SMCP AGM postponement request rejected


SMCP’s GA postponement request rejected | Photo credits: SMCP

(With details and context)

PARIS, January 10 (Reuters) – The Paris commercial court on Tuesday rejected the request for postponement of a general meeting of shareholders of SMCP scheduled for January 14, submitted to it by the Chinese shareholder of the loan group. wear, announced this last Tuesday.

European TopSoho, a subsidiary of the Shandong Ruyi conglomerate, has been engaged in a dispute with its creditors since it defaulted in September on a bond exchangeable for SMCP shares in the amount of 250 million euros.

This defect resulted in a de facto change in the capital of the SMCP group, owner of the Sandro, Maje, Claudie Pierlot and Fursac brands.

The creditors of European TopSoho, which include the asset manager BlackRock and a subsidiary of the private equity firm Carlyle together in a company called Glas, now hold 29% of SMCP’s capital and 25% of the voting rights.

They demanded changes to the board, including the departure of board chairman Yafu Qiu and his daughter Chenran Qiu.

In November, responding favorably to a request from Glas, the Paris Commercial Court appointed an agent who called a general meeting on January 14 for the shareholders to vote on the replacement of five members of the board of directors.

SMCP is present in 43 countries through a network of 1,600 stores.

(Report Mimosa Spencer, Blandine Hénault for the French version, edited by Marc Angrand)

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