Showroomprive.com
Showroomprive.com: Showroomprivé launches its capital increase with preferential subscription rights of around
EUR 10 million
17-Jul-2020 / 08:00 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
SHOWROOMPRIV?? launches its capital increase
with preferential subscription rights
of around EUR 10 million,
announced as part of the strengthening
of its financial structure
· Subscription price: EUR 0.15 per new share
· Subscription parity: 22 new shares for 17 existing shares
· PSR detachment on 21 July 2020 and subscription open from 23 July 2020 to 31 July 2020 inclusive
· Subscription commitments by founding directors up to 75% of the share issue
· First half 2020 estimated figures[1]: Estimated net revenues in the range of EUR 301m and EUR 303m, EBITDA[2]
in the range of EUR 5.5m and EUR 7.5m, net cash at 31 May 2020 EUR 12,7[3]m
· Publication of half-year results scheduled for 27 July 2020, followed by a Prospectus Supplement entitling
subscription orders to a withdrawal period for a period of two trading days.
La Plaine Saint Denis, 17 July 2020 - Showroomprivé (SRP Groupe), a leading European online retailer specialising
in fashion for the Digital Woman, today announces the launch of its capital increase with preferential subscription
rights, as announced on 30 April 2020 as part of the conciliation protocol entered into with the Group's banking
partners, and authorised by the Bobigny Commercial Court on 28 May 2020.
The capital increase, for a maximum amount of around EUR 10 million, is supported and guaranteed by the founding
directors David Dayan and Thierry Petit.
On 16 July 2020, the French Financial Markets Authority (AMF) approved the Prospectus for this operation under
number 20-351, comprising the Universal Registration Document filed with the AMF on 30 April 2020 under number D.
20-0438, an amendment to the Universal Registration Document filed with the AMF on 16 July 2020 under number D.
20-0438-A01, a securities note and a summary (included in the securities note).
This capital increase falls within the scope of the delegation of powers granted by the General Meeting of 8 June
2020 (14th resolution); the details of its terms and characteristics can be found in the securities note.
The proceeds of the share issue, with preferential subscription rights attached (including if the capital increase
is limited to 75% of its initial amount) will be used by the Company to finance its and its subsidiaries' general
expenses, as part of a strengthening of its financial structure, in line with the roll-out of the conciliation
protocol entered into on 29 April 2020.
Update on H1 activity:
After a 19.8% drop in net revenues in the first quarter, the Group recorded a strong recovery in Internet sales in
early April during the covid-19 pandemic containment period. This trend was confirmed over the entire 2nd quarter,
with revenue up approximately +19% over the period, enabling the Group to achieve half-year revenue in line with
that recorded in H1 2019. H1 2020 net revenues are thus estimated in the range of EUR 301 million and EUR 303
million, compared to EUR 302 million in H1 2019.
Apart from the favourable impact of the current situation on e-commerce in general, the Group started to reap the
benefits of the revitalisation of its sales team and continued its strategy, which targets increased selectivity
based on business profitability and a gradual shift from the firm purchase model towards conditional purchases or
drop shipping. In addition, this quarterly growth was achieved despite some businesses, particularly travel and
leisure activities, being hit hard by the lockdown.
As such, the Group's level of activity for the second semester was better than initially expected. and combined
with the impact of streamlining measures taken in 2019, the Group EBITDA for the period is estimated in the range
of EUR 5.5 million and EUR 7.5 million in the first half of 2020, compared to negative EBITDA of EUR 23 million
in H1 2019, reflecting an improvement of its profitability over the period.
These estimates of net revenues and EBITDA have not been the subject of a specific report by the statutory auditors
of SRP Groupe.
At 31 May 2020, net cash was estimated at EUR 12.7 million.
For information, the H1 2020 consolidated financial statements will be published on 27 July and will be subject to
a limited review by the statutory auditors. They will be included in the Prospectus in the form of an addendum on
27 July 2020 in accordance with applicable regulations.
MAIN FEATURES OF THE CAPITAL INCREASE WITH preferential subscription rights
Showroomprivé is launching a capital increase with shareholders' preferential subscription rights (PSR), for a
gross amount of around EUR 10 million, on the basis of 22 new shares for 17 existing shares.
On 20 July 2020, each Showroomprivé shareholder will be granted a PSR per existing share registered in their
securities account at the end of 20 July 2020 accounting day, in accordance with the provisional schedule set out
below.
The offer will be open to the public in France only.
Number of shares offered
66,260,485 New Shares with a par value of EUR 0.04 each.
Subscription period
Subscriptions to New Shares will be open from 23 July 2020 to 31 July 2020 inclusive.
Subscription price for New Shares
The subscription price for New Shares was set at EUR 0.15 per share (i.e. a par value of EUR 0.04 and a EUR 0.11
share premium), representing a face value discount of 85.98% compared to the Showroomprivé share closing price on
15 July 2020, i.e. EUR 1.07.
Similarly, the theoretical value of the preferential subscription right amounted to EUR 0.519 and the theoretical
value of the ex-rights share amounted to EUR 0.551. The issue price for the New Shares reflects a discount of
72.78% compared to the theoretical value of the ex-rights share.
These values do not affect either the value of the preferential subscription right during the trading period of the
preferential subscription rights, or the value of the ex-rights share or discounts, as recorded on the market.
Suspension of the right to exercise stock options for which the exercise period is ongoing
The right to exercise stock options under plans for which the exercise period is ongoing will be suspended from 23
July 2020 (5.00 pm, Paris time), until 31 August 2020 (5.00 pm, Paris time) inclusive, in accordance with statutory
and regulatory provisions and the provisions of plan regulations.
Gross amount of the transaction
The total amount of the share issue, additional paid-in capital included, would amount to EUR 9,939,072.75
(including a nominal amount of EUR 2,650,419.4 and additional paid-in capital of EUR 7,288,653.35), corresponding
to the product of the number of New Shares issued, i.e. 66,260,485 New Shares, multiplied by the subscription price
for one New Share, i.e. EUR 0.15 (comprising a par value of EUR 0.04 and a EUR 0.11 share premium).
Preferential subscription right
Listed by priority, subscription to New Shares will be reserved for:
· holders of Existing Shares registered in their securities account at the end of the accounting day of 20 July
2020, in accordance with the provisional schedule, who will be granted preferential subscription rights on 20
July 2020;
· holders of shares resulting from the exercise of stock options no later than 22 July 2020 (5.00 pm, Paris time)
for which the exercise period is underway;
· beneficiaries of preferential subscription rights.
Holders of preferential subscription rights may subscribe, from 23 July 2020 until the closing of the subscription
period on 31 July 2020 inclusive, by exercising their:
· statutory preferential subscription rights, on the basis of 22 New Shares for 17 Existing Shares held;
· right to subscribe to additional securities, i.e the number of New Shares that they wish, in addition to their
statutory subscription rights, it being specified that only the New Shares not subscribed by statutory PSR
holders will be divided amongst those wishing to subscribe to additional shares, up to the limit of their request
and in proportion with the number of Existing Shares
the rights of which will have been used as part of their statutory subscriptions, without this resulting in the
allocation of a fraction of a New Share.
Listing and procedure for exercising the preferential subscription right
Preferential subscription rights shall be detached on 21 July 2020 and will be traded on Euronext Paris from 21
July 2020 until the closing of the preferential subscription right trading period, i.e. until 29 July 2020
inclusive (at the end of the trading day), under ISIN code FR0013523081.
Accordingly, existing shares will be traded ex-rights as of 21 July 2020. Preferential subscription rights detached
from 166,240 treasury shares on the Prospectus date, i.e. 0.32% of the share capital, will be sold on the market
before the end of the trading period for preferential subscription rights, i.e. up to and including 29 July 2020,
under the terms of Article L.225-210 of the French Commercial Code.
As stated below, the Company will publish its interim financial statements on 27 July 2020 before start of trading
and, accordingly, a Prospectus Supplement will be submitted for approval by the AMF on 27 July 2020, which will
give PSR holders (having exercised their rights before this date) the right to withdraw their subscription orders
for a period of two trading days, i.e. 28 and 29 July 2020. PSR holders are reminded that this right to retraction
only applies to the exercise of preferential subscription rights, to the exclusion of acquisitions or transfers of
preferential subscription rights on the market.
Main shareholder intentions and subscription commitments
Thierry Petit (via TP Invest Holding S.à r.l.) and David Dayan (via Ancelle S.à r.l.), who hold 8.74% and 15.35% of
the Company's share capital respectively, have committed to acquire all of the PSRs of other members of the
majority concert, i.e. the members of the sub-concert between the founders (namely Victoire Investissement Holding
S.a r.l. (controlled by Mr Eric Dayan) and Cambon Financière S.a r.l. (controlled by Mr Michael Dayan)) and CRFP 20
(controlled by Carrefour), holding 4.56%, 4.06% and 20.29% of the capital respectively, for a symbolic price of
EUR 1 euro for each block of PSRs thus acquired by each of the beneficiaries.
In order to ensure the capital increase takes place, TP Invest Holding S.à.r.l and Ancelle S.à.r.l, have undertaken
to subscribe for the totality of their statutory preferential subscription rights (including those acquired as
mentioned above) and to place a subscription order on an additional basis, for a maximum total subscription amount
(statutory and additional) of EUR 7,454,304.60, representing 75% of the planned share issue.
The AMF granted the Founders' sub-concert, acting in concert with CRFP20 (controlled by Carrefour) and Ancelle
S.à.r.l, an exemption from the mandatory tender offer requirement in respect of the crossing of thresholds
resulting from their subscription to the capital increase, pursuant to the provisions of Articles 234-8, 234-9, 2
and 234-10 of the AMF's General Regulation (decision no. 220C2134 dated 24 June 2020).
The capital increase will not be subject to an underwriting agreement with a banking institution.
For more information, please see Section 4.1 of the Prospectus summary, appended hereto.
Impact of the share issue on the Company's share of shareholders' equity and share capital
For information purposes only, the impact of the share issue on the share of consolidated shareholders' equity per
share and the equity interest of a shareholder holding 1% of the Company's share capital prior to the capital
increase, but who does not subscribe to the share issue (calculated based on consolidated shareholders' equity as
presented in the consolidated financial statements for the year ending 31 December 2019, and the number of shares
comprising the Company's share capital on the Prospectus date, after deduction of treasury shares) is as follows:
Share of capital
(%)
Share of consolidated
shareholders' equity
per share (EUR )
Before issue of New 2.972 1%
Shares (1)
After issue of 1.380 0.44%
66,260,485 New Shares
After issue of 1.582 0.51%
49,695,363 New Shares
(2)
(1) based on the number of shares making up the share capital
on the Prospectus date (51,201,284 shares).
(2) in the event of a cap on the capital increase at 75% of
its initial amount, and implementation of the Subscription
commitments made by the founding directors.
Provisional schedule for the capital increase
15 July 2020 Decision of the Board of Directors
granting the Chief Executive Officer the
power to decide and implement the
capital increase
16 July 2020 Decision of the Chief Executive Officer
deciding on the capital increase
16 July 2020 Approval of the Prospectus by the AMF.
Publication of the Amendment to the
Universal Registration Document
17 July 2020 Publication of the Company's press
release announcing the approval of the
Prospectus and describing the main
characteristics of the offer, and the
procedures for making the Prospectus
available.
Online publication of Prospectus.
Publication by Euronext Paris of the
notice relating to the offer announcing
the listing of preferential subscription
rights.
20 July 2020 Accounting day at the end of which
holders of registered existing shares
shall be allocated preferential
subscription rights
21 July 2020 Detachment and trading of preferential
subscription rights on Euronext Paris
begins.
23 July 2020 Opening of the subscription period
27 July 2020 (before Publication of H1 2020 results and
start of trading) online publication of the interim
financial report
27 July 2020 Approval by the AMF of Prospectus
Supplement
28 July 2020 Start of order revocation period
29 July 2020 End of order revocation period
29 July 2020 Trading of preferential subscription
rights ends
31 July 2020 Closing of the subscription period
5 August 2020 Publication of a Company press release
announcing subscription results.
Publication by Euronext Paris of the
notice of results and admission of the
New Shares for trading, specifying the
final amount of the capital increase and
the distribution of additional
subscriptions.
7 August 2020 Issue and admission of the New Shares to
trading on Euronext Paris.
Settlement-delivery of New Shares.
Share data
Name of the shares: SHOWROOMPRIVE
ISIN code: FR0013006558
Ticker symbol: SRP
Stock exchange: Euronext Paris
Compartment: C
ICB business sector: Distributors - Clothing
ICB classification: 5371
Availability of the Prospectus
The prospectus approved by the French Financial Markets Authority under number 20-351 dated July 16, 2020
comprises:
· the SRP Group Universal Registration Document, filed with the AMF on 30 April 2020 under number D. 20-0438 (the
"Universal Registration Document");
· the amendment to the SRP Group Universal Registration Document, filed with the AMF on 16 July 2020 under number
D. 20-0438-A01 (the "Amendment to the URD" or "Amendment to the Universal Registration Document");
· the securities note, prepared pursuant to Appendix 11 of the EU delegated regulation 2019/980 of 14 March 2019
(the "Securities Note"); and
· the Prospectus summary (included in the Securities Note).
Copies of the Prospectus are available free of charge at the SRP Group registered office at 1 rue des Blés, ZAC
Montjoie, 93212 La Plaine Saint-Denis Cedex, on the Company's website (www.showroomprivegroup.com) and on the AMF
website (www.amf-france.org).
Risk factors
The Company wishes to draw readers' attention to the risk factors set out in Chapter 3 of the Universal
Registration Document, Section 2.7 of the Amendment to the Universal Registration Document and Chapter 2 of the
Securities Note.
Investors are invited to read the Prospectus in its entirety before making any investment decisions, and to draw
their own conclusions as to the advisability of investing in the financial securities in question.
Financial information at 30 June 2020 and revocation of subscription orders
The Group's H1 2020 results will be made public in a press release issued by the Company on 27 July 2020, once
approved by the Board of Directors. The half-year financial report including the Company's interim consolidated
financial statements for the period ending 30 June 2020, subject to a limited review by the Company's statutory
auditors, will be made available on the Company's website on 27 July 2020.
Furthermore, the Company will file a Prospectus Supplement with the AMF for its approval, including the financial
report for the period ending 30 June 2020 by reference.
Investors are encouraged to read this Prospectus Supplement and the half-year financial report for the period
ending 30 June 2020, which will be made available after the opening of the subscription period for the capital
increase with preferential subscription rights.
Investors who have already decided to subscribe to shares issued under the capital increase with preferential
subscription rights before the Prospectus Supplement's is published, may withdraw their subscription orders for two
trading days after the insert's publication, pursuant to EU regulation 2017/1129 of the European Parliament and
Council dated 14 June 2017. This right to retraction only applies to the exercise of preferential subscription
rights, to the exclusion of acquisitions or transfers of preferential subscription rights on the market. Investors
who have requested the withdrawal of their subscription orders will be reimbursed for their subscription. The terms
for exercising this revocation right will be set out in the Prospectus Supplement.
Shareholders are encouraged to regularly check the dedicated investor page on the Company's website:
www.showroomprivegroup.com (head to "Shareholders' area" under the "Investor Relations" section), which will be
updated as required.
PUBLICATION OF THE AMENDMENT TO THE 2019 UNIVERSAL REGISTRATION DOCUMENT
The Group also announces the publication of its amendment to the 2019 Universal Registration Document and its
filing with the French Financial Markets Authority (AMF) on 16 July 2020.
The amendment to the 2019 Universal Registration Document includes in particular the estimated aggregates of
revenues and EBITDA at 30 June 2020.
The amendment to the 2019 Universal Registration Document is available on the SRP Groupe website
(www.showroomprivegroup.com) and on the AMF website (www.amf-france.org). Copies of the amendment to the 2019
Universal Registration Document are also available at the Company's registered office, SRP Groupe, 1, rue des Blés
ZAC Montjoie 93212 La Plaine Saint-Denis Cedex, France
ABOUT SHOWROOMPRIVE.COM
Showroomprivé.com is a European player in event-driven online sales that is innovative and specialized in fashion.
Showroomprivé proposes a daily selection of more than 2,000 partner brands over its mobile applications or its
Internet site in France and in six other countries. Since its creation in 2006, the company has undergone quick
growth.
Listed on the Euronext Paris market (code: SRP), Showroomprivé achieved a gross business volume with all taxes
included of more than 822 million euros in 2019, and net revenue of 616 million euros. The Group employs more than
950 people.
For more information: https://www.showroomprivegroup.com [1]
CONTACTS
Showroomprivé ACTUS finance &
communication
François de Castelnau, Directeur Grégoire Saint-Marc,
financier Relations Investisseurs
investor.relations@showroomprive.net showroomprive@actus.fr
+33 1 53 67 36 94
Priscilla Le Minter, Communication Manon Clairet, Relations
Presse
priscilla.leminter@showroomprive.net mclairet@actus.fr
+33 1 76 21 50 16 +33 1 53 67 36 73
This press release is for information purposes only. This press release is of a promotional nature, as defined by
EU Regulation 2017/1129 of 14 June 2017, and should not be considered a public offering, an offer to subscribe, an
offer to sell or a solicitation of interest from the public, for the purpose of a public offering of financial
securities in any country.
Neither the New Shares, nor the preferential subscription rights have been nor will they be registered under the US
Securities Act of 1933, as amended (the "Securities Act"), or with any market regulator in any state or other
jurisdiction in the United States. As such, the New Shares and the preferential subscription rights may not be
offered, sold, pledged, delivered or otherwise assigned or transferred via any means whatsoever in the United
States, unless pursuant to an exemption provided by the Securities Act and pursuant to the regulations applicable
in each State. Accordingly, the New Shares and preferential subscription rights will only be offered and sold as
part of offshore transactions, pursuant to Regulation S under the Securities Act. The Universal Registration
Document, the amendment to the Universal Registration Document, the securities note, the Prospectus summary and any
other document drafted in connection with this transaction must not be distributed in the United States.
The dissemination, publication or distribution of this press release in certain countries may constitute a
violation of the laws in force. The information contained in this press release does not constitute an offer of
securities in France, the United States, Canada, Australia, or Japan, or in any other country. This press release
must not be published, sent or distributed, directly or indirectly, within the United States, Canada, Australia or
Japan. This document does not constitute an offer to sell or a public offering of Showroomprivé shares in the
United States, or any other country.
The Group's H1 2020 financial information, as presented in this document, has been prepared in accordance with the
process adopted for the preparation of interim consolidated financial statements. They correspond to estimates
which have not been the subject of a specific report by the statutory auditors of SRP Groupe. The SRP Group Board
of Directors met on 15 July 2020 to examine the H1 2020 financial information and authorised the disclosure
thereof. The first half financial information to be approved by the Board of Directors meeting scheduled for 24
July 2020, will take into account any significant items identified after the publication of this press release, and
will be published on 27 July 2020.
Appendix: Prospectus summary
Prospectus approuvé en date du 16 juillet 2020 par l'AMF sous le numéro 20-351
Section 1 - Introduction
Nom et code ISIN (numéro international d'identification des valeurs mobilières) des valeurs mobilières
Libellé pour les actions: SHOWROOMPRIVE
Code ISIN: FR0013006558
Identité et coordonnées de l'émetteur, y compris son identifiant d'entité juridique (LEI)
Dénomination sociale: SRP Groupe.
Lieu et numéro d'immatriculation: R.C.S. Bobigny 524 055 613.
LEI: 969500R79R79EPOYHA40.
Identité et coordonnées de l'offreur, y compris son identifiant d'entité juridique (LEI): Sans objet.
Identité et coordonnées de l'autorité compétente qui a approuvé le Prospectus: l'Autorité des Marchés
Financiers (l' « AMF »)- 17 Place de la Bourse, 75002 Paris, France. Le Document d'Enregistrement
Universel de la Société a été déposé auprès de l'AMF le 30 avril 2020 sous le numéro D. 20-0438.
Date d'approbation du Prospectus: 16 juillet 2020.
Avertissement au lecteur: (a) le résumé doit être lu comme une introduction au Prospectus; (b) toute
décision d'investir dans les valeurs mobilières, qui font l'objet d'une offre au public et dont
l'admission aux négociations sur un marché réglementé est demandée, doit être fondée sur un examen de
l'intégralité du Prospectus par l'investisseur; (c) l'investisseur peut perdre tout ou partie du capital
investi; (d) si une action concernant l'information contenue dans le Prospectus est intentée devant un
tribunal, l'investisseur plaignant peut, selon le droit national des Etats membres de l'Union européenne
ou de l'Espace économique européen, avoir à supporter les frais de traduction du Prospectus avant le début
de la procédure judiciaire; (e) une responsabilité civile n'incombe qu'aux personnes qui ont présenté le
résumé, y compris sa traduction, que pour autant que le contenu du résumé soit trompeur, inexact ou
incohérent, lu en combinaison avec les autres parties du Prospectus, ou qu'il ne fournisse pas, lu en
combinaison avec les autres parties du Prospectus, les informations clés permettant d'aider les
investisseurs lorsqu'ils envisagent d'investir dans ces valeurs mobilières.
Section 2 - Informations clés sur l'émetteur
2.1 - Qui est l'émetteur des valeurs mobilières?
- Dénomination sociale: SRP Groupe.
- Siège social: 1, rue des Blés, ZAC Montjoie, 93212 La Plaine Saint-Denis, France.
- Forme juridique: société anonyme à conseil d'administration.
- Droit applicable: droit français.
- Pays d'origine: France.
Principales activités: Showroomprivé.com est un acteur européen de la vente évènementielle en ligne,
innovant et spécialisé principalement dans la mode. Showroomprivé propose à la vente une sélection
quotidienne d'un très grand nombre de produits de marques partenaires sur ses applications mobiles ou son
site Internet en France et dans six autres pays. Coté sur le marché Euronext Paris (code: SRP),
Showroomprivé a réalisé en 2019 un volume d'affaires brut TTC d'environ 822 millions d'euros, et un
chiffre d'affaires net de 616 millions d'euros. Le Groupe emploie plus de 950 personnes.
Actionnariat à la date du Prospectus: à la date du Prospectus, le capital social de la Société s'élève à
2.048.051,36 euros, divisé en 51.201.284 actions ordinaires entièrement souscrites et libérées d'une
valeur nominale de 0,04 euro. Sur la base des informations portées à la connaissance de la Société à la
date du visa de l'AMF sur le Prospectus, la répartition du capital social et des droits de vote est la
suivante:
Actionnaires Nombre % du Nombre de %
d'actions capi droits de des
ordinaires tal vote droi
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