SMCP rises as shareholders' meeting date upheld, chairman faces dismissal
12/01/2022 08:33
** Shares in SMCP SMCP.PA rise around 2% after the French
fashion company said a Paris court had rejected a move by its
former top stakeholder to postpone its shareholders' meeting
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** The Jan. 14 meeting had been granted by Commercial Court
of Paris in Nov., and should discuss the dismissal of all board
members representing its former Chinese owner
** This would include the departure of board chairman Yafu
Qiu and his daughter Chenran Qiu
** Shandong Ruyi 002193.SZ had owned the largest stake in
SMCP through its subsidiary European TopSoho, which lost its
collateral shares to bondholder group GLAS after it defaulted on
debts last year
** GLAS - a group that brings together asset manager
BlackRock and a subsidiary of private equity firm Carlyle - now
holds 29% of SMPC's capital and 25% of its voting rights
(Reporting by Sarah Morland)
((sarah.morland@tr.com
mailto:sarah.morland@thomsonreuters.com))