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COMMUNIQUE RELATING TO THE SUBMISSION OF A DRAFT INFORMATION NOTE RELATING TO THE SIMPLIFIED PUBLIC TENDER OFFER FOR THE SHARES OF DIGIGRAM INITIATED BY EVERGREEN SAS PRESENTED BY ODDO BHF ESTABLISHMENT PRESENTER AND GUARANTOR

This press release does not constitute an offer to purchase or any form of canvassing. The offer described below can only be opened once it has been declared compliant by the Autorité des Marchés Financiers.


Offer price
1.03 euro per Digigram share

Duration of the Offer
The timing of the offer will be determined by the Autorité des Marchés Financiers (the “ AMF “) In accordance with the provisions of its general regulations

This press release was prepared, filed with the AMF on June 23, 2020 and distributed by Evergreen SAS in accordance with the provisions of article 231-16 of the AMF general regulations.

The draft simplified tender offer and the draft offer document remain subject to the AMF’s review

The draft offer document is available on the AMF websites (www.amf-france.org) and the Evergreen group (http://evergreen-holding.com) and can be obtained free of charge from Evergreen SAS (11, rue de Mogador – 75009 Paris) and ODDO BHF SCA (12, boulevard de la Madeleine – 75009 Paris).

In accordance with the provisions of article 231-28 of the AMF’s general regulations, information relating to the particular legal, financial and accounting characteristics of Evergreen SAS will be the subject of a specific note filed with the AMF and put available to the public no later than the day before the day of the opening of the simplified tender offer. A press release will be published to inform the public of the arrangements for making this information available.

1. Presentation of the Offer

1.1 General conditions of the Offer

Pursuant to Title III of Book II, and more particularly articles 233-1, 2 ° and 234-2 of the AMF general regulations, Evergreen SAS, a simplified joint stock company with capital of 18,622,162 euros, of which the registered office is located at 11, rue de Mogador – 75009 Paris, registered in the Trade and Companies Register under the number 798 056 842 RCS Paris (the “ Initiator ” or ” Evergreen SAS “), Irrevocably committed to the AMF to offer the shareholders of Digigram, a public limited company with capital of 1,050,000 euros, whose head office is located 82/84,
Allée Galilée Les Gémeaux – 38330 Montbonnot-Saint-Martin, registered in the Trade and Companies Register under number 332 525 401 R.C.S. Grenoble (” Digigram “Or the” Society “), To acquire all of their Digigram shares at a unit price of 1.03 euros (the” Offer price “), Payable exclusively in cash, under the conditions described below (the” Offer “).

The Company’s shares are admitted to trading on the regulated market of Euronext in Paris (compartment C) under the ISIN code: FR0000035784.

The Offer follows the acquisition by the Initiator, on March 10, 2020, of a total number of 1,143,052 shares of the Company at a price of 1.025 euro per share by way of acquisition of blocks of shares excluding market with several shareholders of the Company (the “ Block Acquisition ”), It being specified that the Offeror did not hold any shares in the Company before the Acquisition of Blocks.

On the date of the draft offer document, the Offeror thus holds 1,143,052 shares of the Company representing, to its knowledge, 54.43% of the capital and 53.90% of the theoretical voting rights of the Company1.

The Offeror does not act in concert with a third party or a shareholder of the Company.

Insofar as, following the Acquisition of Blocks, the Offeror holds a fraction of the capital and voting rights of the Company greater than 30%, the Offer is binding in application of the provisions of article L 433-3 I of the Monetary and Financial Code and articles 234-2 et seq. Of the AMF general regulations.

The Offer relates to all of the shares in the Company, i.e., to the knowledge of the Offeror, 2,100,000 shares issued by the Company, excluding the 80,015 treasury shares held by the Company and 1,143,052 shares already held by the Offeror as a result of the Acquisition of Blocks, or a total of 876,933 shares of the Company.

To the knowledge of the Offeror, there is no right, share capital or financial instrument giving access, immediately or in the future, to the share capital or voting rights of the Company on the date of the draft offer document. .

The Offer will be carried out according to the simplified procedure, in accordance with the provisions of articles 233-1 et seq. Of the AMF general regulations, and will be open for a period of ten (10) trading days.

In accordance with the provisions of article 231-13 of the general regulations of the AMF, ODDO BHF SCA, as the establishment presenting the Offer (the “ Presenting establishment ”), Filed with the AMF on June 23, 2020, the draft offer document on behalf of the Offeror. The Presenting Establishment guarantees the content and the irrevocable nature of the commitments made by the Offeror in the context of the Offer.

1.2 Context and reasons for the Offer

1.2.1 Context of the Offer

1.2.1.1 Acquisition of Blocks

Evergreen SAS, Digigram and Safe and Sound Group, a simplified joint-stock company with a capital of 501,000 euros, with its registered office at Chemin de la Perrière – 38570 La Pierre, registered in the Trade and Companies Register under number 830 399 804 RCS Grenoble (” Safe and Sound »), Entered into exclusive negotiations on December 2, 2019 with a view to the acquisition by Evergreen SAS of one or more blocks of shares in the Company and the filing by Evergreen SAS of a draft takeover bid in cash relating to the balance of the Company’s shares.

On December 13, 2019, the Company asked Euronext to suspend its share price pending the publication of a press release relating to a transaction.

On February 11, 2020, Evergreen SAS concluded with Safe and Sound and other shareholders of the Company (together and as listed below, the “ Selling Shareholders ») Several contracts for the acquisition of Company shares subject to conditions precedent, relating to a total number of 1,143,052 Company shares at a price of 1.025 euro per share.

In a press release relating to the Block Acquisition project published the same day by the Company and Evergreen SAS, the Offeror announced its intention to proceed with the filing of a simplified takeover bid project. The announcement of the characteristics of the Offer project marked the opening of the pre-offer period which was the subject of a notice issued by the AMF on February 12, 2020 (notice n ° 220C0570).

On March 10, 2020, following the fulfillment of the conditions precedent provided for under the terms of the Company’s share purchase contracts, the Offeror acquired a total number of 1,143,052 shares of the Company at a price of 1.025 euro per share, for a total price of 1,171,628.30 euros, to Selling Shareholders whose holdings were as follows:

Selling Shareholders Number of actions % of capital Number of voting rights * % of voting rights *
Safe and Sound 622.747 29.65% 622.747 28.49%
Isabelle Cottray 107,440 5.12% 107,440 4.92%
Pierre Bourdonnay 101,000 4.81% 166,000 7.59%
Françoise Quiry 90,000 4.29% 90,000 4.12%
Johannes rietschel 77,807 3.71% 77,807 3.56%
David Benech 50,970 2.43% 50,970 2.33%
Pascal Quiry 50,156 2.39% 50,156 2.29%
G.Y.D SCA 27,932 1.33% 27,932 1.28%
Jacques Yvrai 9,600 0.46% 9,600 0.44%
Le Pont SARL 5.400 0.26% 5.400 0.25%
Total 1,143,052 54.43% 1,208,052 55.27%

* Theoretical voting rights calculated in accordance with the provisions of 2th paragraph of article 223-11 I of the AMF general regulations

During the twelve (12) months preceding the date of the draft offer document, the Offeror did not acquire any other share of the Company than those acquired within the framework of the Block Acquisition.

1.2.1.2 Distribution of the share capital of the Company

  • Allocation of the Company’s capital and voting rights before the Acquisition of Blocks

The table below presents, to the knowledge of the Offeror, the distribution of the capital and voting rights of the Company before the Acquisition of Blocks, i.e. on March 9, 2020 (based on a total number of 2,100 .000 shares representing a total number of 2,185,836 theoretical voting rights):

Shareholders Number of actions % of capital Number of voting rights * % of voting rights *
Safe and Sound 622.747 29.65% 622.747 28.49%
Alto Invest 192.118 9.15% 192.118 8.79%
Isabelle Cottray 107,440 5.12% 107,440 4.92%
Pierre Bourdonnay 101,000 4.81% 166,000 7.59%
Françoise Quiry 90,000 4.29% 90,000 4.12%
Johannes rietschel 77,807 3.71% 77,807 3.56%
David Benech 50,970 2.43% 50,970 2.33%
Pascal Quiry 50,156 2.39% 50,156 2.29%
G.Y.D SCA 27,932 1.33% 27,932 1.28%
Jacques Yvrai 9,600 0.46% 9,600 0.44%
Le Pont SARL 5.400 0.26% 5.400 0.25%
Public 684.815 32.61% 705.651 32.28%
Self-ownership 80.015 3.81% 80.015 3.66%
Total 2,100,000 100.00% 2,185,836 100.00%

* Theoretical voting rights calculated in accordance with the provisions of 2th paragraph of article 223-11 I of the AMF general regulations

  • Allocation of the Company’s share capital and voting rights following the Block Acquisition

The table below presents, to the knowledge of the Offeror, the distribution of the capital and voting rights of the Company immediately following the Block Acquisition which took place on March 10, 2020 (based on a number total of 2,100,000 shares representing a total number of 2,120,836 of theoretical voting rights):

Shareholders Number of actions % of capital Number of voting rights * % of voting rights *
Initiator 1,143,052 54.43% 1,143,052 53.90%
Alto 192.118 9.15% 192.118 9.06%
Public 684.815 32.61% 705.651 33.27%
Self-ownership 80.015 3.81% 80.015 3.77%
Total 2,100,000 100.00% 2,120,836 100.00%

* Theoretical voting rights calculated in accordance with the provisions of 2th paragraph of article 223-11 I of the AMF general regulations

  • Allocation of the Company’s share capital and voting rights on the date of the draft offer document

As of the date of the draft offer document, to the knowledge of the Offeror, the distribution of the capital and voting rights of the Company is as follows:

Shareholders Number of actions % of capital Number of voting rights * % of voting rights *
Initiator 1,143,052 54.43% 1,143,052 53.90%
Public 876.933 41.76% 897.769 42.33%
Self-ownership 80.015 3.81% 80.015 3.77%
Total 2,100,000 100.00% 2,120,836 100.00%

* Theoretical voting rights calculated in accordance with the provisions of 2th paragraph of article 223-11 I of the AMF general regulations

1.2.1.3 Sale of Digigram Digital

Prior to the completion of the Block Acquisition, and as a condition precedent thereof, the Company sold on March 10, 2020 all of the shares of its subsidiary Digigram Digital, which carried all operational activity of the Digigram group since 1er July 2019, at one pool investors, Safe and Sound and other Selling Shareholders for a total price of 954,291 euros.

The sale of Digigram Digital was subject to prior authorization from the Board of Directors of the Company on February 4, 2020, in accordance with the procedure of regulated agreements provided for in Articles L. 225-38 et seq. Of the Code of trade, and expertise carried out by the firm Salustro & Associés.

1.2.1.4 Governance of the Company

As a result of the change of control of the Company which took place on March 10, 2020 as a result of the Acquisition of Blocks, all the members of the Board of Directors of the Company have gradually resigned from their duties as directors, with the exception of Mr. Philippe Badaroux, independent director within the meaning of the Middlenext Corporate Governance Code.

On March 10, 2020, Mrs. Christine Vigneron and Mr. Samuel Moreau were appointed directors of the Company by the Board of Directors, by way of co-option, replacing respectively Mrs. Catherine Tranchier and Mr. Eric Le Bihan, resigning directors, for the remaining term of office of the latter. Mr. Samuel Moreau has also served as Chairman of the Board of Directors since that date.

The seats left vacant by Mrs. Florence Marchal and Mr. Jérémie Weber, who also resigned, were not filled.

Mr. Jérémie Weber retained the functions of Chief Executive Officer from March 10, 2020 to April 15, 2020, alongside Mr. Jacques Pierrelée, Deputy Chief Executive Officer. The latter was appointed Chief Executive Officer of the Company to replace Mr. Jérémie Weber from April 15, 2020.

1.2.1.5 Declaration of crossing thresholds

In accordance with articles L. 233-7 et seq. Of the French Commercial Code and articles 223-11 et seq. Of the AMF general regulations, the Offeror declared on March 16, 2020 to the AMF and the Company that it had crossed the increase on March 10, 2020, due to the Block Acquisition, all the legal thresholds of 5%, 10%, 15%, 20%, 25%, 30% and 50% of the capital and voting rights of the Company, and has declared its intentions regarding the Company.

The Offeror has reserved the right, from the filing of the draft offer document with the AMF and until the opening of the Offer, to acquire shares in the Company at the Price of 1 ” Offer, within the limits referred to in article 231-38 IV of the AMF general regulations, i.e. a maximum number of 263,079 shares of the Company corresponding to 30% of the number of shares covered by the Offer

These declarations gave rise to a notice published by the AMF on March 16, 2020 (notice n ° 220C0982).

The Offer thus follows, in accordance with the provisions of article 234-2 of the AMF general regulations, the upward crossing by the Initiator of the threshold of 30% of the share capital and voting rights of the Company resulting from the completion, on March 10, 2020, of the Acquisition of Blocks from Selling Shareholders.

1.2.1.6 Independent Expert

Pursuant to the provisions of article 261-1 I 1 °, 2 ° and 4 ° of the AMF general regulations, the Board of Directors of the Company, meeting on April 15, 2020, unanimously appointed Shareholders in Finance as an independent expert (the “ Independent Expert ”), In accordance with article 261-1-1 of the AMF general regulations, subject to the AMF’s non-opposition. The AMF did not object to this designation, which took effect on April 28, 2020.

On June 22, 2020, in view of the report of the Independent Expert, the Board of Directors of the Company considered that the Offer is in the interest of the Company and of its shareholders and issued a reasoned opinion to this effect , recommending that the shareholders of the Company tender their shares to the Offer.

The report of the Independent Expert as well as the reasoned opinion of the Board of Directors of the Company are presented in full in the draft note in response prepared by the Company.

1.2.1.7 Data room

In view of the preparation of the Block Acquisition and the Offer, the Offeror had access to a limited amount of information concerning the Company within the framework of a procedure known as data room. It is specified that, to the knowledge of the Offeror, the information communicated to it by the Company was in accordance with the recommendations of the AMF on the procedures for data room appearing in the guide to permanent information and the management of inside information (DOC-2016-08).

The Initiator considers that he was not aware, as part of this procedure, of data room, information likely to fulfill the conditions of article 7 of Regulation (EU) n ° 596/2016 of the European Parliament and of the Council of April 16, 2014 on market abuses that have not been made public by the Company before the Block Acquisition.

1.2.2 Reasons for the Offer

1.2.2.1 Presentation of the Initiator

Evergreen SAS is a holding investment which holds stakes mainly in unlisted companies which make the ecological transition (renewable energies, energy efficiency, wood energy, etc.) an issue of growth and profitability.

Founded by three entrepreneurs, Messrs Lionel Le Maux, Frédéric Flipo and Samuel Moreau, joined more recently by Mr. Jacques Pierrelée, for their own investment and financing needs, Evergreen SAS has developed expertise in sustainable industrial investments.

Evergreen SAS indeed considers that the ecological transition is the major industrial opportunity for the coming years, in that it considerably modifies existing business models and creates new ones. It has therefore made the area of ​​ecological transition its main investment theme.

Evergreen SAS’s strategy for managing its holdings is to be a stable shareholder offering companies long-term support, beyond just financial support.

As of the date of this draft information note, Evergreen SAS holds interests in six companies which make ecological transition a challenge of growth and profitability (Evergaz, Everwatt, Bois Energie Nord, Barbet, Compose and La Paper Factory) .

In addition to its own-account investment activity in players in the field of ecological transition, Evergreen SAS also carries out subsidiary investment activities on behalf of third parties, through its subsidiaries Aqua Asset Management, a management company for Assets, and Marignan Conseil, financial investment advice.

1.2.2.2 Merger of the Offeror with the Company

As of the date of this draft offer document, the Company no longer has any operational activities.

The Initiator wished to acquire control of a shell company with no activity listed on Euronext Paris, such as the Company, in order to make it a vehicle that can seize the investment opportunities that arise and ensure growth and development of the Company and, more broadly, of the holdings held by Evergreen SAS.

The Offer and the Acquisition of Blocks are part of the first two stages of the initiator’s more general project of bringing his investment activity in the sector of ecological transition closer to the Company, by way of merger-absorption of the Offeror by the Company.

After a detailed examination of the terms and conditions of the Offer, the Chairman of the Offeror decided on June 22, 2020 to proceed with the deposit of the draft Offer for all of the shares of the Company in circulation and not yet held by Evergreen SAS.

1.3 Intentions of the Offeror for the next twelve months

1.3.1 Strategy and change of activity of the Company

On the date of the draft offer document, the Company no longer carries out any activity.

The Offeror, which currently holds 54.43% of the capital and 53.90% of the voting rights of the Company, wishes to make the Company the new listed vehicle of the Evergreen group, which will thus allow the Evergreen group to appeal to the market to finance its future investments and to accelerate its development as a group dedicated to investment mainly in the field of ecological transition (renewable energies, energy efficiency, wood energy, etc.).

In this context, the Offeror will propose to the shareholders of the Company:

  • during the Combined General Meeting of June 23, 2020, to change the name of the Company from “Digigram” to “Evergreen SA” and to transfer the registered office of the Company to 6, Square de l’Opéra-Louis Jouvet – 75009 Paris;
  • during a new Combined General Meeting to be held during the first half of 2021, to modify the corporate purpose of the Company and to proceed with a merger with the Offeror by absorption of the latter.

Following these various statutory changes and the merger-absorption operation, the Company will change activities in order to exercise a company activity holding and will hold all of the Initiator’s interests in the area of ​​ecological transition.

1.3.2 Employment orientation

On the date of the draft offer document, the Company did not employ any employee. Consequently, the Offer will have no impact on employment.

However, after the merger-absorption of the Offeror by the Company, the Company will be required to employ the employees of the Offeror and, if necessary, to hire all the personnel that will prove necessary for the management of his new activity.

1.3.3 Composition of the Board of Directors and management

As a result of the change of control of the Company which took place on March 10, 2020 as a result of the Acquisition of Blocks, all the members of the Board of Directors of the Company have gradually resigned from their duties as directors, with the exception of Mr. Philippe Badaroux, independent director within the meaning of the Middlenext Corporate Governance Code.

On the date of the draft offer document, the Board of Directors is made up of three members:

  • Mr. Samuel Moreau, Chairman of the Board of Directors;
  • Mr. Philippe Badaroux, independent member; and
  • Madame Christine Vigneron.

Mr. Philippe Badaroux has already announced his intention to resign from his duties as director at the end of the Combined General Meeting of June 23, 2020 in order to allow the renewal of the entire Board of Directors .

On this occasion, the shareholders of the Company will be asked to vote on the ratification of the cooptations of Mr. Samuel Moreau and Ms. Christine Vigneron and on the appointment of six additional directors to bring the Board of Directors to eight members, who would be composed as follows:

  • Mr. Frédéric Flipo;
  • Jean-Michel Laty;
  • Mrs. Catherine Le Maux;
  • Mr. Lionel Le Maux;
  • Mr. Samuel Moreau;
  • Mr. Vincent Robert;
  • Mrs. Agnès Ruchaud;
  • Madame Christine Vigneron.

A Nomination and Remuneration Committee as well as an Audit Committee will be set up by the Board of Directors.

Mr. Lionel le Maux, currently permanent representative of the Chairman of the Initiator, the civil society CL Capital, intends to be appointed Chairman of the Board of Directors of the Company.

Mr. Jacques Pierrelée, who has served as Chief Executive Officer of the Company since April 15, 2020, will be retained in his duties and may be assisted by a Deputy Chief Executive Officer.

However, the Offeror reserves the right to modify the composition of the administrative and management bodies presented above.

1.3.4 Interest of the Offer for the Company and its shareholders

The Offeror proposes to the shareholders of the Company who will tender their securities to the Offer immediate liquidity on all of their shares at a price of 1.03 euros per share, showing a premium of:

  • 68.9% compared to the closing price of the Digigram share on December 13, 2019 (last closing price before the announcement of the main characteristics of the Offer, taking into account the suspension of trading occurring from this date) ;
  • 54.5% compared to the average price weighted by the volumes of the Digigram share for the 60 days preceding December 13, 2019;
  • 34.8% compared to the average price weighted by the volumes of the Digigram share for the 250 days preceding December 13, 2019.

Shareholders of the Company who so wish may keep all or part of their shares in order to participate in the project presented by the Initiator and thus benefit from the advantages linked to the future development of the Company.

1.3.5 Synergies

The Company no longer carrying out any activity and the Initiator intending to propose to the shareholders of the Company to modify the corporate object of the Company after the closing of the Offer, the Initiator does not anticipate any particular synergy linked to the Offer.

1.3.6 Merger and legal reorganization

The Offeror intends to reorganize its holdings by trimming (” carve out ”) Of its regulated investment activity on behalf of third parties, carried out by its subsidiaries Aqua Asset Management and Marignan Conseil.

After this transaction, the Initiator intends to submit to the shareholders of the Company, during a Combined General Meeting to be held during the first half of 2021, draft resolutions for the purpose of modifying the corporate purpose of the Company and to proceed with a merger with the Offeror by absorption of the latter.

Following these various statutory changes and the merger-absorption operation, the Company will change activities in order to exercise a company activity holding and will hold all of the Initiator’s interests in the area of ​​ecological transition.

The merger-absorption operation, subject to the approval of the shareholders of the Company as well as that of the partners of the Offeror, will also be subject to the review of the AMF.

The Initiator will ask the AMF, prior to the completion of the merger and the change in the activity of the Company, to confirm that it will not be held on this occasion, given the filing of the draft Offer, to proceed with the filing of a public withdrawal offer on the basis of article 236-6, 2 ° of the AMF general regulations.

1.3.7 Absence of compulsory withdrawal

The Offeror wishes to maintain the admission of the Company’s shares to trading on the regulated market Euronext Paris (compartment C) at the end of the Offer.

He therefore does not intend to use the option offered by article 237-1 of the AMF’s general regulations, to ask the AMF, at the end of the Offer or within three (3) months to after its closure, the implementation of a squeeze-out procedure for the shares of the Company if the number of shares not presented to the Offer by the minority shareholders of the Company does not represent, at the end of the Offer, more than 10% of the share capital and voting rights of the Company.

1.3.8 Dividend distribution policy

The Offeror does not intend to implement a dividend distribution policy as long as the Company does not carry on any activity.

In the event of the completion of the merger-absorption plan described above, the Offeror reserves the right to implement a dividend distribution policy in accordance with the distribution capacity of the Company and its needs for funding.

1.4 Agreements likely to have a significant impact on the assessment of the Offer or its outcome

The Offeror is not party to any agreement other than the Company’s share purchase contracts concluded on February 11, 2020 with the Selling Shareholders and is not aware of any agreement likely to have a significant impact on the assessment of the Offer or its outcome, other than the sale contract concluded on March 10, 2020 between the Company, on the one hand, and a pool investors, Safe and Sound and other Selling Shareholders, on the other hand, under which the Company sold all of the Digigram Digital shares for a total price of € 954,291.

2. Characteristics of the Offer

2.1 Number and nature of the securities targeted by the Offer

It is recalled that on the date of the draft offer document, the Offeror held 1,143,052 Digigram shares, representing 54.43% of the capital and 53.90% of the theoretical voting rights of the Company. The Company also holds 80,015 treasury shares.

The Offer relates to all of the existing Digigram shares not held, directly or indirectly, by the Offeror on the date of the draft offer document, with the exception of the 80,015 treasury shares held by the Company, i.e. total number of 876,933 shares of the Company.

There is no other share capital or any other financial instrument or right issued by the Company which can give access, immediately or in the future, to its share capital or voting rights.

2.2 Procedure for tendering

The Offer will be open for a period of ten (10) trading days, in accordance with the provisions of article 233-2 of the AMF general regulations. The AMF may, after having fixed the closing date for the Offer, postpone it in accordance with its general regulations. The attention of the shareholders of the Company is drawn to the fact that the Offer being carried out according to the simplified procedure, in accordance with the provisions of articles 233-1 and following of the general regulations of the AMF, it will not be reopened to following the publication of the final result of the Offer.

The shares tendered in the Offer must be freely negotiable and free from any privilege, pledge, pledge, other security or restriction of any kind whatsoever restricting the free transfer of their property. The Offeror reserves the right to reject, at its sole discretion, all Digigram shares tendered to the Offer that do not meet this condition.

The shareholders of the Company may participate in the Offer by contributing their Digigram shares in accordance with the following procedures:

  • Digigram shares held in registered form must be converted to bearer before they can be tendered into the Offer. En conséquence, les actionnaires dont les actions Digigram sont détenues sous la forme nominative qui souhaitent apporter leurs actions à l’Offre devront demander à leurs intermédiaires financiers teneurs de comptes la conversion de leurs actions au porteur dès que possible et en tout état de cause avant l’apport à l’Offre. Ils perdront alors les avantages attachés à la forme nominative pour celles des actions converties au porteur.
  • Les actionnaires de la Société dont les actions sont inscrites sur un compte tenu par un intermédiaire financier (courtier, banque, établissement de crédit, entreprise d’investissement, etc.) et qui souhaiteraient présenter leurs actions à l’Offre devront remettre à leur intermédiaire financier, au plus tard à la date de clôture de l’Offre, un ordre de vente irrévocable conforme au modèle qui sera mis à leur disposition par cet intermédiaire.

L’acquisition des actions pendant l’Offre se fera, conformément à la loi, par l’intermédiaire du membre de marché acheteur, ODDO BHF SCA, agissant en tant qu’intermédiaire pour le compte de l’Initiateur. Les actionnaires qui apporteront leurs actions à l’Offre devront céder leurs actions sur le marché et le règlement-livraison s’effectuera au fur et à mesure de l’exécution des ordres, deux (2) jours de négociation suivant chaque exécution, étant précisé que les frais de négociation (y compris les frais de courtage et TVA afférente) resteront en totalité à la charge des actionnaires vendeurs.

Le transfert de propriété des actions Digigram apportées à l’Offre et l’ensemble des droits attachés (en ce compris le droit aux dividendes) interviendra à la date d’inscription en compte de l’Initiateur, conformément aux dispositions de l’article L. 211-17 du Code monétaire et financier. Il est rappelé en tant que de besoin que toute somme due dans le cadre de l’apport des actions à l’Offre ne portera pas intérêt et sera payée à la date de règlement-livraison.

Les ordres de présentation des actions Digigram à l’Offre seront irrévocables.

2.3 Interventions de l’Initiateur sur les actions de la Société

L’Initiateur se réserve la faculté, à compter du dépôt du projet de note d’information auprès de l’AMF et jusqu’à l’ouverture de l’Offre, d’acquérir des actions de la Société au Prix de l’Offre, dans les limites visées à l’article 231-38 IV du règlement général de l’AMF, soit un nombre maximum de 263.079 actions de la Société correspondant à 30% du nombre d’actions visées par l’Offre, étant précisé que les frais de négociation (y compris les frais de courtage et TVA afférente) resteront en totalité à la charge des actionnaires vendeurs.

2.4 Calendrier indicatif de l’Offre

Préalablement à l’ouverture de l’Offre, l’AMF et Euronext Paris publieront respectivement un avis d’ouverture et de calendrier de l’Offre et un avis annonçant les modalités et le calendrier de l’Offre.

Le calendrier ci-dessous est présenté à titre indicatif :

Date Principales étapes de l’Offre
June 23, 2020 Dépôt du projet d’Offre auprès de l’AMF
Mise à disposition du public et mise en ligne sur les sites internet de l’AMF et du groupe Evergreen du projet de note d’information
Diffusion du communiqué normé de l’Initiateur relatif au dépôt du projet de note d’information
Dépôt du projet de note en réponse de la Société auprès de l’AMF (comprenant l’avis motivé du Conseil d’administration et le rapport de l’Expert Indépendant)
Mise à disposition du public et mise en ligne sur les sites de l’AMF et de la Société du projet de note en réponse
Diffusion du communiqué normé de la Société relatif au dépôt du projet de note en réponse
21 juillet 2020 Publication de la déclaration de conformité de l’Offre par l’AMF emportant visa de la note d’information de l’Initiateur et de la note en réponse de la Société
Mise à disposition du public aux sièges de l’Initiateur et d’ODDO BHF SCA et mise en ligne sur les sites internet de l’AMF et du groupe Evergreen de la note d’information de l’Initiateur visée
Mise à disposition du public au siège de la Société et mise en ligne sur les sites de l’AMF et de la Société de la note en réponse de la Société visée
22 juillet 2020 Mise à disposition du public et mise en ligne sur les sites internet de l’AMF et du groupe Evergreen du document « Autres informations relatives aux caractéristiques, notamment juridiques, financières et comptables » de l’Initiateur
Mise à disposition du public et mise en ligne sur les sites internet de l’AMF et de la Société du document « Autres informations relatives aux caractéristiques, notamment juridiques, financières et comptables » de la Société
Diffusion des communiqués normés par l’Initiateur et la Société
Publication par l’AMF de l’avis d’ouverture de l’Offre
Publication par Euronext Paris de l’avis relatif à l’Offre et ses modalités
23 juillet 2020 Ouverture de l’Offre
5 août 2020 Clôture de l’Offre
6 août 2020 Publication par l’AMF de l’avis de résultat de l’Offre

2.5 Restrictions concernant l’Offre à l’étranger

L’Offre est faite exclusivement en France. Le présent projet de note d’information n’est pas destiné à être diffusé dans des pays autres que la France.

Le présent document et les autres documents relatifs à l’Offre ne constituent pas une offre en vue de vendre ou d’acquérir des valeurs mobilières ou une sollicitation en vue d’une telle offre dans tout autre pays dans lequel une telle offre ou sollicitation serait illégale. L’Offre n’a fait ni ne fera l’objet d’aucune formalité ni d’aucun enregistrement ou visa en dehors de la France.

Les titulaires d’actions Digigram situés ailleurs qu’en France ne peuvent participer à l’Offre que si le droit local auquel ils sont soumis le permet.

La diffusion du présent document et de tout autre document relatif à l’Offre, l’Offre, l’acceptation de l’Offre ainsi que la livraison des actions Digigram peuvent faire l’objet d’une réglementation spécifique ou de restrictions dans certains pays. L’Offre ne s’adresse pas aux personnes soumises à de telles restrictions, ni directement, ni indirectement, et n’est pas susceptible de faire l’objet d’une quelconque acceptation à partir d’un pays où l’Offre fait l’objet de telles restrictions.

Les personnes en possession du présent document doivent respecter les restrictions en vigueur dans leur pays. Le non-respect de ces restrictions est susceptible de constituer une violation des lois et règlements applicables en matière boursière dans l’un de ces pays. L’Initiateur décline toute responsabilité en cas de violation par toute personne des restrictions qui lui sont applicables.

Notamment concernant les Etats-Unis d’Amérique, il est précisé que l’Offre n’est pas faite, directement ou indirectement, aux Etats-Unis d’Amérique, ou par l’utilisation de services postaux ou de tout autre moyen de communication ou instrument (y compris par fax, téléphone ou courrier électronique) relatif au commerce entre états des Etats-Unis d’Amérique ou entre autres états, ou au moyen d’une bourse de valeurs ou d’un système de cotation des Etats-Unis d’Amérique ou à des personnes ayant leur résidence aux Etats-Unis d’Amérique ou « US persons » (au sens du Règlement S pris en vertu de l’U.S Securities Act de 1933, tel que modifié).
Aucune acceptation de l’Offre ne peut provenir des Etats-Unis d’Amérique. Toute acceptation de l’Offre dont on pourrait supposer qu’elle résulte d’une violation de ces restrictions serait réputée nulle.

L’objet du présent projet de note d’information est limité à l’Offre et aucun exemplaire ou copie du présent projet de note d’information et aucun autre document relatif à l’Offre ou au présent projet de note d’information ne peut être adressé, communiqué, diffusé ou remis directement ou indirectement aux Etats-Unis d’Amérique que dans les conditions permises par les lois et règlements des Etats-Unis d’Amérique.

Tout actionnaire de Digigram qui apportera ses actions Digigram à l’Offre sera considéré comme déclarant (i) qu’il n’est pas une personne ayant sa résidence aux Etats-Unis d’Amérique ou « US person » (au sens du Règlement S du U.S. Securities Act de 1933, tel que modifié) ou un agent ou mandataire agissant sur instruction d’un mandant autre qu’un mandant lui ayant communiqué ces instructions en dehors des Etats-Unis d’Amérique, (ii) qu’il n’a pas reçu aux Etats-Unis d’Amérique une copie du présent projet de note d’information, ou de quelque autre document lié à l’Offre,
et qu’il n’a pas envoyé de tels documents vers les Etats-Unis d’Amérique et (iii) qu’il n’a ni accepté l’Offre ni délivré d’ordre d’apport d’actions Digigram depuis les Etats-Unis d’Amérique. Toute acceptation de l’Offre dont on pourrait supposer qu’elle résulterait d’une violation des restrictions et déclarations ci-dessus serait réputée nulle. Pour les besoins du présent paragraphe, on entend par « Etats-Unis d’Amérique » : les Etats-Unis d’Amérique, leurs territoires et possessions, l’un quelconque de ces états et le district de Columbia.

3. Éléments d’appréciation du prix de l’Offre

Le Prix de l’Offre est de 1,03 € par action.

Le Prix d’Offre se compare comme suit aux différents critères de valorisation retenus :

Méthodes retenues Valeur par action Digigram (€) Prime / (décote) induite par le Prix de l’Offre
A titre principal
Transaction sur le capital 1.025 +0,5%
Actif net comptable 0,245 +320,8%
A titre indicatif
Transactions comparables identifiées sur des coquilles cotées 0,812 +26,8%
Analyse du cours de bourse
Cours de clôture au 13 décembre 2019 0,610 +68,9%
CMP 20 jours 0,630 +63,4%
CMP 60 jours 0,667 +54,5%
CMP 120 jours 0,695 +48,2%
CMP 250 jours 0,764 +34,8%
Cours le plus haut au cours des 250 derniers jours 0,955 +7,9%
Cours le plus bas au cours des 250 derniers jours 0,600 +71,7%

4. MISE A DISPOSITION DES DOCUMENTS RELATIFS A L’OFFRE

Le projet de note d’information est disponible sur les sites internet de l’AMF (www.amf-france.org) et du groupe Evergreen (http://evergreen-holding.com) et peut être obtenu sans frais auprès d’Evergreen SAS (11, rue de Mogador – 75009 Paris) et d’ODDO BHF SCA (12, boulevard de la Madeleine – 75009 Paris).

Conformément aux dispositions de l’article 231-28 du règlement général de l’AMF, les informations relatives aux caractéristiques notamment juridiques, financières et comptables de d’Evergreen SAS feront l’objet d’une note spécifique déposée auprès de l’AMF et mise à la disposition du public au plus tard la veille de l’ouverture de l’offre publique d’achat simplifiée selon les mêmes modalités.

Un communiqué sera diffusé pour informer le public des modalités de mise à disposition de ces informations.


1 Sur la base d’un capital composé, à la connaissance de l’Initiateur, de 2.100.000 actions représentant 2.120.836 droits de vote, le nombre total de droits de vote étant, en application du 2th alinéa de l’article 223-11 I du règlement général de l’AMF, calculé sur la base de toutes les actions auxquelles sont attachés des droits de vote, y compris les actions privées de droits de vote.



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