Completion of the buyout of Avanquest’s minority shareholders scheduled for the end of October 2021

20 Sep 2021

Claranova today announced that the buyout of the minority interests of its software publishing division, Avanquest, initially anticipated for the end of September 2021, is now expected to be completed at the end of October 2021.

 

This schedule was modified by mutual agreement between the Company and Avanquest’s minority shareholders to allow the equity auditor (commissaire aux apports), appointed in accordance with articles L. 225-147 and R. 22-10-8 of the French Commercial Code with respect to contributions in kind, to issue a report on the fair value of the consideration paid by Claranova, required by the French Financial Market Authority (AMF Position-Recommendation 2020-06), based on the Company’s audited financial statements for FY 2020-2021. These financial statements are scheduled to be published on October 20, in accordance with the Company’s financial reporting calendar.

 

The terms of the initial binding agreement between the Company and Avanquest’s minority shareholders are not affected by this new timetable and the terms and conditions of the transaction remain unchanged.

 

As a reminder, in conjunction with the strategic investment in early August by institutional investors Heights Capital Management and Ophir Asset Management totaling €65 million, Claranova announced a binding agreement to purchase Avanquest’s minority interests under the terms of a transaction providing for payment through a mix of cash, securities and debt for a total amount of €98 million. The financial terms of this transaction are presented in the press release of August 11 2021, available on the Company’s website.