SOLOCAL (EPA:LOCAL) - Above 93% approval of the financial restructuring plan

Transparency directive : regulatory news

24/07/2020 18:25

Press Release

Boulogne-Billancourt, 24th July 2020

Combined Shareholders' General Meeting on 24th July 2020 Above 93% approval of
                       the financial restructuring plan

Solocal Group announces that all necessary resolutions for the implementation
of the financial structure strengthening plan have been approved by a very
large majority at the Combined General Meeting ("CGM") of the shareholders
which took place today in Paris, under the Presidency of Pierre Danon, Chairman
of the Board of Directors.

Pierre Danon, Chairman of the Board, said:

"I am delighted with the clear-cut approval of the financial structure
strengthening plan. We put our full energy in the negotiation of this plan in
order to preserve the Company's interests. I would like to thank all our
shareholders for their support & their involvement. Today, we move on towards a
new phase, with great opportunities, the support of our 3,000 employees and the
trust of our 300,000+ customers. With a sane financial situation for the sake
of a successful business model and strategy, we may now move further on."

A sound participation

2,358 shareholders participated in the vote, representing more than 267 million
shares and 283 million voting rights. Compared to the total amount of shares
with exercisable voting rights, i.e. 627 million shares, it represents 42,7%
of the total amount of shares.

Ordinary resolutions

All ordinary resolutions were largely approved in the General Meeting. Among
these resolutions, one may list:

- Approval of the 2019 statutory and consolidated financial statements

- Ratification of the cooption of Mrs. Anne-France Laclide as a member of the
  Board

- The renewal of the terms of M. Eric Boustouller and Mrs. Marie-Christine
  Levet as Board members

- The remuneration of the Chairman of the Board of Directors, the CEO and the
  Board Members

Extraordinary resolutions: an unequivocal approval of the financial structure
strengthening plan

All resolutions related to the financial structure strengthening plan were
largely endorsed, with more than 93% votes in favour.

As a reminder, this plan relies on a EUR347 million capital increase, thus
securing a EUR85 million cash injection and allowing an up to EUR262 million
debt reduction. In order to cover the short-term liquidity needs, it is
completed by an additional EUR32 million financing, with a EUR16 million "prêt
ATOUT" granted by BPI France and the issuance of a EUR16 million Bond
subscribed by some of the Bondholders(1).

These transactions are subject to the following condition precedents:

- Confirmation of the amendment to the accelerated financial safeguard plan by
  the commercial court of Nanterre.
- The obtaining from the "Autorité des Marchés Financiers" (the French
  "Financial Markets Authority") of an exemption from the obligation of
  GoldenTree to launch a tender offer (in accordance with article 234-9 2° of
  the "Règlement Général de l'Autorité des Marchés Financiers")

An indicative timeline of the execution of these transactions will be available
shortly on Solocal's Investor webpage. According to this timeline, the
subscription period for the capital increase with preferential subscription
rights (which will be explained in a prospectus approved by the AMF) should
occur between 15th and 29th September 2020, with an expected settlement on 5th
October 2020.

Details about the votes on each of the resolutions is available on the Group's
Investor webpage by following this link: https://www.solocal.com/en/combined-
general-shareholders-meeting-24-july-2020

Notes
(1) Bond will have a nominal value of EUR 17,7 million while the cash amount
received by Solocal will be EUR 16 million (OID)

Solocal - www.solocal.com
We are the local digital partner for companies. Our job: advising and
supporting them to boost their activity thanks to our digital services (Digital
Presence, Digital Advertising, Websites, New Print Solutions). We also provide
users with the best possible digital experience with PagesJaunes, Mappy and
Ooreka, and our partners (Google, Facebook, Apple, Microsoft/Bing, Yahoo!,
etc.). We provide professionals and the public with our high audience services,
geolocalised data, scalable technology platforms, unparalleled order intake
coverage across France, our privileged partnerships with digital companies and
our talents in terms of data, development, digital marketing, etc. We gather
375,000 companies all over France and 2.7 billion visits on our services.
Solocal moreover benefits from the "Digital Ad Trust Classique" label for its
PagesJaunes and Mappy digital services. To know more about Solocal (Euronext
Paris "LOCAL"): let's keep in touch @solocal

Press contacts

Charlotte Millet +33 (0)1 46 23 30 00
charlotte.millet@solocal.com

Edwige Druon +33 (0)1 46 23 37 56
edruon@solocal.com

Investor contacts

Julie Gualino-Daly
+33 (0)1 46 23 42 12
jgualino@solocal.com

Colin Verbrugghe
+33 (0)1 46 23 40 13
cverbrugghe@solocal.com

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SOLOCAL (EPA:LOCAL) - Above 93% approval of the financial restructuring plan

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