In the course of exercising its supervision of listed companies, the Management Committee of the FSMA noted, at its meeting of 17 July 2014, that the 30% threshold set by the legislation on takeover bids has been exceeded, in technical terms, by Compagnie du Bois Sauvage SA in its stake in Recticel SA. This rise above the threshold is the result of the addition, pursuant to the applicable legal provisions, of the Recticel SA shares held directly by Compagnie du Bois Sauvage SA to Recticel’s own shares bought back with a view to covering share options it issued to its employees.
Given the technical nature of this rise above the threshold, and the absence of any prejudice to the market, the Management Committee of the FMSA has decided to order Compagnie du Bois Sauvage SA to reduce its stake in Recticel SA below the 30% threshold within a period of 40 working days, and in accordance with the legislation on takeover bids, has decided not to impose the launch of a mandatory takeover bid.
The Management Committee has, moreover, decided to task the investigations officer of the FSMA with analysing how these facts should be regarded in the light of the legislation on transparency in the shareholdership of listed companies and of the legislation on takeover bids.