Societe de la Tour Eiffel
paris : EIFF

April 25, 2013 12:25 ET

Societe de la Tour Eiffel: Announcement from the Board of Directors

PARIS--(Marketwired - Apr 25, 2013) -


Announcement from the Board of Directors

Société de la Tour Eiffel ("STE") has taken note of the fact that Compagnie M.I.29, a company controlled by Mr Chuc Hoang, has exceeded the 5% and 10% thresholds of the share capital ownership and voting rights in STE. This results from (i) the ownership of 128,095 shares held directly or indirectly through controlled entities Eurobail SA and Foncière Wilson and, (ii) the purchase from Eiffel Holding, on April 12th 2013, of a call option to acquire 530,000 shares of Societe de la Tour Eiffel representing 8.67% of the share capital. The total potential ownership of Compagnie M.I.29 in the share capital and voting rights of STE could amount to 10.77%.

This call option has been concluded through the payment of an option premium of 2.76 euros per share and a strike price of 46.80 euros ex-dividend per share. As a reminder, the Company will propose at its May 30(th) 2013 Annual General Meeting a final dividend pay-out of 2.10 euros (representing 4.20 euros for the year 2012). As a result the value of the transaction today amounts to 51.66 euros per share, dividend included, i.e. a premium of 12% compared with STE share price as of April 21(st) 2013 (the day before the disclosure of the transaction) and a premium of 15% compared with one month average share price.

Compagnie M.I.29 has indicated that as of today, it intends to exercise its call option, which can be done between June 10th and September 30th 2013. It has declared that it is not acting in concert with any other party and that it has no intention of taking control of STE. Furthermore, Compagnie M.I.29 has stated that it would ask for two Board seats but that it had no wish to change the company's strategy. Societe de la Tour Eiffel's Board takes note of these declarations by Mr Chuc Hoang and of the fact that he has expressed his support for the company's strategy.

The Board of Directors met today and unanimously renewed its confidence in and support for the group's management and strategy. It has decided to set up a committee including two independent Directors Aimery Langlois- Meurinne (Chairman) and Richard Nottage and Mark Inch and Renaud Haberkorn. This committee will hold discussions with Mr. Chuc Hoang and review the terms of his possible participation in the group management, whilst respecting the principles of good governance and the interests of the company and all of its shareholders.

Mark Inch, Chairman of the Board, declares « the Board has renewed its support to the strategy and the management recently put in place and intends to start discussion with Compagnie M.I.29. From a personal standpoint, I confirm my engagement in the company with its management, l still own directly or indirectly close to 2% of the share capital and intend to strengthen my participation in the coming months ».

About Société de la Tour Eiffel

A listed real estate investment company (SIIC) on NYSE Euronext Paris, the company pursues a strategy focused on the ownership and the development of quality office and business space capable of attracting a wide range of tenants in both established and emerging locations. The company's portfolio stands at 915 million Euros of assets spread evenly between the Paris area and the regions.

Société de la Tour Eiffel is listed on NYSE Euronext Paris (compartment B) - ISIN code: 0000036816 - Reuters: TEIF.PA - Bloomberg EIFF.F. Indexes: GIEIF Foncières, IEIF Immobilier France.

www.societetoureiffel.com

Société de la Tour Eiffel: Announcement from the Board of Directors: http://hugin.info/143560/R/1696376/558815.pdf

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(i) the releases contained herein are protected by copyright and other applicable laws; and

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Source: Société de la Tour Eiffel via Thomson Reuters ONE

[HUG#1696376]

Contact Information

  • Press contact
    Jean-Philippe MOCCI
    Capmot
    Tel: +33 (0)1 71 16 19 13
    /+33 (0)6 71 91 18 83
    Email Contact

    Communication
    Renaud HABERKORN
    Chief Executive Officer
    Tel: +33 (0)1 53 43 07 06
    Email Contact