ICADE (EPA:ICAD) - DETERMINATION OF PARITY AND SIGNATURE OF AGREEMENT FOR MERGER OF ANF IMMOBILIER INTO ICADE

Transparency directive : regulatory news

17/05/2018 07:30

PRESS RELEASE
Issy-les-Moulineaux, 17 May 2018, 7:30 a.m.

DETERMINATION OF PARITY AND SIGNATURE OF AGREEMENT FOR MERGER OF ANF IMMOBILIER
                                INTO ICADE

Further to the releases dated 12 February 2018 and 25 April 2018, Icade and ANF
Immobilier hereby announce that the Supervisory Board and Management Board of
ANF Immobilier as well as the Board of Directors of Icade have approved
unanimously on 16 May 2018 the final terms of the proposed merger of ANF
Immobilier into Icade, and that both companies have signed the merger agreement
on the same day.

The final parity has been set at 3 Icade shares for 11 ANF Immobilier shares,
i.e., an exchange ratio of 0.273 Icade share per ANF Immobilier share.

This transaction is:

(i) part of the actions towards the simplification of the structure of the
    Icade group; and

(ii) in line with the transactions performed in 2017, notably,

    - Icade's acquisition of the controlling interest held by Eurazeo in ANF
      Immobilier on 23 October 2017; and

    - the related take-over bid issued by Icade for ANF Immobilier and closed
      on 6 December 2017.

For information, the President of the Nanterre Commercial Court, by an order
dated 14 February 2018, appointed as joint merger auditors Mr. Didier Kling and
Finexsi Audit firm, who have issued opinions regarding the valuation of
contributions and the fairness of the parity.

You are further reminded that as part of its preparatory work, the Supervisory
Board of ANF Immobilier set up an ad hoc Committee of five members, including
four independent members, and appointed JPA firm, represented by Mr. Jacques
Potdevin, as an independent expert. Pursuant to its assignment, JPA firm
reported that the merger parity offered to the shareholders of ANF Immobilier
was fair. Accordingly, the Supervisory Board of ANF Immobilier, at the
recommendation of its ad hoc Committee and on the basis of the report of the
independent expert, have approved unanimously the proposed parity and the
merger.

Completion of the merger is subject to usual conditions precedent, particularly
to a decision by the Autorité des marchés financiers (AMF) finding that there
is no obligation for Icade to issue a compulsory buy-out bid for the ANF
Immobilier shares on the basis of Article 236-6 of its General Regulations.

The sole Employee Representative Committee (Délégation Unique du Personnel)
of ANF Immobilier and the Works Council of Icade, respectively, issued an
unfavourable opinion and a favourable opinion regarding the proposed merger on
14 May 2018 and 16 May 2018.

As the merger parity offered to the shareholders of Icade and ANF Immobilier is
of 3 Icade shares for 11 ANF Immobilier shares, and as Icade holds at present
90.84% of the stock of ANF Immobilier, Icade will accordingly perform, by way
of consideration for the contribution resulting from the merger of ANF
Immobilier, on the date for completion of the merger scheduled for 29 June
2018, an increase in its capital which will be with a face value of EUR
640,568.91 in order to raise it from EUR 112,966,652.03 to EUR 113,607,220.94,
by means of creation of 420,242 new shares, representing a dilution of 0.57% of
the capital of Icade.

The proposed merger shall be submitted for approval to the extraordinary
meetings of shareholders of ANF Immobilier (as well as to a special meeting of
holders of double-voting shares) and of Icade to be held on 28 June 2018 and 29
June 2018, respectively. The agenda and draft resolutions for those meetings of
shareholders shall be published shortly in the Bulletin des Annonces Légales
Obligatoires.

The merger agreement and the reports of the merger auditors are available on
the websites of ANF Immobilier and Icade and the report of JPA firm is also
available on the website of ANF Immobilier. In addition, Icade will issue
within the next few days a detailed press release in accordance with Article 17
of the AMF Instruction DOC-2016-04 dated 21 October 2016, as amended.

Disclaimer

This announcement is for information purposes only and is not intended to
constitute, and should not be construed as, an offer to sell or subscribe for
or a solicitation of any offer to buy or subscribe for (or any announcement of
such a forthcoming offer or solicitation) securities in France, the United
States of America (the "United States") or in any other jurisdiction. No offer
to sell or subscribe for securities or solicitation of any offer to buy or
subscribe for securities will be made in France, the United States or in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration, exemption from registration or qualification under the
securities laws of such jurisdiction, and the distribution of this announcement
in jurisdictions may be similarly restricted. Persons into whose possession
this communication comes should inform themselves about and observe any such
restrictions. Any failure to comply with these restrictions may constitute a
violation of the security laws of any such jurisdiction.

The securities referenced in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "U.S.
Securities Act") and may not be offered, sold, transferred or otherwise
disposed of in the United States absent registration or an exemption from, or
in a transaction not subject to, the registration requirements under the U.S.
Securities Act and in compliance with applicable state securities laws. Icade
has not registered and does not intend to register any portion of any offering
in the United States or to conduct a public offering of any securities in
France, the United States or any other jurisdiction.

                                   ABOUT ICADE

                          Building for every future

As an investor and a developer, Icade is an integrated real estate player which
designs innovative real estate products and services adapted to new urban
lifestyles and habits. By placing corporate social responsibility and
innovation at the core of its strategy, Icade is closely involved with
stakeholders and users in the cities- local authorities and communities,
companies and employees, institutions and associations... As a commercial and
healthcare property investor (portfolio value of EUR10.8bn as of 12/31/17) and
as a property developer (2017 economic revenues of EUR1,209m), Icade has been
able to reinvent the real estate business and foster the emergence of
tomorrow's greener, smarter and more responsible cities. Icade is a significant
player in the Greater Paris area and major French cities. Icade is listed on
Euronext Paris as a French Listed Real Estate Investment Company (SIIC). Its
leading shareholder is the Caisse des Dépôts Group.

CONTACTS

Guillaume Tessler,
head of financial communication
and investor relations
+33(0)1 41 57 71 61
guillaume.tessler@icade.fr

Charlotte Pajaud-Blanchard,
in charge of press relations
+33(0)1 41 57 71 19

charlotte.pajaud-blanchard@icade.fr

About ANF Immobilier
ANF Immobilier (ISIN FR0000063091) is a listed real estate
investment company, owning a property portfolio comprising offices, retails and
hotels for an amount of EUR 648 million in France. It is a transformation real
estate company, metamorphosing, that focuses on commercial real estate, value
creation and supporting large, dynamic, regional cities in France. It currently
has operations in Bordeaux, Lyon, Marseille and Toulouse. Listed on Euronext
Paris, ANF Immobilier is included in the EPRA Developed Europe real estate
index. ANF Immobilier is a subsidiary of Icade.

http://www.anf-immobilier.com

Contact ANF Immobilier:
Laurent Milleron
investorrelations@anf-immobilier.com

   The text of this release is available on the websites of Icade and ANF
                                Immobilier:

                               www.icade.fr

                          www.anf-immobilier.com

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