The shareholders of Rec-Hold, the holding company which was set up in July 1998 in the context of the take-over of the stake in Recticel held by Société Générale de Belgique and which at present holds 27.02% of Recticel's shares, have taken the joint decision to convert their shares into a direct participation in Recticel.
As a result of these transactions, Rec-Hold, which still retains 5,312,598 shares in Recticel, has become a 100% subsidiary of Compagnie du Bois Sauvage. Under this new situation, Compagnie du Bois Sauvage's total participating interest, direct and indirect, in Recticel amounts to 25.02%.
Compagnie du Bois Sauvage, which earlier this year acquired an additional package of shares, hence further strengthened its position as reference shareholder of Recticel.
Compagnie du Bois Sauvage also indicated that it would exercise its call option on 729,740 Recticel shares towards Rec-Man & Co. As a result the total participation of Compagnie du Bois Sauvage further rises to 27.57%. Rec-Man & Co still keeps a call option for the same number of shares towards Compagnie du Bois Sauvage.
To lend further support to the Group's strategy, Rec-Hold, Compagie du Bois Sauvage and the shareholders of Rec-Hold having acquired direct shares in Recticel have decided to enter into a three-year shareholder agreement.
Participants to the shareholder agreement
| Name of shareholder |
Number of shares |
% |
| Rec-Hold |
5 312 598 |
18,55% |
| Bois Sauvage |
2 583 432 |
9,02% |
| Vean |
816 663 |
2,85% |
| Sihold |
745 105 |
2,60% |
| Lennart |
669 282 |
2,34% |
| Sallas |
103 377 |
0,36% |
| Total |
10 413 535 |
35,72% |