Claranova: Decision of the Nanterre Commercial Court1: Voting Cap Upheld and Ruling Against the Canadian Plaintiffs2

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

Claranova (Euronext Paris: FR0013426004 - CLA) announces that on November 22, 2023, the President of the Nanterre Commercial Court issued an interim order dismissing the motion of the Canadian plaintiffs, namely the Dadoun Family Trust governed by the laws of Quebec (with Messrs. Michael Dadoun and David Dadoun as trustees), and the Quebec corporations 10422339 Canada Inc. (with Mr. Daniel Assouline as legal representative) and 6673279 Canada Inc. (with Mr. Michael Dadoun as legal representative), to (i) suspend the cap on their voting rights imposed by the officers of the Claranova General Meeting on November 30, 2022, and (ii) appoint an ad hoc proxy for the purposes of the next General Meeting.

For that reason, the voting rights of Canadian plaintiffs on the basis of their current holdings will remain capped at 0.83%³ at the General Meeting to be held on November 29, 2023.

In addition, the Canadian plaintiffs were once again ordered by the Nanterre Commercial Court, jointly and severally, to pay Claranova €20,000 under the provisions of Article 700 of the French Code of Civil Procedure plus the costs of the proceedings.

As a reminder, as a result of the failure to comply with the provisions of Article L. 233-7 of the French Commercial Code and Article 10 of Claranova's Articles of Association, the portion of shares not properly disclosed by the Canadian concert party within the period prescribed by these provisions was deprived of voting rights at all shareholders' meetings held for a period of two years following the date of the declaration made for the purpose of rectification on November 30, 2022.

A second hearing, this time on the merits, initiated by the same Canadian plaintiffs, has yet to be scheduled.

Financial calendar:
November 29, 2023: General Meeting

About Claranova:

As a diversified global technology company, Claranova manages and coordinates a portfolio of majority interests in digital companies with strong growth potential. Supported by a team combining several decades of experience in the world of technology, Claranova has acquired a unique know-how in successfully turning around, creating and developing innovative companies.

Claranova has proven its capacity to turn a simple idea into a worldwide success in just a few short years. Present in 15 countries and leveraging the technology expertise of its 800+ employees across North America and Europe, Claranova is a truly international group, with 95% of its revenue derived from international markets.

Claranova’s portfolio of companies is organized into three unique technology platforms operating in all major digital sectors. As an e-commerce leader in personalized objects, Claranova also stands out for its technological expertise in software publishing and the Internet of Things, through its businesses PlanetArt, Avanquest and myDevices. These three technology platforms share a common vision: empowering people through innovation by providing simple and intuitive digital solutions that facilitate everyday access to the very best of technology.

For more information on Claranova Group:
https://www.claranova.com

CODES
Ticker:  CLA
ISIN: FR0013426004
www.claranova.com

Disclaimer:

All statements other than statements of historical fact included in this press release about future events are subject to (i) change without notice and (ii) factors beyond the Company’s control. Forward-looking statements are subject to inherent risks and uncertainties beyond the Company’s control that could cause the Company’s actual results or performance to be materially different from the expected results or performance expressed or implied by such forward-looking statements.

¹ Interim order (ordonnance de référé) of the Nanterre Commercial Court, No. 2023R01118, made available by the Court Registrar on November 22, 2023.
² The Dadoun Family Trust governed by the laws of Quebec, and the Quebec corporations 10422339 Canada Inc. and 6673279 Canada Inc.
³ Percentage of voting rights indicated in the press release of July 12, 2023, following the Claranova capital increase announced in the same press release.