Board of GIB proposes the liquidation of the holding company

GIB GROUP has pursued the strategic objective of securing the long-term growth of its retail chains against a background of European consolidation, while continuing to create value for its shareholders. The pursuit of this objective has led since 1998 to a total transformation of the Group and to the disposal of its major investments.

These transactions have enabled GIB to place its chains (most of which were market leaders in Belgium) with the best possible European partners, thereby securing new growth prospects for their business activities and their employees. Externalisation of shared services such as payroll administration has also enabled GIB to maintain employment while guaranteeing continuity of high-quality service to customer companies.

This transformation has also enabled GIB to reward its shareholders, many of which have been loyal supporters over many years, with an attractive total shareholder return since 1998.

GIB’s remaining interests comprise shareholdings in Quick (57.8%), Lunch Garden/Crock’in (100%), Gecotec (100%), Disport (50%) and Exki (79.4%), plus a number of shared services.

It is the opinion of the Board of Directors that there is little further economic justification for a quoted holding company such as GIB S.A. to continue holding these investments, among which there are no synergies, due to the traditional discount on assets which applies to the share valuation of groups with a diversified profile and a low stock market capitalisation.

The Board of Directors therefore believes that GIB S.A., the Group’s parent company, no longer has an economic rationale and that it is justified in recommending that its shareholders should resolve to liquidate the company.

After completion of this radical transformation, the Board of Directors of GIB believes that all the Group’s former chains will have become members of specialist and competitive groups best placed to meet the demands of pan-European competition, and that this is in the best interests of their customers, their employees and the shareholders, both old and new.

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(source: GIB Group)

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