AMF publishes results of Iliad share buyback offer

17 Jan 2020

The Autorite des Marches Financiers (AMF) has published a notice announcing that 15.240 million shares had been tendered to the public buyout offer (Offre Publique de Rachat d’Actions, or OPRA) initiated by Iliad. The OPRA was open from 23 December 2019 to 13 January 2020 (inclusive) and offered shareholders the possibility to redeem their Iliad shares at a unit price of EUR120 (USD134), up to a limit of 11.667 million shares. As the number of shares presented in response to the OPRA (15.240 million) is greater than the maximum number Iliad had undertaken to buy back, a proportional reduction in requests for redemption has been made (in accordance with the provisions of article R. 225-155 of the French Commercial Code). Thus, Iliad will buy back 11.667 million of its own ordinary shares, representing 19.7% of its capital, for a total gross amount of EUR1.4 billion. It is expected that: the OPRA is fully funded by a capital increase with cancellation of the preferential subscription right by way of a public offer and with a priority subscription period in favour of shareholders, which will be the subject of a prospectus subject to the approval of the AMF; the settlement of the OPRA takes place on 31 January 2020 after completion of the aforementioned capital increase; and the shares purchased under the OPRA are cancelled on 31 January 2020.

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