Claranova announces that on November 22, 2023, the President of the Nanterre Commercial Court issued an interim order dismissing the motion of the Canadian plaintiffs, namely the Dadoun Family Trust governed by the laws of Quebec (with Messrs. Michael Dadoun and David Dadoun as trustees), and the Quebec corporations 10422339 Canada Inc. (with Mr. Daniel Assouline as legal representative) and 6673279 Canada Inc. (with Mr. Michael Dadoun as legal representative), to (i) suspend the cap on their voting rights imposed by the officers of the Claranova General Meeting on November 30, 2022, and (ii) appoint an ad hoc proxy for the purposes of the next General Meeting.
For that reason, the voting rights of Canadian plaintiffs on the basis of their current holdings will remain capped at 0.83%[1] at the General Meeting to be held on November 29, 2023.
In addition, the Canadian plaintiffs were once again ordered by the Nanterre Commercial Court, jointly and severally, to pay Claranova €20,000 under the provisions of Article 700 of the French Code of Civil Procedure plus the costs of the proceedings.
As a reminder, as a result of the failure to comply with the provisions of Article L. 233-7 of the French Commercial Code and Article 10 of Claranova’s Articles of Association, the portion of shares not properly disclosed by the Canadian concert party within the period prescribed by these provisions was deprived of voting rights at all shareholders’ meetings held for a period of two years following the date of the declaration made for the purpose of rectification on November 30, 2022.
A second hearing, this time on the merits, initiated by the same Canadian plaintiffs, has yet to be scheduled.
[1] Percentage of voting rights indicated in the press release of July 12, 2023, following the Claranova capital increase announced in the same press release.