COFACE SA: Shareholding evolution
Paris, 25 February 2020 – 8:20
COFACE SA: Shareholding evolution
COFACE SA (“COFACE”) acknowledges the announcement made today by Natixis of its sale of 29.5% of the share capital of COFACE to Arch Capital Group Ltd (“Arch”) as well as Arch’s affirmed support of COFACE’s current management and of its new 2023 strategic plan Build to Lead.
Natixis has stated its intention to resign from COFACE’s Board of Directors after the closing of the transaction. Natixis also specified that its agreement with Arch states that, on this date, COFACE’s Board of Directors will be composed of ten members comprising four members proposed by Arch and six independent directors (including the current five independent directors).
COFACE’s Board of Directors, liaising with the Nominations and Compensation Committee, decided to immediately launch a search for the future Chairman of the Board whose term of office will take effect on the closing date of the transaction. The Chairman of the Board will be an independent director.
COFACE’s Board of Directors has been informed of the intention of Arch, valid for a twelve-month period as from closing of the transaction, not to take control of COFACE.
The closing of the transaction is subject to all required regulatory authorisations.
Xavier Durand, Coface CEO, stated:
“This transaction marks the beginning of a new era for Coface. It reflects the recognition of the work accomplished by the company in connection with Fit to Win, and confirms the success of this strategy.
Arch Capital Group is a solid company, a specialist in the insurance sector with a recognized expertise, and a profitable growth path in its various businesses. We welcome the support expressed by Arch to the new strategic plan Build to Lead and the current management team.”
| CONTACTS | |
| MEDIA RELATION Saphia GAOUAOUI T. +33 (0)1 49 02 14 91 | ANALYSTES / INVESTORS Thomas JACQUET T. +33 (0)1 49 02 12 58 Benoit CHASTEL T. +33 (0)1 49 02 22 28 |
FINANCIAL CALENDAR 2020
(subject to change)
Investor Day: today (Paris)
Q1-2020 results: 23 April 2020 (after market close)
Annual General Shareholders’ Meeting 2020: 14 May 2020
H1-2020 results: 29 July 2020 (after market close)
9M-2020 results: 29 October 2020 (after market close)
FINANCIAL INFORMATION
This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: /Investors
For regulated information on Alternative Performance Measures (APM),
please refer to our Interim Financial Report for S1-2019 and our 2018 Registration Document.
| Coface: for trade - Building business together 70 years of experience and the most finely meshed international network have made Coface a reference in credit insurance, risk management and the global economy. With the ambition to become the most agile, global trade credit insurance partner in the industry, Coface’s experts work to the beat of the world economy, supporting 50,000 clients in building successful, growing and dynamic businesses. The Group’s services and solutions protect and help companies take credit decisions to improve their ability to sell on both their domestic and export markets. In 2019, Coface employed ~4,250 people and registered turnover of €1.5 billion. COFACE SA is quoted in Compartment A of Euronext Paris Code ISIN: FR0010667147 / Mnémonique : COFA |
DISCLAIMER - Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group's 2018 Registration Document filed with AMF on 3 April 2019 under the number No. D.19-0261 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group's businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any
other circumstance.
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