Brussels -- Compagnie du Bois Sauvage has reduced its stake in Recticel below the 30% threshold, the Belgian foamer said in a press release.
The move follows an order made by Belgium’s Financial Services and Markets Authority (FSMA) in July, 2014.
Explaining the following statement on Recticel’s website, Michel de Smedt, external communication & investor relations manager at Recticel, said the company was legally obliged to publicise details by the FSMA.
“The statement said: “Compagnie du Bois Sauvage s.a. and Entreprises des Chemins de Fer en Chine SA having their address at 17 rue du Bois Sauvage in 1000 Brussels, together with Guy Paquot, have notified Recticel and the FSMA that on 2 September, 2014 they have crossed downwards the statutory threshold of 30% (including the own shares held by Recticel at that date).
“Compagnie du Bois Sauvage SA, Entreprises des Chemins de Fer en Chine SA and Guy Paquot (Recticel Vice chairman) informed they hold a participation in Recticel of respectively 8,358,006; 158,024 and 0 shares or 29,89% (including 326,800 own shares held by Recticel) of the total number of shares outstanding,” it said.
When the FSMA made the order on 17 July, 2014 it said: “Given the technical nature of this rise above the threshold, and the absence of any prejudice to the market, the committee has decided to order Compagnie du Bois Sauvage SA to reduce its stake in Recticel SA below the 30% threshold within a period of 40 working days, and in accordance with the legislation on takeover bids, has decided not to impose the launch of a mandatory takeover bid.”
