SMCP Sets Up Committee to Review Capital Structure
January 26 2022 - 1:53AM
Dow Jones News
By Mauro Orru
SMCP SAS said it decided to establish an ad hoc committee within
its board of directors to launch a review of its capital structure,
after shareholders voted to remove representatives of the company's
former Chinese parent from the board of directors.
The French fashion group said late Tuesday that the committee
headed by Orla Noonan also includes Natalia Nicolaidis and
Christophe Cuvillier. All three are independent directors.
"The company has considered it necessary to initiate a review of
the recomposition of its capital with a view to stabilizing and
consolidating its shareholder base," SMCP said.
The decision comes after shareholders agreed to remove five
representatives of former parent Shandong Ruyi Technology Group Co.
and its Luxembourg-based holding subsidiary European TopSoho
SarL.
Bond trustee Glas--which holds a stake of around 29% in SMCP
taken from the company's former parent--had requested a
shareholders' meeting aimed at pushing through the dismissals.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
January 26, 2022 01:38 ET (06:38 GMT)
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