Lagardère SCA Notes the Resignation of Patrick Sayer as a Judge of the Paris Commercial Court & Expresses Surprise that Ambe...
April 15 2020 - 11:57AM
Business Wire
Regulatory News:
Lagardère SCA (Paris:MMB) has noted the resignation of Patrick
Sayer on 1 April 2020 as a Judge of the Paris Commercial Court and
his recent statements to the effect that this resignation is linked
to his wish to dedicate himself fully to the duties of the
chairmanship of the Supervisory Board of Lagardère SCA.
On 24 March 2020, Amber Capital presented 15 proposed
resolutions whose purpose is to replace virtually all of the
members of the Supervisory Board of Lagardère SCA and appoint eight
new “independent members”, including Patrick Sayer.
In the interests of transparency and full disclosure in the
run-up to the Annual General Meeting of 5 May 2020, Lagardère SCA
believes it important to provide the following clarifications.
Patrick Sayer's resignation on 1 April 2020 occurred after
Lagardère revealed to the Paris Commercial Court on 26 March 2020,
repeated acts of personal interference by Patrick Sayer since
November 2019 in the disputes between Lagardère and Amber Capital,
despite these disputes being tried before the Paris Commercial
Court of which he was a Judge. These acts have raised the question
of whether Patrick Sayer has upheld the standards of professional
ethical conduct incumbent upon him as a Judge of the Paris
Commercial Court.
Lagardère considered it necessary to immediately inform the
Paris Commercial Court of these facts further to the announcement
of Patrick Sayer's proposed candidature and his virulent public
statements of 26 March 2020 against Lagardère that apparently
confirmed his proximity to Amber Capital, which had not hitherto
been public knowledge.
Lagardère SCA is surprised that, in these circumstances, Amber
Capital nevertheless has considered it appropriate to include and
maintain Patrick Sayer as one of the candidates presented to the
Company’s Supervisory Board, while stating to the shareholders of
Lagardère SCA that: “Each of the proposed candidates demonstrates
total independence from Lagardère or Amber. These candidates have
no connection with Lagardère or Amber and meet all the independence
criteria of the Afep-Medef Code. This is an essential criterion
because only a fresh and completely independent viewpoint will
enable the Supervisory Board to fully fulfil its monitoring
role.”
Created in 1992, Lagardère is an international group with
operations in more than 40 countries worldwide. It employs over
30,000 people and generated revenue of €7,211 million in 2019. In
2018, the Group launched its strategic refocusing around two
priority divisions: Lagardère Publishing (Book and e-Publishing,
Mobile and Board games) and Lagardère Travel Retail (Travel
Essentials, Duty Free & Fashion, Foodservice). The Group’s
operating assets also include Lagardère News and Lagardère Live
Entertainment. Lagardère shares are listed on Euronext Paris.
www.lagardere.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200415005532/en/
Press Thierry Funck-Brentano Tel. +33 1 40 69 16 34
tfb@lagardere.fr Ramzi Khiroun Tel. +33 1 40 69 16 33
rk@lagardere.fr
Investor Relations Emmanuel Rapin Tel. +33 1 40 69 17 45
erapin@lagardere.fr
Lagardere (EU:MMB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Lagardere (EU:MMB)
Historical Stock Chart
From Jul 2023 to Jul 2024