SMCP - Default under the bonds exchangeable into SMCP shares issued by European TopSoho
06 Oktober 2021 - 1:02PM
SMCP - Default under the bonds exchangeable into SMCP shares issued
by European TopSoho
Press release - Paris, 6 October 2021
Default under the bonds
exchangeable into SMCP shares issued by European
TopSoho
SMCP has been informed that GLAS, in its
capacity as Trustee under the bonds exchangeable into SMCP shares
issued in September 2018 by European TopSoho S.à r.l., has notified
European TopSoho S.à r.l., the majority shareholder of SMCP with
53% of the share capital, of the occurrence of a default under its
EUR 250 million bonds exchangeable into SMCP shares following the
failure to redeem these bonds at their maturity date on September
21, 2021 and at the end of the grace period which was open until
September 30, 2021 (inclusive) to remedy this default. To SMCP’s
knowledge, the total number of the SMCP shares underlying these
bonds and pledged represents 37% of the Company's capital and the
pledge can be enforced as from 19 October 2021.
In addition, the Company has taken note of the
declaration of crossing of threshold filed with the French
Financial Markets Authority (Autorité des marchés financiers) by
GLAS, in its capacity as Trustee under the bonds1. As part of this
declaration, GLAS indicates, following the notification of default
referred to above, that it is now entitled to instruct 34,938,220
voting rights of the Company corresponding to 29% of the voting
rights of the Company attached to part of the pledged shares (it
being specified that the ownership of these shares has not been
transferred to GLAS). GLAS has also indicated that it is
considering enforcing the pledge over SMCP shares as from 19
October 2021, which would result in particular in (i) the temporary
taking of possession of the pledged shares up to 29% of the share
capital and (ii) the appointment of a receiver in charge of selling
the pledged shares to a third party. GLAS has indicated that in
case of enforcement of the pledge, it would contemplate the
appointment of three directors at the Board of directors of
SMCP.
European TopSoho S.à r.l. has initiated legal
proceedings notably against GLAS, in its capacity as Trustee under
the bonds, and indicated that it is actively considering its
options in relation to the current situation.
SMCP reminds that this situation does not affect
its own financings and operations. Value creation for all of the
Group's stakeholders (shareholders, employees and other partners)
is at the heart of the company's strategy. SMCP and its teams
remain fully committed to the implementation of the One Journey
strategic plan to 2025.
ABOUT SMCP
SMCP is a global leader in the accessible luxury
market with four unique Parisian brands: Sandro, Maje, Claudie
Pierlot and Fursac. Present in 43 countries, the Group comprises a
network of over 1,600 stores globally and a strong digital presence
in all its key markets. Evelyne Chetrite and Judith Milgrom founded
Sandro and Maje in Paris, in 1984 and 1998 respectively, and
continue to provide creative direction for the brands. Claudie
Pierlot and Fursac were respectively acquired by SMCP in 2009 and
2019. SMCP is listed on the Euronext Paris regulated market
(compartment A, ISIN Code FR0013214145, ticker: SMCP).
CONTACTS
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INVESTORS/PRESS
|
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|
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SMCP
|
BRUNSWICK |
Mathilde
Magnan |
Hugues Boëton |
|
Tristan Roquet Montegon |
+33 (0) 1 55 80 51 00
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+33 (0) 1 53 96 83 83 |
mathilde.magnan@smcp.com |
smcp@brunswickgroup.com |
1 See Declaration 221C2610 dated 5 October 2021, available on
the French Financial Markets Authority’s website
- Press Release - SMCP - Default under the bonds exchangeable
into SMCP shares issued by European TopSoho
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