Unibail-Rodamco-Westfield - EGM 10 November 2020
On 16/09/2020, Unibail-Rodamco-Westfield ("URW") announced its "RESET" plan, the main objective of which is to reduce debt by more than €9 billion, notably through a €3.5 billion capital increase, fully guaranteed, which would be used to immediately reduce debt. This Meeting is convened to approve this capital increase.
On 15/10/2020, a consortium of shareholders consisting of Flagship Retail Investment (an investment vehicle managed by Aermont Capital Management, whose managing partner is Léon Bressler, former Chairman and CEO of Unibail) and Rock Investment (a subsidiary of NJJ Holding, Xavier Niel's personal holding company) indicated that they were opposed to this capital increase and to the RESET plan in general and proposed the appointment of 3 candidates to the Board: Léon Bressler, Susana Gallardo and Xavier Niel.
After discussions with each of the parties, Proxinvest recommends supporting the capital increase in order to maintain a quality financial rating and not to create tension on future refinancing. We also recommend the support of one of the candidates proposed by the consortium, Xavier Niel, so that the board can benefit from the presence of a significant minority shareholder, his expertise, and his contribution to the debates on asset arbitration.
Unibail-Rodamco is a commercial property operator, investor and developer. Co. is operationally organized in six geographical regions: France, Spain, Central Europe, Austria, the Nordics and The Netherlands. Its activities are divided into three business lines or segments: Shopping Centres, Offices and Convention & Exhibition. Co.'s Shopping Centres segment focuses primarily on the retail sector; the Offices segment takes care of office assets that are mainly located in the Parisian Central Business District; and the Convention-Exhibitions segment consists of a real estate venues and operations organization, and trade show organization.
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