Article R228-19 of the French Commercial code

For the application of II of article L. 228-12, the report of the Board of Directors or the Management Board shall specify the terms and conditions of the buyback, as well as the justifications and methods for calculating the proposed price.

It shall specify the impact of the transaction on the situation of holders of equity securities and securities giving access to the capital as defined in the first paragraph of Article R. 225-115.

The statutory auditor shall give his opinion on the buyback offer and on the impact of the transaction on the situation of the holders of equity securities and securities giving access to the capital as defined in the first paragraph of Article R. 225-115 and shall indicate whether the methods used to calculate the buyback price are accurate and fair.

The statutory auditor shall give his opinion on the buyback offer and on the impact of the transaction on the situation of the holders of equity securities and securities giving access to the capital as defined in the first paragraph of Article R. 225-115 and shall indicate whether the methods used to calculate the buyback price are accurate and fair.

Original in French 🇫🇷

Article R228-19

Pour l’application du II de l’article L. 228-12, le rapport du conseil d’administration ou du directoire précise les conditions du rachat, ainsi que les justifications et les modalités de calcul du prix proposé.

Il précise l’incidence de l’opération sur la situation des titulaires de titres de capital et de valeurs mobilières donnant accès au capital telle que définie au premier alinéa de l’article R. 225-115.

Le commissaire aux comptes donne son avis sur l’offre de rachat ainsi que sur l’incidence de l’opération sur la situation des titulaires de titres de capital et de valeurs mobilières donnant accès au capital telle que définie au premier alinéa de l’article R. 225-115 et indique si les modalités de calcul du prix de rachat sont exactes et sincères.