BOULOGNE-BILLANCOURT, France--(BUSINESS WIRE)--Regulatory News:
The Extraordinary General Shareholders’ Meeting of SoLocal Group (Paris:LOCAL) which met on 15 December 2016 has approved all the resolutions required for the implementation of the revised financial restructuring plan presented by the Company.
As announced, the Board of Directors of the Company will meet in the coming weeks to decide on the appointment by way of cooptation of a Director and the appointment of a non voting member, both of them representing the creditors.
However, the draft resolutions presented by shareholders including Mr. Benjamin Jayet and D&P Finance represented by Mr. Calmels, and not approved by the Board of Directors, have been rejected.
The results of the vote on each of the resolutions will be online on the corporate website of SoLocal Group on Monday 19 December (http://solocalgroup.com).
As envisaged, the financial restructuring plan having now been approved by the shareholders and creditors of SoLocal Group, the Company has presented at a hearing at the Commercial Court of Nanterre on 16 December 2016 a request of amendement for the plan de sauvegarde financière accélérée in which the Company is engaged. The upcoming decision of the Commercial Court of Nanterre is the last prior approval necessary for the implementation of the plan. Futhermore the creditors of the ad hoc group acting in concert (funds managed or advised by Amber Capital UK Holdings Ltd, Monarch Alternative Capital (Europe) Ltd and Paulson & Co., Inc.) indicated to have obtained the derogation from the Autorité des Marchés Financiers to launch a takeover bid in the event of the acquisition of control of 30% of the Company's capital post Rights Issue.
According to the estimated schedule, the operations of Rights Issue would be realised in Q1 2017.
Jean-Pierre Remy, Chief Executive Officer of SoLocal Group declared: "The support provided by the shareholders to the financial restructuring plan gives now a new future to SoLocal Group and its 4,400 employees. Freed up from its debt burden, SoLocal Group has today a new room for maneuver to invest, accelerate its growth and develop innovative and creative communication solutions for its 500,000 clients.”
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.