BOULOGNE-BILLANCOURT, France--(BUSINESS WIRE)--Regulatory News:
SoLocal Group (Paris:LOCAL)
Among the legal proceedings initiated by Mr. Benjamin Jayet against the Company, which are described in the prospectus which received from the AMF the visa n° 17-056 dated 8 February 2017 (the “Prospectus”) and were recalled in the Company's press release of 3 March 2017, Mr Jayet appealed against the order of the President of the Commercial Court of Nanterre of 13 January 2017 dismissing his application for interim measures suspending the implementation of resolutions n° 1 to 7 adopted at the General Shareholders Meeting of 15 December 2016 pending a decision on the merits. In these proceedings, the Court of Appeal of Versailles is to render its decision on 9 March 2017. For the record, resolutions 1 to 7 relate to the authorization by the General Shareholders Meeting of the completion of the capital increase and, more generally, the issuance of securities under the financial restructuring plan (as well as the prior capital reduction).
SoLocal Group has therefore asked Euronext Paris to suspend the listing of its shares (LOCAL FR0012938884) from the opening of the stock exchange on 9 Thursday March 2017. The company will communicate as soon as the decision is made.
This suspension of share quotation has no impact on the timetable of the settlement and delivery of purchases and sales of shares executed on March 8th and the record date for receiving free shares; therefore, a shareholder or investor who bought shares on 8 March 2017 (in order to receive the free shares) will be registered in the account on 10 March 2017, which would enable it to obtain the free shares in accordance with what had been announced, in the event of a favorable decision of the Court of Appeal. In the event that the Court of Appeal of Versailles would allow Mr Benjamin Jayet’s requests to suspend the implementation of the aforementioned resolutions 1 to 7 before the offering is completed, the implementation of the Accelerated Financial Safeguard Plan, and notably the completion of the offering it provides could be delayed. In the event that a definitive decision would annul the decisions taken during the shareholders’ meeting of the Company on 15 December 2016 after the offering is completed, such a decision could lead to the cancellation of the offering with retroactive effect. However, such an annulment could be impossible to implement in the context of a public offering.
It is recalled that at the resumption of the quotation of the share, the price of the shares will be adjusted technically as a result of the detachment of free shares in accordance with market practices.
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 490,000 clients of those services and over 2.4 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 the best local and customised content about professionals. With over 4,400 employees, including a new orders force 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 2016 revenues of 812 millions euros, of which 80% 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.