Kaufman & Broad SA
PRESS RELEASE OF KAUFMAN & BROAD FOLLOWING PROMOGIM'S STAKE INCREASE
20-Jul-2020 / 18:04 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Press release
Paris, July 20th 2020
Press release of Kaufman & Broad following Promogim's stake increase
Kaufman & Broad's Board of Directors met on Friday, July 17, 2020. It noted
that Promogim Groupe SAS declared that it held 13.41% of the share capital,
which is close to the stake held by Kaufman & Broad's management and
employees.
In this context, the Board of Directors wishes to inform Kaufman & Broad's
shareholders of the unsolicited and uncoordinated nature of this initiative,
which also raises an issue of conflicts of interest given the nature of the
activity of Promogim, a residential developer in direct competition with
Kaufman & Broad.
The Board would like to point out that the significant stake of Kaufman &
Broad's teams in its share capital is in line with the expectations of the
employees and the recognized methods for motivating the teams and sharing
value, and is therefore contrary to the Promogim model, which is
characterized by a closed shareholding structure with a patrimonial purpose.
The Board therefore denounces a creeping takeover attempt at a value that
does not in any way reflect Kaufman & Broad's fundamentals and is therefore
totally contrary to the interests of all of its shareholders.
Finally, and given the Company's positive outlook and solid financial
position, the Board approves the use and implementation of the share buyback
program for a maximum amount of 8.28% of the share capital, subject to
market conditions and in accordance with the conditions set forth in the
11th resolution of the Shareholders' General Meeting of May 5, 2020.
This press release is available on the www.kaufmanbroad.fr [1]
Contacts
Chief Financial Officer
Bruno Coche Media relations:
+33 (1) 41 43 44 73 Agence Shadow
Infos-invest@ketb.com Alice Polack - +33 (6) 33 71 91 58
alicepolack@shadowcommunication.fr
Aurélie Vinzent - +33 (6) 58 66 80 49
aurelievinzent@shadowcommunication.fr
Kaufman & Broad: Emmeline Cacitti
+33 (6) 72 42 66 24 / ecacitti@ketb.com
About Kaufman & Broad - Kaufman & Broad has been designing, building, and
selling single-family homes in communities, apartments, and offices on
behalf of third parties for more than 50 years. Kaufman & Broad is one of
the leading French developers-builders due to the combination of its size
and profitability, and the strength of its brand.
The Kaufman & Broad Universal Registration Document was filed with the
French Financial Markets Authority ("AMF") under No. D.20-0231. It is
available on the AMF (www.amf-france.org [2]) and Kaufman & Broad
(www.kaufmanbroad.fr [3]) websites. It contains a detailed description of
Kaufman & Broad's business activities, results, and outlook, as well as the
associated risk factors. Kaufman & Broad specifically draws attention to the
risk factors set out in Chapter 1.2 of the Universal Registration Document.
The occurrence of one or more of these risks may have a material adverse
effect on the Kaufman & Broad Group's business activities, net assets,
financial position, results, and outlook, as well as on the price of Kaufman
& Broad's shares.
This press release does not amount to, and cannot be construed as amounting
to a public offering, a sale offer or a subscription offer, or as intended
to seek a purchase or subscription order in any country.
Regulatory filing PDF file
File: PDF EN [4]
1097889 20-Jul-2020 CET/CEST
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(END) Dow Jones Newswires
July 20, 2020 12:04 ET (16:04 GMT)
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