as of 7 October 2016, regarding their holding of 917 975 shares of the company, representing 2.36% of the capital of the company.
About SoLocal Group
SoLocal Group, European leader in local online communication, reveals local know-how, and boosts local revenues of businesses. The Internet activities of the Group are structured around two business lines: Local Search and Digital Marketing. With Local Search, the Group offers digital services and solutions to clients which enable them to enhance their visibility and develop their local contacts. Thanks to its expertise, SoLocal Group earned the trust of some 530,000 clients of those services and over 2.2 billions of visits via its 4 flagship brands (PagesJaunes, Mappy, Ooreka and A Vendre A Louer) but also through its partnerships. With Digital Marketing, SoLocal Group creates and provides Internet users with the best local and customised content about professionals. With over 4,400 employees, including a salesforce of 1,900 local communication advisors specialised in five verticals (Home, Services, Retail, Health & Public, BtoB) and Internationally (France, Spain, Austria, United Kingdom), the Group generated in 2015 revenues of 873 millions euros, of which 73% on Internet and ranks amongst the first European players in terms of Internet advertising revenues. SoLocal Group is listed on Euronext Paris (LOCAL). More information may be obtained at www.solocalgroup.com.