Groupe Pierre & Vacances-Center Parcs: Nearly 80% of Individual Owners Agree With the Group's Proposals

PARIS--(BUSINESS WIRE)--Regulatory News:

Groupe Pierre & Vacances-Center Parcs (Paris:VAC):

As announced in the press release dated 10 November 2021, the Group has sent a new alternative amendment proposal to its individual owners, which provides for the payment of an amount equivalent to 11 months' rent over the 16-month period affected by the health crisis (between March 2020 and June 2021), i.e. nearly 70% of the contractual rent.

This proposal is a new option offered by the Group to its individual owners, with the September proposal remaining valid for those owners who wish to subscribe to it.

As of December 6, 2021, the Group confirms that the number of individual lessors in the Group who signed the September amendment and this new proposal represented nearly 80% of the lots, all residences included, with this figure likely to increase as more subscriptions are received by mail.

In view of this high level of acceptance, the Group has decided to apply its new proposal immediately to the benefit of its individual owners and to waive the initial condition of obtaining signatures representing at least 85% of the lots, in accordance with the terms of the amendment.

The new proposal will therefore be effective as of today and the Group will continue to collect additional subscriptions from its owners to the various amendments.

The opt-in period for signatories to the September amendment who wish to subscribe to the new proposal will also be open until 31 December 2021.

If a signatory of the September amendment does not sign the new proposal, the latter will remain in force and will retain all its effects with regard the lessor concerned. It is reminded that the use of vouchers will be suspended for lessors who signed the first amendment during the period of subscription to the new proposal. Vouchers will either be cancelled for lessors opting for the new proposal or reactivated as of the end of the subscription period for owners who preferred to keep the September proposal. In order to take account of this suspension period, the Group has agreed to extend the validity of the vouchers until 31 March 2024.

The Group would like to thank all of its individual lessors and their representatives who have made this success possible.