PARIS--(BUSINESS WIRE)--Regulatory News:
Europcar Mobility Group’s (Paris:EUCAR) Extraordinary General Meeting was held on January 20, 2021 under the chairmanship of Mr. Jean-Paul Bailly, Chairman of the Supervisory Board. A quorum of 37,25% was reached.
In light of the COVID-19 epidemic and in accordance with Order No. 2020 - 1497 of December 2, 2020, the Extraordinary Shareholders’ Meeting was exceptionally held without the physical presence of its shareholders, in closed session.
Shareholders were able to follow the proceedings of the meeting from a distance, which were webcasted live and are also available in replay mode on the Company's website at the following address: https:///europcar/#!/europcar/20210121_1.
Europcar Mobility Group announces that all of the resolutions necessary for the implementation of the financial restructuring plan have been approved: it will enable the Group to finalize the implementation of this comprehensive plan, which notably contemplates a massive reduction of the Group’s corporate debt by €1,100m through equitization and a significant new money injection, via capital increases1 and new fleet financing facilities (approx. €500m in total).
During this meeting, Caroline Parot, CEO, recalled how the Group had been severely affected by the Covid-19 Crisis, with a significant impact on revenues and, as a consequence, a sharp increase of the Group’s corporate debt and its weight. This led the Group to launch early September 2020 an in-depth financial restructuring, while adapting its strategy to the long-term consequences of the crisis on mobility needs and expectations.
As such, a specific time was devoted to the presentation of the Group’s strategic plan, “Connect”, which objective is to position the Group as a major player of sustainable, digital and connected mobility in the years to come.
Caroline Parot said: “Today, thanks to our shareholders, the Group’s financial restructuring plan has been approved. This comprehensive and rapid restructuring plan will allow to properly reset the Group’s corporate capital structure, enabling to focus on the accelerated implementation of our “Connect” plan.
I would like to thank our shareholders and in particular Eurazeo, for their support: their positive vote marks the opening of a new Chapter in the Group’s history. They are not only enabling the Group to continue serving customers in more than 140 countries worldwide: they are also giving a major mobility player the opportunity to emerge stronger from the crisis.”
The complete results of the votes on the resolutions are available in the investor section, "Financial Information", sub-heading "Shareholders' Meetings" of the Group's Investor Relations website: http://investors.europcar-group.com.
The next step in the financial restructuring of Europcar Mobility Group is the approval of the accelerated financial safeguard plan by the Paris Commercial Court. To this end, a hearing will be held on January 25th to examine the proposed plan, following which the Court may decide to approve the accelerated financial safeguard plan in a ruling that could be handed down at the beginning of February 2021.
Europcar Mobility Group is thus in a position to finalize its restructuring plan, and move forward, turning the page on 2020.
This announcement has been prepared by Europcar Mobility Group exclusively for information purposes. It does not constitute or include any advice or recommendation by Europcar Mobility Group (or any other person) regarding the securities of Europcar Mobility Group or EC Finance plc or as to the merits of any transaction or the making of any investment decision. It does not constitute or include any confirmation or commitment by Europcar Mobility Group (or any other person) regarding the present or future value of the business of Europcar Mobility Group, its securities, its affiliates or any of Europcar Mobility Group’s or their assets.
This announcement is not an offer to sell or a solicitation of an offer to buy or exchange or acquire securities in the United States or in any other jurisdiction. The securities referenced in this announcement may not be offered, sold, exchanged or delivered in the United States absent registration or an applicable exemption from the registration requirement under the U.S. Securities Act of 1933, as amended. The securities mentioned in this announcement are not, and will not be, registered in the United States. This announcement is not directed at, or intended for distribution, publication, availability to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law or regulation, or which would require any registration or licensing within such jurisdiction.
This press release includes forward-looking statements based on current beliefs and expectations about future events. Such forward-looking statements may include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and/or expectations with respect to future financial results, events, operations and services and product development, as well as statements, regarding performance or events. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “projects”, “may”, “would”, “should” or the negative of these terms and similar expressions. Forward looking statements are not guarantees of future performance and are subject to inherent risks, uncertainties and assumptions about Europcar Mobility Group and its subsidiaries and investments, trends in their business, future capital expenditures and acquisitions, developments in respect of contingent liabilities, changes in economic conditions globally or in Europcar Mobility Group’s principal markets, competitive conditions in the market and regulatory factors. Those events are uncertain; their outcome may differ from current expectations which may in turn materially affect expected results. Actual results may differ materially from those projected or implied in these forward-looking statements. Any forward-looking statement contained in this press release is made as of the date of this press release. Other than as required by applicable law, Europcar Mobility Group does not undertake to revise or update any forward-looking statements in light of new information or future events. The results and the Group's performance may also be affected by various risks and uncertainties, including without limitation, risks identified in the "Risk factors" of the Annual Registration Document registered by the Autorité des marchés financiers on May 6, 2020 and also available on the Group's website.
About Europcar Mobility Group
Europcar Mobility Group is a major player in mobility markets and listed on Euronext Paris. The mission of Europcar Mobility Group is to be the preferred “Mobility Service Company” by offering attractive alternatives to vehicle ownership, with a wide range of mobility-related services and solutions: car rental and light commercial vehicle rental, chauffeur services, car-sharing and private hire vehicle (PHV – rental to “Uber like” chauffeurs).
Customers’ satisfaction is at the heart of the Group’s mission and all of its employees and this commitment fuels the continuous development of new services.
Europcar Mobility Group operates through a diversified portfolio of brands meeting every customer specific needs and use cases, be it for 1 hour, 1 day, 1 week or longer ; its 4 major brands being: Europcar® - the European leader of car rental and light commercial vehicle rental, Goldcar® - the low-cost car-rental Leader in Europe, InterRent® – ‘mid-tier’ car rental and Ubeeqo® – one of the European leaders of round-trip car-sharing (BtoB, BtoC). Europcar Mobility Group delivers its mobility solutions worldwide solutions through an extensive network in over 140 countries (including wholly owned subsidiaries – 18 in Europe, 1 in the USA, 2 in Australia and New Zealand – completed by franchises and partners).
Further details on our website: www.europcar-mobility-group.com
1 The description of the capital increases - implying the dilution of the existing shareholders base - are and will be, described in more detail in the prospectuses approved by, or submitted for approval to, the AMF.