General Meeting of Shareholders approved the
financial restructuring plan and the new form of
governance
Regulatory News:
Europcar Mobility Group’s (Paris:EUCAR) Extraordinary General
Meeting was held on January 20, 2021 under the chairmanship of Mr.
Jean-Paul Bailly, Chairman of the Supervisory Board. A quorum of
37,25% was reached.
In light of the COVID-19 epidemic and in accordance with Order
No. 2020 - 1497 of December 2, 2020, the Extraordinary
Shareholders’ Meeting was exceptionally held without the physical
presence of its shareholders, in closed session.
Shareholders were able to follow the proceedings of the meeting
from a distance, which were webcasted live and are also available
in replay mode on the Company's website at the following address:
https:///europcar/#!/europcar/20210121_1.
Europcar Mobility Group announces that all of the resolutions
necessary for the implementation of the financial restructuring
plan have been approved: it will enable the Group to finalize the
implementation of this comprehensive plan, which notably
contemplates a massive reduction of the Group’s corporate debt by
€1,100m through equitization and a significant new money injection,
via capital increases1 and new fleet financing facilities (approx.
€500m in total).
During this meeting, Caroline Parot, CEO, recalled how the Group
had been severely affected by the Covid-19 Crisis, with a
significant impact on revenues and, as a consequence, a sharp
increase of the Group’s corporate debt and its weight. This led the
Group to launch early September 2020 an in-depth financial
restructuring, while adapting its strategy to the long-term
consequences of the crisis on mobility needs and expectations.
As such, a specific time was devoted to the presentation of the
Group’s strategic plan, “Connect”, which objective is to position
the Group as a major player of sustainable, digital and connected
mobility in the years to come.
Caroline Parot said: “Today, thanks to our shareholders, the
Group’s financial restructuring plan has been approved. This
comprehensive and rapid restructuring plan will allow to properly
reset the Group’s corporate capital structure, enabling to focus on
the accelerated implementation of our “Connect” plan.
I would like to thank our shareholders and in particular
Eurazeo, for their support: their positive vote marks the opening
of a new Chapter in the Group’s history. They are not only enabling
the Group to continue serving customers in more than 140 countries
worldwide: they are also giving a major mobility player the
opportunity to emerge stronger from the crisis.”
The complete results of the votes on the resolutions are
available in the investor section, "Financial Information",
sub-heading "Shareholders' Meetings" of the Group's Investor
Relations website: http://investors.europcar-group.com.
The next step in the financial restructuring of Europcar
Mobility Group is the approval of the accelerated financial
safeguard plan by the Paris Commercial Court. To this end, a
hearing will be held on January 25th to examine the proposed plan,
following which the Court may decide to approve the accelerated
financial safeguard plan in a ruling that could be handed down at
the beginning of February 2021.
Europcar Mobility Group is thus in a position to finalize its
restructuring plan, and move forward, turning the page on 2020.
Disclaimers
This announcement has been prepared by Europcar Mobility Group
exclusively for information purposes. It does not constitute or
include any advice or recommendation by Europcar Mobility Group (or
any other person) regarding the securities of Europcar Mobility
Group or EC Finance plc or as to the merits of any transaction or
the making of any investment decision. It does not constitute or
include any confirmation or commitment by Europcar Mobility Group
(or any other person) regarding the present or future value of the
business of Europcar Mobility Group, its securities, its affiliates
or any of Europcar Mobility Group’s or their assets.
This announcement is not an offer to sell or a solicitation of
an offer to buy or exchange or acquire securities in the United
States or in any other jurisdiction. The securities referenced in
this announcement may not be offered, sold, exchanged or delivered
in the United States absent registration or an applicable exemption
from the registration requirement under the U.S. Securities Act of
1933, as amended. The securities mentioned in this announcement are
not, and will not be, registered in the United States. This
announcement is not directed at, or intended for distribution,
publication, availability to or use by, any person or entity that
is a citizen or resident or located in any locality, state, country
or other jurisdiction, where such distribution, publication,
availability or use would be contrary to law or regulation, or
which would require any registration or licensing within such
jurisdiction.
This press release includes forward-looking statements based on
current beliefs and expectations about future events. Such
forward-looking statements may include projections and estimates
and their underlying assumptions, statements regarding plans,
objectives, intentions and/or expectations with respect to future
financial results, events, operations and services and product
development, as well as statements, regarding performance or
events. Forward-looking statements are generally identified by the
words “expects”, “anticipates”, “believes”, “intends”, “estimates”,
“plans”, “projects”, “may”, “would”, “should” or the negative of
these terms and similar expressions. Forward looking statements are
not guarantees of future performance and are subject to inherent
risks, uncertainties and assumptions about Europcar Mobility Group
and its subsidiaries and investments, trends in their business,
future capital expenditures and acquisitions, developments in
respect of contingent liabilities, changes in economic conditions
globally or in Europcar Mobility Group’s principal markets,
competitive conditions in the market and regulatory factors. Those
events are uncertain; their outcome may differ from current
expectations which may in turn materially affect expected results.
Actual results may differ materially from those projected or
implied in these forward-looking statements. Any forward-looking
statement contained in this press release is made as of the date of
this press release. Other than as required by applicable law,
Europcar Mobility Group does not undertake to revise or update any
forward-looking statements in light of new information or future
events. The results and the Group's performance may also be
affected by various risks and uncertainties, including without
limitation, risks identified in the "Risk factors" of the Annual
Registration Document registered by the Autorité des marchés
financiers on May 6, 2020 and also available on the Group's
website.
About Europcar Mobility Group
Europcar Mobility Group is a major player in mobility markets
and listed on Euronext Paris. The mission of Europcar Mobility
Group is to be the preferred “Mobility Service Company” by offering
attractive alternatives to vehicle ownership, with a wide range of
mobility-related services and solutions: car rental and light
commercial vehicle rental, chauffeur services, car-sharing and
private hire vehicle (PHV – rental to “Uber like” chauffeurs).
Customers’ satisfaction is at the heart of the Group’s mission
and all of its employees and this commitment fuels the continuous
development of new services.
Europcar Mobility Group operates through a diversified portfolio
of brands meeting every customer specific needs and use cases, be
it for 1 hour, 1 day, 1 week or longer ; its 4 major brands being:
Europcar® - the European leader of car rental and light commercial
vehicle rental, Goldcar® - the low-cost car-rental Leader in
Europe, InterRent® – ‘mid-tier’ car rental and Ubeeqo® – one of the
European leaders of round-trip car-sharing (BtoB, BtoC). Europcar
Mobility Group delivers its mobility solutions worldwide solutions
through an extensive network in over 140 countries (including
wholly owned subsidiaries – 18 in Europe, 1 in the USA, 2 in
Australia and New Zealand – completed by franchises and
partners).
Further details on our website:
www.europcar-mobility-group.com
1 The description of the capital increases - implying the
dilution of the existing shareholders base - are and will be,
described in more detail in the prospectuses approved by, or
submitted for approval to, the AMF.
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version on businesswire.com: https://www.businesswire.com/news/home/20210120005665/en/
Investor Relations Caroline Cohen –
caroline.cohen@europcar.com Communication Valérie Sauteret –
valerie.sauteret@europcar.com Vincent Vevaud –
vincent.vevaud@europcar.com Publicis
Consultants Judith Grandcoing –
judith.grandcoing@publicisconsultants.com