Sorgem Evaluation acted as an independent expert in relation to the public repurchase offer followed, by the squeeze-out on Afone Participations’ shares

Afone Participations offers fixed and mobile telecommunication services and Fintech activities. The mobile telephone activity is mainly comprised of a consumer offer marketed under the “Réglo Mobile” brand (in partnership with the E. Leclerc group) and an Afone Mobile “machine-to-machine” offer aimed at professional customers, directly marketed by Afone Participations.

The Fintech business is split between an activity related to electronic payment, which corresponds to the rental of electronic payment terminals, and the Payment activity.

FL Finance and Awys, together with Mr. Eric Durant-Gasselin, committed to propose to Afone Participations’ shareholders the purchase of all their shares at a price of €13.0 per share, in the context of a public repurchase offer followed by a squeeze-out.

On January 10, 2020, the AMF (French financial markets regulator) published an opinion on the outcome of the offer and the implementation of the public repurchase (avis n°220C0129). In accordance with the provisions of articles 237-1 et seq. of the AMF General Regulations, shares not tendered to the offer by minority shareholders, excluding treasury shares, are transferred to the initiators of the offer.

The squeeze-out was completed on January 13, 2020 by the initiators of the offer at the same price as the one agreed on for the offer, i.e. corresponding to an indemnity, payable in cash, of €13.0 per each Afone Participations share (net of expenses). The squeeze-out targeted, treasury shares excluded, a total of 202,557 shares amounting to 5.2% of the shareholding structure and 2.9% of Afone Participations’ voting rights.