Pursuant to the memorandum of understanding signed on 8 February 2007, Société Foncière Lyonnaise (SFL) has acquired Prédica's 50% interest in SCI Paul Cézanne, raising its interest to 100%.
The value of 198,670,242 attributed to the 50% interest has been confirmed by the merger auditors, Jacques Zaks and Edouard Leduc. Their report was filed with the Clerk of the Paris Commercial Court on 22 March 2007. The report and the sale agreement are available for consultation at SFL's headquarters.
The 3,425,349 SFL shares issued in payment for the acquisition will be priced at €58 per share, as provided for in the memorandum of understanding. They will rank pari passu with existing shares and will be quoted on the same line. This issue, representing less than 8% of SFL's capital, is being carried out pursuant to the general authorisation given to the Board at the 2005 Annual General Meeting (6th resolution) to issue shares representing up to 10% of the capital in payment for stock in another company.
The transaction will give SFL exclusive control over SCI Paul Cézanne's capital.
Prédica has confirmed to SFL that it plans to sell an equivalent number of SFL shares to three investors, at the same price of €58, retaining at least 5% of SFL's capital and voting rights in accordance with the provisions of the shareholder pact concluded with Inmobiliaria Colonial on 24 November 2004.