IMPLEMENTATION OF THE SHARE BUY-BACK PROGRAMME
La Plaine Saint Denis, June 22, 2022 - Showroomprivé (SRP Groupe), a European group specialising in smart shopping, today announced the implementation of its share buyback program.
In accordance with the authorization of the annual general meeting of June 28, 2021 allowing the implementation of a share buyback program, the Board of Directors of SRP Groupe (the "Company") announces today the decision to update its share buyback program.
Thus, in addition to the liquidity contract concluded with Oddo, the Company has decided to implement its share buyback program for the purpose of repurchasing and allocating shares in the context of free share incentive plans benefiting employees and managers of the Group. Subject to the approval of the 23rd resolution submitted to the general meeting to be held on June 22, 2022, this implementation is decided for the entire duration of the existing share buyback program and its renewal.
In this context, the Company announces the conclusion of an agreement to purchase a block of 4 million shares representing approximately 3.36% of the Company's share capital from TP Invest Holding Sàrl (controlled by Mr Thierry Petit) at a price of one euro per share.
The Company wished to take advantage of the planned withdrawal of Thierry Petit from the share capital of SRP Groupe, to secure the delivery of shares under the free share plans without diluting existing shareholders, at a price that it considers low given the current price of the Company's shares and showing a discount of approximately 16% compared to the last quoted price as well as a discount compared to the 1-month, 3-month and 6-month price averages, and without burdening the Company's existing cash flow in relation to its development needs. This sale will be financed out of the Company's available cash.
This sale is also subject to the waiver by Carrefour of its right of pre-emption, and could be completed in the coming days.
This agreement, which constitutes a regulated agreement, was authorised as such by the Company's Board of Directors on 21 June 2022.
A description of the share buyback program is available in the 2021 universal registration document, which can be accessed free of charge on the SRP Groupe website (showroomprivegroup.com).
Showroomprivé is an innovative European player in the online private sales industry, specialized in fashion. Showroomprivé offers a daily selection of more than 3000 brand partners via its mobile apps or website in France and six other countries. Since its launch in 2006, the company has enjoyed quick growth.
Showroomprivé is listed on Euronext Paris (code: SRP) and reported gross revenue of almost €1 billion incl. VAT in 2021, and net revenue of €724 million. The Group is headed by David Dayan, the co-founder, and employs over 950 people.
For more information: http://showroomprivegroup.com