Subsection 4: Provisions applicable to categories of securities being phased out

The rules governing the creation of preference shares are set out in Articles L. 228-29-8 to L. 228-29-10 and L. 228-35-1 of the French Commercial Code.

The rules governing the creation of non-voting preference shares are set out in Articles L. 228-29-8 to L. 228-29-10 and L. 228-35-2 to L. 228-35-11 of the French Commercial Code.

The rules governing investment certificates and voting right certificates are set out in Articles L. 228-29-8 to L. 228-35 of the French Commercial Code.

In order to ensure the equality of holders of investment certificates or voting right certificates and market transparency, the General Regulations of the Autorité des marchés financiers determine : 1° The conditions applicable to public offer and squeeze-out procedures relating to investment certificates or voting right certificates admitted to trading on a regulated market or which have ceased to be traded on a regulated market, where the majority shareholder(s) of…

Where 2° of article L. 212-6-3 is applied, the valuation of the securities is carried out using the same objective methods as for asset disposals and takes into account, with an appropriate weighting in each case, the value of the assets, the profits made, the stock market value, the existence of subsidiaries and business prospects. The compensation is equal, per security, to the result of the aforementioned valuation or, if…