Last week the respective extraordinary shareholders’ general meetings of Silic and Icade approved the merger of Silic into Icade, on the basis of an exchange ratio of 5 Icade shares to 4 Silic shares. The merger and thus the dissolution without liquidation of Silic were legally completed at midnight on December 31, 2013. Further to the highly successful tender offer for Silic, the completion of this merger signals the successful completion of the combination project between Icade and Silic which was launched on 13 December 2011.
This merger will result in the creation of the first commercial property company in the “Grand Paris”, first owner of offices and business parks in Europe. The combination of the know-how of the teams of Icade and Silic as well as the complementary geographical positions of both entities will allow to develop under the best possible conditions a unique potential of 2 millions of square meters over five growth areas in the “Grand Paris”: Paris–Saint-Denis– Aubervilliers, Paris–Orly, Paris–La Défense–Nanterre, Paris–Villejuif et Paris–Roissy.
At the merger completion date, Icade will proceed on the basis of the exchange ratio with (i) a share capital increase in a nominal amount of €2,212,786.34, increasing its share capital from €110,456,512.52 s to €112,669,298.86, by way of issuance of 1,451,687 new shares to Silic’s shareholders (with the exception of Icade and Silic with respect to the treasury shares). The newly issued Icade shares in consideration for the merger will be admitted to trading on Compartment A of Euronext Paris under the ISIN code FR0000035081. At the merger completion date, Icade will assume all the obligations of Silic vis-à-vis (i) the holders of Silic stock options, (ii) the beneficiaries of Silic free shares in process of vesting and (iii) the holders of Silic bonds redeemable in cash and/or new shares and/or existing shares (ORNANEs). The Silic ORNANEs will be maintained to trading on Euronext Paris under the ISIN code FR0010961128 and those held by Icade will be cancelled.