Brief: Sonae And Balaiko Notify JD Group Of Exercise Of Buy Or Sell Option Regarding ISRG

Sonae SGPS SA

09/05/2023 07:38

May 9 (Reuters) - Sonae - SGPS SA  YSO.LS :
    * TOGETHER WITH BALAIKO FIRAJA INVEST NOTIFIED JD SPORTS
FASHION
PLC ("JD GROUP") OF DECISION TO EXERCISE BUY OR SELL OPTION
FORESEEN IN EXISTING SHAREHOLDERS AGREEMENT BETWEEN SONAE,
BALAIKO AND JD GROUP
    * BUY OR SELL OPTION IS OVER SHAREHOLDINGS THAT JD GROUP,
SONAE
AND BALAIKO OWN IN IBERIAN SPORTS RETAIL GROUP ("ISRG")
    * SONAE AND BALAIKO ("MINORITIES") DECISION TO EXERCISE
OPTION
REFLECTS WAS MOTIVATED BY ALTERATION IN RELATIONSHIP WITH JD
GROUP GIVEN THE LATTER'S MOST RECENT STANCE ON SPORTING GOODS
AND SPORTS FASHION RETAILING CATEGORIES, WHICH SIGNIFICANTLY
IMPACTS STRATEGY AND GROWTH OPTIONS OF ISRG
    * EXPECTS ONE OF TWO OUTCOMES: IN THE FIRST, JD GROUP
ACQUIRES
50.0% MINUS 2 SHARES STAKE IN ISRG FROM MINORITIES (30.0% MINUS
1 SHARE FROM SONAE AND 20.0% MINUS 1 SHARE FROM BALAIKO),
BECOMING SOLE SHAREHOLDER OF COMPANY
    * IN THE SECOND, MINORITIES ACQUIRE 50.0% PLUS 2 SHARES
STAKE IN
ISRG HELD BY JD GROUP, AND ISRG EXERCISES PUT OPTION TO SELL TO
JD GROUP 70% SHAREHOLDING IT HOLDS IN JD RETAIL BANNER
OPERATIONS IN PORTUGAL AND SPAIN
    * UNDER OPTION MECHANISM, JD GROUP NOW HAS CERTAIN PERIOD OF
TIME
TO DECIDE WHETHER TO ACQUIRE FROM, OR SELL TO, MINORITIES
    * CONVERSELY, AND SHOULD THIS PERIOD LAPSE WITHOUT JD GROUP
DECISION, MINORITIES WILL THEN HAVE THEMSELVES CERTAIN PERIOD OF
TIME TO DECIDE WHETHER TO ACQUIRE FROM, OR SELL TO, JD GROUP

Source text: https://bit.ly/41iU7R2
Further company coverage:  YSO.LS 

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