Iliad - EGM 20 December 2019
ITEMS 1 and 2: It is proposed to approve a share buyback offer followed by a capital
increase with the same amount and price. Thus the share buyback offer is fully financed
by the capital increase, which is guaranteed by the main shareholder. The only risk
identified in this global operation is that the main shareholder could strengthen his stake
and control of the General meeting. However, Xavier Niel, main shareholder, already
controls the capital and the General meeting votes. Thus, this operation seems more to
be a confidence signal sent by the controlling shareholder to the market.
Iliad is an operator in the French internet access & telecommunications markets. Co. divides its operations into three business segments: Broadband, Traditional Telephony, and Retail Telecom. Broadband includes Internet service provider operations, hosting services, user assistance operations & operations related to the rollout of the FTTH (fiber-to-the-home) network. Traditional Telephony includes switched landline telephony (One.Tel and Iliad Telecom), directory services (mainly the ANNU reverse look-up directory accessible by Minitel, telephone, Internet and SMS text messaging) and e-commerce operations (Assunet.com). Retail Telecom offers various mobile phones & services to customers.
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