PRESS RELEASE
Update on Technicolor Creative Studios' spin off
Paris (France), May24th, 2022 - Technicolor(Euronext Paris: TCH; OTCQX: TCLRY) is today updating the market on the process of its spin off of Technicolor Creative Studios ("TCS").
The Company continues to make progress on the execution of the spin off and the refinancing announced on February 24th, 2022, and confirms its target to complete the distribution of 65% of TCS shares (the "Distribution") in the third quarter of 2022. In light of current market conditions and the narrow market window available ahead of the June 30th, 2022 shareholder meeting to execute the debt refinancing, the Company has opted for a more flexible sequencing aiming at optimizing the outcome of the ongoing refinancing process. Over the course of Q3 2022, as the refinancing is secured, the Group will hold a shareholders' meeting related to the Distribution.
Technicolor SA Shareholders' meeting to approve the 2021 accounts along with necessary resolutions to run its ordinary operations is still scheduled on June 30th, 2022, whose notice (Avis de réunion) will be made public on May 25th, 2022.
Indicative Timetable
| Capital Market Day for Technicolor Ex-TCS and TCS Technicolor's Shareholders' meeting H1 2022 results Technicolor's Distribution Shareholders' Meeting Distribution of the TCS shares | June 14th, 2022 June 30th, 2022 July 28th, 2022 Q3, 2022 Q3, 2022 |
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Warning: Forward Looking Statements
This press release contains certain statements that constitute "forward-looking statements", including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions or which do not directly relate to historical or current facts. Such forward-looking statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the future results expressed, forecasted, or implied by such forward-looking statements. For a more complete list and description of such risks and uncertainties, refer to Technicolor's filings with the French Autorité des marchés financiers.2021 Universal Registration Document (Document d'enregistrementuniversel) has been filed with the French Autorité des marchés financiers (AMF) on April 5, 2022, under number D-22-0237 and an amendment to the 2021 URD has been filed with the AMF on April 29, 2022, under number D-22-0237-A01.
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About Technicolor:
www.technicolor.com
Technicolor shares are admitted to trading on the regulated market of Euronext Paris (TCH) and are tradable in the form of American Depositary Receipts (ADR) in the United States on the OTCQX market (TCLRY).
| Investor Relations | Media |
| Alexandra Fichelson Alexandra.fichelson@technicolor.com | Catherine Kuttner catherine.kuttner@technicolor.com Nathalie Feld nfeld@image7.fr (mailto:nfeld@image7.fr) |
Attachment
- 2022-05-24 CP Update Spinoff-VUS (https://ml-eu.globenewswire.com/Resource/Download/0fab5416-4fb9-40ca-8c99-e71c7c1708e4)
