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L
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MEMORIAL
Journal Officiel
du Grand-Duché de
Luxembourg
MEMORIAL
Amtsblatt
des Großherzogtums
Luxemburg
R E C U E I L D E S S O C I E T E S E T A S S O C I A T I O N S
Le présent recueil contient les publications prévues par la loi modifiée du 10 août 1915 concernant les sociétés commerciales
et par la loi modifiée du 21 avril 1928 sur les associations et les fondations sans but lucratif.
C — N° 1090
28 avril 2012
SOMMAIRE
Arbo Property Services S.A. . . . . . . . . . . . .
52317
Arona Invest S.A. . . . . . . . . . . . . . . . . . . . . . .
52297
Arraxis S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52300
Bassile Developpement S.A. . . . . . . . . . . . .
52282
BRE/Japan IV S.à r.l. . . . . . . . . . . . . . . . . . . . .
52319
Brooklyn Bridge Company S.A. . . . . . . . . .
52301
Car International Finance S.A. . . . . . . . . . .
52302
Castelerand Finance S.A. . . . . . . . . . . . . . . .
52283
Centurion S.A. . . . . . . . . . . . . . . . . . . . . . . . . .
52318
Chasselas Investissements S.A. . . . . . . . . . .
52282
DJE Lux Sicav . . . . . . . . . . . . . . . . . . . . . . . . . .
52314
Dofilux . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52318
Doranda S.A. . . . . . . . . . . . . . . . . . . . . . . . . . .
52313
Emio-Vlav S.A. . . . . . . . . . . . . . . . . . . . . . . . . .
52318
Esoledad S.A. . . . . . . . . . . . . . . . . . . . . . . . . . .
52317
Euwis S.à r.l. . . . . . . . . . . . . . . . . . . . . . . . . . . .
52320
Finance Organizations S.A. . . . . . . . . . . . . .
52274
FIT Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52274
Fuandre S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . .
52297
Ganeça S.A., SPF . . . . . . . . . . . . . . . . . . . . . . .
52301
Gardenia Holding S.A. SPF . . . . . . . . . . . . . .
52302
Genefin S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . .
52284
G.I. Beteiligung S.A. . . . . . . . . . . . . . . . . . . . .
52313
Hoffmann Investment S.A. . . . . . . . . . . . . . .
52298
Immo Inter Finance S.A. . . . . . . . . . . . . . . . .
52313
Industrial Properties S.A., SPF . . . . . . . . . .
52314
Investissements du Centaure . . . . . . . . . . . .
52299
Isanne S.à r.l. . . . . . . . . . . . . . . . . . . . . . . . . . .
52320
I.S.T. Internationale Spedition und Trans-
port S.A. SPF . . . . . . . . . . . . . . . . . . . . . . . . .
52315
Japan Logistics Topco S.à r.l. . . . . . . . . . . . .
52319
Jirvois Investissement S.A. . . . . . . . . . . . . . .
52301
Jurancy Development S.A. . . . . . . . . . . . . . .
52299
Karlix S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52297
Lothard Strategies S.A. . . . . . . . . . . . . . . . . .
52282
LuxCo 42 S.à r.l. . . . . . . . . . . . . . . . . . . . . . . .
52320
Luxembourgeoise de Construction Immo-
bilière S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . .
52299
Malherbes Strategies S.A. . . . . . . . . . . . . . . .
52284
Marlo S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52315
Martinaire Finance S.A. . . . . . . . . . . . . . . . . .
52281
Millicom International Cellular S.A. . . . . . .
52274
OIKOPOLIS Participations SA . . . . . . . . . .
52284
Orco Germany S.A. . . . . . . . . . . . . . . . . . . . .
52302
Orco Property Group . . . . . . . . . . . . . . . . . .
52285
Pardef S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52300
Pretoria Investissement S.A. . . . . . . . . . . . .
52300
Red Pepper Lux . . . . . . . . . . . . . . . . . . . . . . . .
52315
Sardinia Resort Investments S.A. . . . . . . . .
52283
Sipam Participations S.A. . . . . . . . . . . . . . . .
52298
Société Anonyme Paul WURTH . . . . . . . .
52296
Technorizon S.A. . . . . . . . . . . . . . . . . . . . . . . .
52298
World Rail Company S.A. . . . . . . . . . . . . . . .
52283
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Finance Organizations S.A., Société Anonyme.
Siège social: L-1413 Luxembourg, 3, place Dargent.
R.C.S. Luxembourg B 14.354.
Les Actionnaires sont convoqués par le présent avis à
l'ASSEMBLEE GENERALE STATUTAIRE
qui aura lieu le <i>16 mai 2012i> à 14.00 heures au siège social à Luxembourg, avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. Rapport de gestion du Conseil d'Administration et rapport du Commissaire
2. Approbation des comptes annuels et affectation des résultats au 31 décembre 2011
3. Décharge aux Administrateurs et au Commissaire
4. Divers
<i>Le Conseil d'Administration.i>
Référence de publication: 2012046450/696/15.
FIT Fund, Société d'Investissement à Capital Variable.
Siège social: L-7307 Steinsel, 50, rue Basse.
R.C.S. Luxembourg B 22.648.
L'ASSEMBLEE GENERALE ORDINAIRE
des actionnaires se tiendra le mardi <i>14 mai 2012i> à 10.00 heures au siège de la société, 50, rue Basse à Steinsel avec
l'ordre du jour suivant:
<i>Ordre du jour:i>
1. Rapports du Conseil d'administration et du Réviseur d'entreprises pour l'exercice clôturé au 31 décembre 2011.
2. Approbation de l'état des actifs nets et de l'état des variations des actifs nets pour l'exercice clôturé au 31 décembre
2011; affectation des résultats.
3. Décharge aux administrateurs pour l'exercice clôturé au 31 décembre 2011.
4. Nominations statutaires.
5. Divers.
Les actionnaires ayant l'intention d'assister à cette assemblée sont priés de bien vouloir en aviser la société par lettre,
télécopie ou téléphone au moins une heure avant l'ouverture de ladite assemblée.
Référence de publication: 2012046451/18.
Millicom International Cellular S.A., Société Anonyme.
Siège social: L-3372 Leudelange, 15, rue Léon Laval.
R.C.S. Luxembourg B 40.630.
IS HEREBY GIVEN that the annual general meeting ("AGM") and an
EXTRAORDINARY GENERAL MEETING
("EGM") of the shareholders of MILLICOM INTERNATIONAL CELLULAR S.A. ("Millicom") are convened to be held
at the Millicom office at 2 rue du Fort Bourbon, L-1249, Grand-Duchy of Luxembourg, on Tuesday <i>May 29, 2012i> at 10:00
Central European Time ("CET"), to consider and vote on the following resolutions:
<i>Agenda:i>
AGM
1. To elect the Chairman of the AGM and to empower the Chairman to appoint the other members of the Bureau.
2. To receive the Board of Directors' Reports (Rapport de Gestion) and the Reports of the external auditor on (i)
the annual account of Millicom for the financial year ended December 31, 2011 and (ii) the consolidated accounts
for the financial year ended December 31, 2011.
3. To approve the consolidated accounts and the annual accounts for the year ended December 31, 2011.
4. To allocate the results of the year ended December 31, 2011. On a parent company basis, Millicom generated a
profit of USD 772,381,085. Of this amount, an aggregate amount of approximately USD 243 million corresponding
to a gross dividend amount of USD 2.40 per share is proposed to be distributed as dividend from the remaining
results of the year ended December 31, 2011 and the balance is proposed to be carried forward to retained earnings.
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5. To discharge all the current Directors of Millicom for the performance of their mandate during the financial year
ended December 31, 2011.
6. To set the number of Directors at eight with no Deputy Directors.
7. To re-elect Ms. Mia Brunell Livfors as Director for a term ending on the day of the next AGM to take place in 2013
(the "2013 AGM").
8. To re-elect Ms. Donna Cordner as Director for a term ending on the day of the 2013 AGM.
9. To re-elect Mr. Allen Sangines-Krause as Director for a term ending on the day of the 2013 AGM.
10. To re-elect Mr. Paul Donovan as Director for a term ending on the day of the 2013 AGM.
11. To re-elect Mr. Hans-Holger Albrecht as Director for a term ending on the day of the 2013 AGM.
12. To re-elect Mr. Omari Issa as Director for a term ending on the day of the 2013 AGM.
13. To re-elect Mr. Kim Ignatius as Director for a term ending on the day of the 2013 AGM.
14. To elect Mr. Dionisio Romero Paoletti as a new Director for a term ending on the day of the 2013 AGM.
15. To elect a Chairman of the Board of Directors.
16. To approve the Directors' compensation, amounting to SEK 6,743,000 for the period from the AGM to the 2013
AGM.
17. To elect Ernst&Young S.à r.l., Luxembourg as the external auditor of Millicom for a term ending on the day of the
2013 AGM.
18. To approve the external auditor's compensation.
19. To approve a procedure on the appointment of the Nomination Committee and determination of the assignment
of the Nomination Committee
20. (a) To authorise the Board of Directors, at any time between May 29, 2012 and the day of the 2013 AGM, provided
the required levels of distributable reserves are met by Millicom at that time, either directly or through a subsidiary
or a third party, to engage in a share repurchase plan of Millicom's shares to be carried out for all purposes allowed
or which would become authorized by the laws and regulations in force, and in particular the 1915 Law and in
accordance with the objectives, conditions, and restrictions as provided by the European Commission Regulation
No. 2273/2003 of 22 December 2003 (the "Share Repurchase Plan") by using its available cash reserves in an amount
not exceeding the lower of (i) ten percent (10%) of Millicom's issued and outstanding share capital as of the date
of the AGM (i.e., approximating a maximum of 10,200,000 shares corresponding to USD 15,300,000 in nominal
value) or (ii) the then available amount of Millicom's distributable reserves on a parent company basis, in the open
market on OTC US, NASDAQ OMX Stockholm or any other recognised alternative trading platform, at an ac-
quisition price which may not be less than SEK 50 per share nor exceed the higher of (x) the published bid that is
the highest current independent published bid on a given date or (y) the last independent transaction price quoted
or reported in the consolidated system on the same date, regardless of the market or exchange involved, provided,
however, that when shares are repurchased on the NASDAQ OMX Stockholm, the price shall be within the
registered interval for the share price prevailing at any time (the so called spread), that is, the interval between the
highest buying rate and the lowest selling rate.
(b) To approve the Board of Directors' proposal to give joint authority to Millicom's Chief Executive Officer and
the Chairman of the Board of Directors to (i) decide, within the limits of the authorization set out in (a) above,
the timing and conditions of any Millicom Share Repurchase Plan according to market conditions and (ii) give
mandate on behalf of Millicom to one or more designated broker-dealers to implement a Share Repurchase Plan.
(c) To authorize Millicom, at the discretion of the Board of Directors, in the event the Share Repurchase Plan is
done through a subsidiary or a third party, to purchase the bought back Millicom shares from such subsidiary or
third party.
(d) To authorize Millicom, at the discretion of the Board of Directors, to pay for the bought back Millicom shares
using either distributable reserves or funds from its share premium account.
(e) To authorize Millicom, at the discretion of the Board of Directors, to (i) transfer all or part of the purchased
Millicom shares to employees of the Millicom Group in connection with any existing or future Millicom long-term
incentive plan, and/or (ii) use the purchased shares as consideration for merger and acquisition purposes, including
joint ventures and the buy-out of minority interests in Millicom's subsidiaries, as the case may be, in accordance
with the limits set out in Articles 49-2, 49-3, 49-4, 49-5 and 49-6 of the 1915 Law.
(f) To further grant all powers to the Board of Directors with the option of sub-delegation to implement the above
authorization, conclude all agreements, carry out all formalities and make all declarations with regard to all au-
thorities and, generally, do all that is necessary for the execution of any decisions made in connection with this
authorization.
21. To approve the guidelines for remuneration to senior management
EGM
1. To elect the Chairman of the EGM and to empower the Chairman to appoint the other members of the Bureau.
2. To reduce the issued share capital of Millicom by an amount of four million eight hundred thousand United States
Dollars (USD 4,800,000) so as to bring the issued share capital from one hundred fifty-seven million four hundred
seven thousand three hundred seventy three United States Dollars and fifty cents (USD 157,407,373.50) to one
hundred fifty two million six hundred seven thousand and three hundred seventy three United States Dollars and
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fifty cents (USD 152,607,373.50) by way of cancellation of 3,200,000 shares having a par value of one dollar and
fifty cents (USD 1.50) each, fully paid-in, held by Millicom in its issued share capital.
3. To cancel 3,200,000 shares held by Millicom in its issued share capital.
4. To instruct and delegate power to the Board of Directors to take any actions deemed necessary or useful in
connection with items 2 and 3 above.
5. To instruct and delegate power to the Board of Directors to amend the shares register to reflect the reduction
of the issued share capital of Millicom and the cancellation of 3,200000 shares as per items 2 and 3 above.
6. To amend Article 5 of the Articles of Association of Millicom ("Millicom's Articles") so as to reflect the reduction
of the issued share capital mentioned under item 2.
7. To acknowledge and approve the transfer of the registered office of Millicom to 2 rue du Fort Bourbon, L-1249,
Luxembourg and to amend Article 2 of Millicom's Articles to reflect a change of Millicom's registered office.
NOTES REGARDING THE NOTICE
CHAIRMAN OF THE MEETING (AGM - item 1)
Millicom's Nomination Committee, proposes Mr. Jean-Michel Schmit, attorney at law (avocat à la Cour), with profes-
sional address in Luxembourg, to preside over the AGM.
In case of absence of Jean-Michel Schmit, the Chairman of the Board of Directors of Millicom or in the absence of the
Chairman of the Board of Directors, any member of the Board of Directors shall be empowered to appoint the person
to preside over the AGM amongst the persons present at the meeting.
The Chairman of the AGM shall be empowered to appoint the other members of the Bureau, i.e. the Secretary and
the Scrutineer, amongst the persons present at the meeting.
PARTICIPATION AND PAYMENT INFORMATION FOR PROPOSED DIVIDEND (AGM - item 4)
The Board of Directors of Millicom proposes that the meeting approve a 2011 annual gross cash dividend of USD 2.40
per share to Millicom shareholders, and approximately USD 243 million in total in the manner provided in Article 21 and
Article 23 of Millicom's Articles.
In accordance with Luxembourg income tax law, the payment of dividend to shareholders holding less than 10% of
the share capital will be subject to a 15% withholding tax. Millicom will withhold the 15% withholding tax and pay this
amount to the Luxembourg tax administration. The dividend will be paid net of withholding tax. A reduced withholding
tax rate may be foreseen in a double tax treaty concluded between Luxembourg and the country of residence of the
shareholder or an exemption may be available in case the Luxembourg withholding tax exemption regime conditions are
fulfilled. These shareholders should contact their advisors regarding the procedure and the deadline for a potential refund
of the withholding tax from the Luxembourg tax administration.
An extract from Millicom's Form 20-F filing for the fiscal year ended December 31, 2011 regarding U.S. Federal Income
Tax Considerations can be found on Millicom's web page (www.millicom.com) under "AGM 2012".
Eligible Millicom shareholders will receive their dividends in USD (United States Dollars) whereas holders of Swedish
Depository Receipts will be paid exclusively in SEK (Swedish crowns). Millicom shall arrange for a conversion of the
dividend from USD to SEK. Such conversion shall be effected at a market rate of exchange, no earlier than eight and no
later than two banking days before the payment date, or the day when the funds are made available to Euroclear Sweden
AB. The applicable rate of exchange shall be the rate of exchange obtained through the combination of all foreign exchange
conversions.
Dividend will be paid to shareholders who are registered in the shareholders registry kept by Millicom, Euroclear
Sweden AB (Euroclear) or American Stock Transfer & Trust Company (AST) as of June 1, 2012 (the "Dividend Record
Date").
The ex-dividend date is estimated to be May 30, 2012.
Payment of dividends is planned for June 7, 2012. Holders of Swedish Depository Receipts will be paid by electronic
transfer to bank accounts linked to their securities accounts whereas a dividend check will be sent to all other eligible
shareholders.
ELECTION OF THE DIRECTORS (AGM - item 6-14)
Millicom's Nomination Committee proposes that, until the 2013 AGM, Ms. Mia Brunell Livfors, Ms. Donna Cordner,
Mr. Allen Sangines-Krause, Mr. Paul Donovan, Mr. Hans Holger Albrecht, Mr. Omari Issa and Mr. Kim Ignatius be re-
elected as Directors of Millicom and that Mr. Dionisio Romero Paoletti be elected as a new Director of Millicom.
New Director profile:
Mr. Dionisio Romero Paoletti
Dionisio Romero Paoletti aged 46 is Chairman and President of the Romero Group, a long standing Peruvian business
group. The Romero Group was founded by Calixto Romero Hernandez in the late 1800s. Today, the Group comprises
numerous companies across a wide range of sectors from consumer products to textiles, logistics, infrastructure, trading
and services. Many of these companies are listed and international in scope. In addition, it has a controlling interest in
Credicorp (BAP), the largest financial conglomerate in Peru which is listed on the New York and Lima Exchanges.
Dionisio Romero Paoletti has a bachelor's degree in Economics from Brown University, USA (1984 - 1988) and a
master's degree in Business Administration from Stanford University, USA (1992 - 1994). His executive career has been
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within the different companies in the Group. He succeeded his father as the Chairman of the Romero Group in 2001.
He has served as a Board Member of Credicorp and Banco De Credito del Peru since 2003 and as Chairman since 2009.
Board Chairman: Aero Transporte S.A.; Agrícola del Chira S.A.; Agrícola La Carmela S.A.; Agroenergía S.A.; Alicorp
S.A.A.; Andean Logistics S.A.C.; Banco de Crédito del Perú; Bioenergía del Chira S.A.; Centro de Servicios Compartidos
S.A.; Compañía Almacenera S.A.; Compañía Universal Textil S.A.; Consorcio Naviero Peruano S.A.; Corporación Com-
ercial del Amazonas S.A.; Corporación General de Servicios S.A.; Corporación Pesquera Giuliana S.A.; Credicorp Ltd.;
Desarrollos Agroindustriales Sangamayoc S.A.; Desarrollos Inmobiliarios MZ S.A.; Digital Way S.A.; Grupo Piurano de
Inversiones S.A.; Industrias del Espino S.A.; Industrias del Shanusi S.A.; Integral Comercial; Interamerica de Comercio S.A.;
Inversiones en Puertos S.A.; Inversiones Piuranas S.A.; Limtek Servicios Integrales S.A.; LTL S.A.; Multimercados Zonales
S.A.; MZ Inmobiliaria & Desarrolladora S.A.; Pacífico Peruano Suiza Cia. de Seguros; Pacífico Vida Cia. de Seguros S.A.;
Palmas del Espino S.A.; Palmas del Oriente S.A.; Palmas del Shanusi S.A.; Procesadora Torreblanca S.A.; Ransa Comercial
S.A.; Romero Trading S.A.; Santa Sofía Puertos S.A.; SITEL SA; Sucrolacolera del Chira S.A.; Terminal Internacional del
Sur S.A.- TISUR; Terminal Portuario Punta Vegueta S.A. - TPPV; Industria Textil Piura S.A.; Trabajos Marítimos SA -
TRAMARSA.
Board member: Fundación Romero; Banco de Credito e Inversiones (BCI); Inversiones Centenario (IC) (Vice Chair-
man); Cementos Pacasmayo S.A.A.; Hermes Transportes Blindados S.A.
Holdings in Millicom: No holdings.
Mr. Romero Paoletti would qualify as Independent of major shareholders as well as Millicom and its management as
defined in the Swedish Code of Corporate Governance.
ELECTION OF THE CHAIRMAN OF THE BOARD OF DIRECTORS (AGM - item 15)
Millicom's Nomination Committee, supported by the Board of Directors, proposes that Mr. Allen Sangines-Krause,
be re-elected as Chairman of the Board of Directors for a term ending at the 2013 AGM.
DIRECTORS' FEES (AGM - item 16)
Millicom's Nomination Committee proposes a total of SEK 6,743,000 as cash compensation for the eight Directors
expected to serve from the AGM to the 2013 AGM with such total amount to be split between the Directors in ac-
cordance with a key proposed by the Nomination Committee.
The Nomination Committee proposes the following:
- that the annual fee to ordinary Board Members not employed by Millicom shall be SEK 650,000 per Member (Pre-
viously SEK 615,000) and that the annual fee to the Chairman shall be SEK 1,325,000 (Previously SEK 1,250,000),
- that the annual remuneration for work on Board Committees be paid to members appointed by the Board and shall
be SEK 300,000 to the Chairman of the Audit Committee (Unchanged), SEK 150,000 to each of the other members of
the Audit Committee (Unchanged), SEK 58,000 to the Chairman of the Compensation Committee (Unchanged) and SEK
30,000 to each of the other members of the Compensation Committee (Unchanged).
In respect of Directors who did not serve an entire term, the cash compensation will be pro-rated pro rata temporis.
ELECTION OF THE AUDITOR (AGM - item 17)
Millicom's Nomination Committee, supported by the Board of Directors, proposes that Ernst&Young, Luxembourg,
be elected as external auditor for a term ending at the 2013 AGM.
The following process has been used leading up to the proposal from the Nomination Committee. Based on a request
from the Audit Committee, a Request for Proposal was sent to the two final candidates after an initial evaluation of six
potential candidates. The responses from the two final candidates were received on November 21, 2011 and the proposals
were compared using the quality of the overall proposal and the ability to execute to a high standard as the main selection
criteria. Some of the parameters evaluated included: knowledge of Millicom, audit team strength, audit methodology,
engagement style, support for accounting issues, geographical coverage and co-ordination, and independence.
FEES PAYABLE TO THE AUDITOR (AGM - item 18)
The Nomination Committee proposes that the auditor fees be paid against approved account.
PROCEDURE ON APPOINTMENT OF THE NOMINATION COMMITTEE AND DETERMINATION OF THE AS-
SIGNMENT OF THE COMMITTEE (AGM - item 19)
The Nomination Committee, appointed in accordance with the procedure that was resolved by the AGM held on 31
May 2011, is composed of the Chairman of the Committee, Cristina Stenbeck, Investment Kinnevik AB, Kerstin Stenberg,
Swedbank Robur Funds and Allen Sangines-Krause, Chairman of the Board of Directors.
The Nomination Committee proposes a procedure on appointment of the Nomination Committee, in substance as
follows:
The Nomination Committee will be formed during October 2012 in consultation with the larger shareholders of
Millicom as at 30 September 2012. The Nomination Committee will consist of at least three members, with a majority
representing the larger shareholders of Millicom. The Nomination Committee is appointed for a term of office com-
mencing at the time of the announcement of the third quarter report in 2012 and ending when a new Nomination
Committee is formed. The majority of the members of the Committee may not be members of the Board of Directors
or employed by Millicom. If the Chairman of the Board of Directors is not a member of the Nomination Committee,
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then he or she shall be consulted regarding the proposals for the election of new Directors and the evaluation of current
Directors. If a member of the Committee resigns before the work is concluded, a replacement member may be appointed
after consultation with the larger shareholders of Millicom. However, unless there are special circumstances, there shall
not be changes in the composition of the Nomination Committee if there are only marginal changes in the number of
votes, or if a change occurs less than three months prior to the Annual General Meeting. Ms. Cristina Stenbeck will be
a member of the Committee and will also act as its convenor. The members of the Committee will appoint the Committee
Chairman at their first meeting. The Nomination Committee shall be responsible for preparing proposals for the election
of Directors of the Board, Chairman of the Board and auditor, in the case that an auditor should be elected, and their
remuneration as well as a proposal on the Chairman of the 2013 AGM. The Nomination Committee shall have the right,
upon request, to receive personnel resources such as secretarial services from Millicom, and to charge Millicom with
costs for recruitment of consultants if deemed necessary.
The Nomination Committee proposes that no remuneration shall be paid to the members of the Nomination Com-
mittee and that Millicom shall bear the reasonable expenses reasonably related to the assignment of the Nomination
Committee.
SHARE REPURCHASE PLAN (AGM - item 20)
The Board of Directors of Millicom proposes that the meeting approve a Share Repurchase Plan and authorizes the
Board of Directors of Millicom, with the option to delegate, to acquire and dispose of Millicom's shares under the
abovementioned Share Repurchase Plan as further detailed below.
a) Objectives:
The Share Repurchase Plan will be carried out for all purposes allowed or which would become authorized by the
laws and regulations in force, and in particular the 1915 Law and in accordance with the objectives, conditions, and
restrictions as provided by the European Commission Regulation No. 2273/2003 of 22 December 2003.
The purpose of the Share Repurchase Plan will be in particular to reduce Millicom's share capital (in value or in the
number of shares) or to meet obligations arising from any of the following:
(a) debt financial instruments exchangeable into equity instruments;
(b) employee share option programs or other allocations of shares to employees of the issuer or of an associate
company;
(c) consideration for merger and acquisition purposes.
The transactions over the shares under the Share Repurchase Plan may be carried out by any means, on or off the
market or by the use of derivative financial instruments, listed on a regulated stock exchange or transacted by mutual
agreement subject to all applicable laws and stock exchange regulations.
b) Maximum proportion of the share capital that may be repurchased
- The maximum aggregate number of shares authorized to be purchased is an amount not exceeding the lower of (i)
ten percent (10%) of Millicom's issued and outstanding share capital as of the date of the AGM (i.e., approximating a
maximum of 10,200,000 shares corresponding to USD 15,300,000 in nominal value) or (ii) the then available amount of
Millicom's distributable reserves on a parent company basis in the open market on OTC US, NASDAQ OMX Stockholm
or any other recognised alternative trading platform. The nominal value or, in the absence thereof, the accountable par
value of the acquired shares, including shares previously acquired by Millicom and held by it (including the stakes held by
other group companies referred to in Article 49bis of the 1915 Law), and shares acquired by a person acting in his own
name but on Millicom's behalf, may not exceed ten percent (10%) of the issued share capital, it being specified that (i)
such limit applies to a number of shares that shall be, as necessary, adjusted in order to take into account transactions
affecting the share capital following the AGM as further detailed under c) below, (ii) that the acquisitions carried out by
Millicom may in no event cause it to hold, directly or indirectly, more than ten percent (10%) of the share capital, (iii) the
aggregate amount that Millicom may assign to the buyback of its own shares shall be set in accordance with the provisions
of the 1915 Law.
- The acquisitions may not have the effect of reducing Millicom's net assets below the amount of the subscribed share
capital plus those reserves, which may not be distributed under law or Millicom's Articles.
- Only fully paid-up shares may be included in the transactions.
c) Price and volume considerations
The minimum and maximum purchase prices at which Millicom may repurchase its shares to be set at:
- Minimum repurchase price: SEK 50
- Maximum repurchase price not to exceed the higher of: (x) the published bid that is the highest current independent
published bid on a given date or (y) the last independent transaction price quoted or reported in the consolidated system
on the same date, regardless of the market or exchange involved.
The AGM grants all powers to the Board of Directors to proceed with unit price adjustments and the maximum
number of securities to be acquired in proportion to the variation in the number of shares or their nominal value resulting
from possible financial operations by Millicom such as but not limited to capital increase by incorporation of reserves and
free allocation of shares or in case of splitting or regrouping of shares et sq.
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Any transaction undertaken by Millicom under the Share Repurchase Plan as to price and volume will be undertaken
in accordance with all legal and stock exchange requirements, including those of the European Commission Regulation
No. 2273/2003 of 22 December 2003 or any accepted market practices as defined under the Directive 2003/6/EC dated
28 January 2003 on insider dealing and market manipulation. The aforementioned includes that, when shares are re-
purchased on the NASDAQ OMX Stockholm, the price shall be within the registered interval for the share price prevailing
at any time (the so called spread), that is, the interval between the highest buying rate and the lowest selling rate
d) Duration
Such a Share Repurchase Plan will start no earlier than May 29, 2012, and end no later than at the earliest of (i) the
2013 AGM, (ii) the moment on which the aggregate value of shares repurchased by Millicom since the start of this Share
Repurchase Plan reaches the limits indicated under (b) above; (iii) the moment on which Millicom' shareholding (including
the stakes held by other group companies referred to in Article 49bis of the 1915 Law and shares acquired by a person
acting in his own name but on Millicom's behalf) reaches 10 per cent of the subscribed share capital in accordance with
Article 49-2 (1) of the 1915 Law or (iv) within eighteen months as of the date of the AGM.
GUIDELINES FOR REMUNERATION TO SENIOR MANAGEMENT (AGM - item 21)
The Board of Directors proposes that the meeting resolves on the following guidelines for remuneration and other
employment terms for the senior management for the period up to the 2013 AGM.
Compensation guidelines
The objective of the guidelines is to ensure that Millicom can attract, motivate and retain executives, within the context
of Millicom's international talent pool, which consists of Telecom & FMCG companies. The compensation shall be based
on conditions that are market competitive in Europe and at the same time aligned with shareholders' interests. Com-
pensation of the Executives shall consist of a fixed and variable salary, as well as the possibility of participation in the
equity based long-term incentive programs and pension schemes. These components shall create a well balanced com-
pensation reflecting individual performance and responsibility, both short-term and long-term, as well as Millicom's overall
performance.
Base salary
The Executives' base salary shall be competitive and based on the individual Executive's responsibilities and perform-
ance.
Variable remuneration
The Executives may receive variable remuneration in addition to base salary. The maximum target variable remuner-
ation in any Executive's contract is 100 percent of the base salary and in case of exceptional performance the actual
amount can reach 200%. The variable remuneration shall be based on the performance of the Executives in relation to
established goals and targets.
Long-term Incentive Plans (LTIPs)
The LTIPs consist of a deferred share plan and a performance share plan. Shares awards granted under the deferred
share plan are based on personal and corporate performance of the previous year and the awards vest over 3 years,
16.5% year 1, 16.5% year 2 and 67% year 3. Shares granted under the performance share plan vest at the end of a three-
year period, whereby vesting is subject to certain company performance conditions. The latter plan requires the
participant to own shares in Millicom.
Other benefits
Other benefits can include, for example, a car allowance, medical coverage and in some cases, housing allowance,
school fees, home leave and other travel expenses.
Pension
The Executives are entitled to participate in a global pension plan, covering also death and disability insurance, in
accordance with European standards. The global pension plan is secured through premiums paid to insurance companies.
Notice of termination and severance pay
The maximum notice period in any Executive's contract is twelve months.
Deviations from the guidelines
In special circumstances, the Board of Directors may deviate from the above guidelines, for example additional variable
remuneration in the case of exceptional performance. In such a case the Board of Directors will explain the reason for
the deviation at the following Annual General Meeting.
CHAIRMAN OF THE EGM (EGM - item 1)
Millicom's Nomination Committee, proposes Mr. Jean-Michel Schmit, attorney at law (avocat à la Cour), with profes-
sional address in Luxembourg, to preside over the EGM.
In case of absence of Jean-Michel Schmit, the Chairman of the Board of Directors of Millicom or in the absence of the
Chairman of the Board of Directors, any member of the Board of Directors shall be empowered to appoint the person
to preside over the EGM amongst the persons present at the meeting.
The Chairman of the EGM shall be empowered to appoint the other members of the Bureau; i.e.the Secretary and
the Scrutineer, amongst the persons present at the meeting.
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SHARE CAPITAL REDUCTION BY CANCELLATION OF SHARES (EGM - item 2)
The Board of Directors of Millicom proposes that the meeting approve the cancellation of 3,200,000 shares acquired
during a Share Repurchase Plan and the reduction of the issued share capital of Millicom by an amount of USD 4,800,000.
AMENDMENT OF ARTICLES OF INCORPORATION ( EGM - item 6)
As a consequence of item 2 of the agenda, the EGM shall resolve to amend Article 5 paragraph 2 of Millicom's Articles
to reflect the above resolutions so that it reads as follows:
"The Company has an issued capital of one hundred fifty two million six hundred seven thousand and three hundred
seventy three United States Dollars and fifty cents (USD 152,607,373.50) represented by one hundred and one million
seven hundred thirty eight thousand two hundred forty nine (101,738,249) shares with a par value of USD 1.50 each, fully
paid-in. "
AMENDMENT OF ARTICLES OF INCORPORATION (EGM - item 7)
The EGM shall acknowledge and approve the transfer of the registered office of Millicom to 2 rue du Fort Bourbon,
L-1249, Luxembourg and amend Article 2, first paragraph, of Millicom's Articles as follows:
"The Company will have its registered office in Luxembourg City."
QUORUM AND MAJORITY
There is no quorum of presence requirement for the AGM. The AGM agenda items are adopted by a simple majority
of the shares present or represented.
The EGM will validly deliberate on the resolutions on its agenda only if at least 50% of the issued share capital is present
or represented (the "Quorum") at the first meeting and will validly be adopted only if approved by at least 2/3 of the
votes cast at the EGM. If the Quorum is not reached at the first meeting, the Board of Directors will convene a second
EGM at which no quorum will be required. Each share is entitled to one vote.
OTHER INFORMATION
Millicom has issued 104,938,249 outstanding shares with a nominal value of USD 1.50. Millicom holds certain own
shares in treasury. Voting rights attached to those shares hold in treasurty are suspended by law.
1. Right to propose new items to the agenda and to file draft resolutions
One or several shareholders or holders of Swedish Depository Receipts ("SDRs") representing, individually or col-
lectively, at least 5 % of the share capital of Millicom may require that some additional items be put on the agenda of the
AGM and/or the EGM and propose draft resolutions with regards to items included or to be included in the agenda of
the AGM and/or the EGM.
These rights shall be exercised in writing and shall be submitted to Millicom by mail at the following address: Millicom's
registered office at the following address and contact numbers: Millicom International Cellular S.A., 2 rue du Fort Bourbon,
L-1249, Luxembourg, attention: Corporate Secretary, by telephone: + 352 27 759 477, by fax: + 352 27 759 353 or by
e-mail at the following address: information@millicom.com. , no later than May, 7 2012 and the revised agenda will be
published by Millicom, at the latest on May, 14 2012.
The shareholders or holders of SDRs who send a request to Millicom to add an item to the agenda must send together
with their request a justification thereof or a draft of the resolution to be adopted at the AGM and/or EGM. They must
indicate the mail or e-mail address to which the acknowledgment of receipt of their request may be sent to by Millicom
within forty-eight (48) hours upon receipt of their request.
2. Right to have access to the documents and information related to the AGM and EGM
The following documents and information related to the AGM or EGM are available to the shareholders and holders
of SDRs at the above mentioned address of Millicom and on Millicom's website, (www.millicom.com):
- this convening notice;
- the notification form to attend at the AGM and the EGM;
- the proxy form for direct shareholders and holders of SDRs;
- the draft resolutions of the AGM and of the EGM;
- Millicom's consolidated accounts and the parent company (Millicom) annual accounts as at and for the year ended
December 31, 2011, the Directors' Report and the Report of the external auditor, the list of board members and auditor
(s) and the list of sovereign debt, shares, bonds and other company securities making up the portfolio of Millicom;
- an extract from Millicom's Form 20-F filing for the fiscal year ended December 31, 2011
- the Nomination Committee's motivated statement explaining its proposals regarding the Board of Directors and
information on the proposed directors of Millicom.
- the evaluation of the programmes for variable remuneration to the executive management and the current remu-
neration structure and levels of remuneration in Millicom.
The shareholders and holders of SDRs may also receive a copy of the above mentioned documents by sending a request
by mail at the above mentioned address of Millicom, or by e-mail at the above mentioned e-mail address of Millicom.
3. Right to participate at the AGM and the EGM in person or represented by way of a power of attorney
3.1. Direct Shareholders
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Participation at the AGM and the EGM is reserved to shareholders who are duly registered as holder of shares in the
share register of Millicom, and/ or AST on May, 15 2012 (the "Record Date") at 11.59 p.m. (CET) and file their intention
to attend the AGM and/or the EGM by mail to the above mentioned address or e-mail address of Millicom, so that it shall
be received no later than on the Record Date (inclusive). The form of notification of attendance may be downloaded
from Millicom's website, www.millicom.com, or may be requested free of charge from Millicom at the mail or e-mail
address mentioned above,
Shareholders may be represented at the AGM and/or EGM by signing and sending by mail or by e-mail (with the original
to follow by post) to Millicom a duly completed and signed power of attorney so that it shall be received by Millicom no
later than on May, 24 2012 at 16.00 (CET). Powers of attorney forms for the AGM and for the EGM are available at the
same address and on Millicom's website.
3.2. Holders of SDRs
Participation at the AGM and the EGM is reserved to holders of SDRs who are duly registered as holder of SDRs in
the records maintained by Euroclear Sweden AB as of the Record Date at 11.59 p.m. (CET) and who notify their intention
to attend the AGM and/or the EGM to Skandinaviska Enskilda Banken AB (publ) ("SEB") by mail at the following address:
SEB, Issuer Agent Department, R B6, 106 40 Stockholm, Sweden, by email to; issuedepartment@seb.se or by fax to; fax
number +46 8 763 6250 so that the notification shall be received by SEB no later than on the Record Date (inclusive).
The form of notification of attendance may be downloaded from Millicom's website, www.millicom.com, or may be
requested free of charge from Millicom at the address mail or e-mail mentioned above, or may be requested from SEB
at the mail or e-mail address mentioned above.
Those holders of SDRs having registered their SDRs in the name of a nominee must temporarily re-register the SDRs
in their own name in the records maintained by Euroclear Sweden AB in order to exercise their shareholders' rights at
the AGM and the EGM. SDR holders wishing to re-register must inform their nominee well in advance of the Record
Date so that they appear on the records maintained by Euroclear Sweden AB on the Record Date at 11.59 p.m. (CET).
Please note that SDRs holders who have not re-registered their SDRs with Euroclear Sweden AB effective on the Record
Date at 11.59 p.m. (CET) will not be eligible to participate in the AGM or the EGM (as applicable).
Holders of SDRs, wishing to be represented at the AGM and/or at the EGM by an attorney-at-fact, must send a duly
completed, dated and signed power of attorney, whereby the holder of SDRs authorises the Chairman of the AGM and
the EGM (as applicable) or another designated person to represent him/her/it at the AGM and the EGM (as applicable),
to SEB at the address above mentioned (by post or by e-mail with the original to follow by post), so that it shall be received
no later than on May, 24 2012 at 16.00 CET. The power of attorney form may be obtained by sending a request to SEB
at the mail or e-mail address mentioned above, or may be downloaded from Millicom's website, www.millicom.com.
Only the persons that are shareholders or holders of SDRs on the Record Date and who comply with the above
procedure may participate and vote at the AGM and/or the EGM (as applicable). Notwithstanding the above rules, the
Bureau of the AGM or the EGM (as applicable) shall have the discretionary power to accept a power of attorney received
after the above mentioned deadlines to be accounted for the votes cast at the AGM or the EGM (as applicable).
Please note that conversions from shares into SDRs and vice versa will not be permitted from May 29, 2012 up to and
including the Dividend Record Date (June 1, 2012).
April, 27 2012.
<i>The Board of Directors.i>
Référence de publication: 2012049578/5267/421.
Martinaire Finance S.A., Société Anonyme.
Siège social: L-2535 Luxembourg, 16, boulevard Emmanuel Servais.
R.C.S. Luxembourg B 113.681.
Messieurs les actionnaires sont convoqués par le présent avis à
l'ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra le <i>21 mai 2012i> à 9.30 heures au siège social avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. lecture du rapport de gestion du Conseil d'Administration et du rapport du Commissaire aux Comptes portant
sur l'exercice se clôturant au 31 décembre 2011;
2. approbation des comptes annuels au 31 décembre 2011;
3. affectation des résultats au 31 décembre 2011;
4. vote spécial conformément à l'article 100, de la loi modifiée du 10 août 1915 sur les sociétés commerciales;
5. décharge aux Administrateurs et au Commissaire aux Comptes;
6. divers.
<i>Le Conseil d'Administration.i>
Référence de publication: 2012047467/10/18.
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Bassile Developpement S.A., Société Anonyme.
Siège social: L-2535 Luxembourg, 16, boulevard Emmanuel Servais.
R.C.S. Luxembourg B 113.658.
Messieurs les actionnaires sont convoqués par le présent avis à
l'ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra le <i>21 mai 2012i> à 14.30 heures au siège social avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. lecture du rapport de gestion du Conseil d'Administration et du rapport du Commissaire aux Comptes portant
sur l'exercice se clôturant au 31 décembre 2011;
2. approbation des comptes annuels au 31 décembre 2011;
3. affectation des résultats au 31 décembre 2011;
4. vote spécial conformément à l'article 100 de la loi modifiée du 10 août 1915 sur les sociétés commerciales;
5. décharge aux Administrateurs et au Commissaire aux Comptes;
6. nomination des Administrateurs et du Commissaire aux comptes;
7. divers.
<i>Le Conseil d'Administration.i>
Référence de publication: 2012047469/10/19.
Lothard Strategies S.A., Société Anonyme.
Siège social: L-2535 Luxembourg, 16, boulevard Emmanuel Servais.
R.C.S. Luxembourg B 113.659.
Messieurs les actionnaires sont convoqués par le présent avis à
l'ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra le <i>21 mai 2012i> à 11.30 heures au siège social avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. lecture du rapport de gestion du Conseil d'Administration et du rapport du Commissaire aux Comptes portant
sur l'exercice se clôturant au 31 décembre 2011;
2. approbation des comptes annuels au 31 décembre 2011;
3. affectation des résultats au 31 décembre 2011;
4. vote spécial conformément à l'article 100 de la loi modifiée du 10 août 1915 sur les sociétés commerciales;
5. décharge aux Administrateurs et au Commissaire aux Comptes;
6. divers.
<i>Le Conseil d'Administration.i>
Référence de publication: 2012047468/10/18.
Chasselas Investissements S.A., Société Anonyme.
Siège social: L-2535 Luxembourg, 16, boulevard Emmanuel Servais.
R.C.S. Luxembourg B 77.076.
Messieurs les actionnaires sont convoqués par le présent avis à
l'ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra le <i>21 mai 2012i> à 15.00 heures au siège social avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. lecture du rapport de gestion du Conseil d'Administration et du rapport du Commissaire aux Comptes portant
sur l'exercice se clôturant au 31 décembre 2011;
2. approbation des comptes annuels au 31 décembre 2011;
3. affectation des résultats au 31 décembre 2011;
4. vote spécial conformément à l'article 100, de la loi modifiée du 10 août 1915 sur les sociétés commerciales;
5. décharge aux Administrateurs et au Commissaire aux Comptes;
6. divers.
<i>Le Conseil d'Administration.i>
Référence de publication: 2012047470/10/18.
52282
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Castelerand Finance S.A., Société Anonyme.
Siège social: L-2535 Luxembourg, 16, boulevard Emmanuel Servais.
R.C.S. Luxembourg B 113.651.
Messieurs les actionnaires sont convoqués par le présent avis à
l'ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra le <i>21 mai 2012i> à 10.30 heures au siège social avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. lecture du rapport de gestion du Conseil d'Administration et du rapport du Commissaire aux Comptes portant
sur l'exercice se clôturant au 31 décembre 2011;
2. approbation des comptes annuels au 31 décembre 2011;
3. affectation des résultats au 31 décembre 2011;
4. vote spécial conformément à l'article 100 de la loi modifiée du 10 août 1915 sur les sociétés commerciales;
5. décharge aux Administrateurs et au Commissaire aux Comptes;
6. divers.
<i>Le Conseil d'Administration.i>
Référence de publication: 2012047471/10/18.
Sardinia Resort Investments S.A., Société Anonyme.
Siège social: L-2535 Luxembourg, 16, boulevard Emmanuel Servais.
R.C.S. Luxembourg B 140.633.
Messieurs les actionnaires sont convoqués par le présent avis à
l'ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra le <i>22 mai 2012i> à 10.00 heures au siège social avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. lecture du rapport de gestion du Conseil d'Administration et du rapport du Commissaire aux Comptes portant
sur l'exercice se clôturant au 31 décembre 2011;
2. approbation des comptes annuels au 31 décembre 2011;
3. affectation des résultats au 31 décembre 2011;
4. vote spécial conformément à l'article 100, de la loi modifiée du 10 août 1915 sur les sociétés commerciales;
5. décharge aux Administrateurs et au Commissaire aux Comptes;
6. divers.
<i>Le Conseil d'Administration.i>
Référence de publication: 2012047472/10/18.
World Rail Company S.A., Société Anonyme.
Siège social: L-2535 Luxembourg, 16, boulevard Emmanuel Servais.
R.C.S. Luxembourg B 88.659.
Messieurs les actionnaires sont convoqués par le présent avis à
l'ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra le <i>22 mai 2012i> à 17.00 heures au siège social avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. lecture du rapport de gestion du Conseil d'Administration et du rapport du Commissaire aux Comptes portant
sur l'exercice se clôturant au 31 décembre 2011;
2. approbation des comptes annuels au 31 décembre 2011;
3. affectation des résultats au 31 décembre 2011;
4. vote spécial conformément à l'article 100 de la loi modifiée du 10 août 1915 sur les sociétés commerciales;
5. décharge aux Administrateurs et au Commissaire aux Comptes;
6. divers.
<i>Le Conseil d'Administration.i>
Référence de publication: 2012047481/10/18.
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Genefin S.A., Société Anonyme.
Siège social: L-2535 Luxembourg, 16, boulevard Emmanuel Servais.
R.C.S. Luxembourg B 141.000.
Messieurs les actionnaires sont convoqués par le présent avis à
l'ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra le <i>22 mai 2012i> à 14.30 heures au siège social avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. lecture du rapport de gestion du Conseil d'Administration et du rapport du Commissaire aux Comptes portant
sur l'exercice se clôturant au 31 décembre 2011;
2. approbation des comptes annuels au 31 décembre 2011;
3. affectation des résultats au 31 décembre 2011;
4. vote spécial conformément à l'article 100, de la loi modifiée du 10 août 1915 sur les sociétés commerciales;
5. décharge aux Administrateurs et au Commissaire aux Comptes;
6. divers.
<i>Le Conseil d'Administration.i>
Référence de publication: 2012047482/10/18.
Malherbes Strategies S.A., Société Anonyme.
Siège social: L-2535 Luxembourg, 16, boulevard Emmanuel Servais.
R.C.S. Luxembourg B 98.830.
Messieurs les actionnaires sont convoqués par le présent avis à
l'ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra le <i>22 mai 2012i> à 11.30 heures au siège social avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. lecture du rapport de gestion du Conseil d'Administration et du rapport du Commissaire aux Comptes portant
sur l'exercice se clôturant au 31 décembre 2011;
2. approbation des comptes annuels au 31 décembre 2011;
3. affectation des résultats au 31 décembre 2011;
4. vote spécial conformément à l'article 100, de la loi modifiée du 10 août 1915 sur les sociétés commerciales;
5. ratification de la cooptation d'un Administrateur et décharge accordée à l'Administrateur démissionnaire;
6. décharge aux Administrateurs et au Commissaire aux Comptes;
7. divers.
<i>Le Conseil d'Administration.i>
Référence de publication: 2012047483/10/19.
OIKOPOLIS Participations SA, Société Anonyme.
Siège social: L-5365 Munsbach, 13, rue Gabriel Lippmann.
R.C.S. Luxembourg B 113.876.
Die Aktionäre der Gesellschaft sind zu einer
AUSSERORDENTLICHEN GENERALVERSAMMLUNG
eingeladen, welche am <i>22. Mai 2012i> am Sitz der Gesellschaft gegen 17.30 Uhr, im Anschluss an die jährliche Gesell-
schafterversammlung, vor Notar abgehalten wird mit der
<i>Tagesordnung:i>
1. Einführung eines neuen genehmigten Kapitals, mit dem gleichen Betrag und unter den gleichen Bedingungen wie
das vorherige genehmigte Kapital, welches abgelaufen ist; auf Grund des in diesem Rahmen gesetzlich vorgeschrie-
benen Berichtes des Verwaltungsrats soll dieser ermächtigt werden, das Bezugsrecht der Aktionäre wiederum
auszuschließen.
2. Abänderung der Satzung, so dass die Gesellschaft fortan nach den Bestimmungen des "sous-paragraphe 2 - Du
directoire et du conseil de surveillance" des abgeänderten Gesetzes vom 10. August 1915 über die Handelsgesell-
schaften geführt wird.
3. Infolge des vorigen Punktes der Tagesordnung: Neufassung der Satzung, insbesondere (i) Aufhebung des Verwal-
tungsrates, (ii) Gründung eines Vorstandes, dessen Mitglieder vom Aufsichtsrat ernannt werden, mit Ausnahme
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des ersten Vorstandes, dessen Mandatsdauer auf 6 Jahre festgelegt wird, (iii) Gründung eines Aufsichtsrates und
(iv) Angleichung der Vertretungsberechtigung der Gesellschaft gegenüber Dritten.
4. Amtsniederlegung der Mitglieder des Verwaltungsrates und Entlastung für die Ausübung ihres Mandats.
5. Festlegung der Zahl der Mitglieder des Vorstandes sowie die Zahl der Mitglieder des Aufsichtsrates; Bestellung der
Mitglieder sowie Festlegung der Dauer ihres Mandates.
6. Verschiedenes.
<i>Der Verwaltungsrat.i>
Référence de publication: 2012050101/603/27.
Orco Property Group, Société Anonyme.
Siège social: L-2661 Luxembourg, 42, rue de la Vallée.
R.C.S. Luxembourg B 44.996.
A GENERAL MEETING
of the holders of bonds (the "Bondholders") registered under ISIN code: XS0223586420 as described in the Prospectus
(as defined below) issued by the Company in relation to the issue of EUR 24,169,193.39 bonds exchangeable in Suncani
Hvar shares issued by OPG on 30 June 2005, represented by 928,513 bonds of 26.03 EUR each (the "Bonds 2012"), for
which the visa on the prospectus was delivered by the CSSF on December 20, 2005 (the "Prospectus"), will be held at
42, rue de la Vallée, L-2661 Luxembourg, Grand Duchy of Luxembourg, on <i>May 15, 2012i> at 8:00 AM Central European
time ("CET") (the "Bondholders Meeting"), in order to consider and resolve on the following agenda:
<i>Agenda:i>
1. Approval of the terms and conditions of the exchange of up to 89.9% of all Bonds 2012 for a consideration consisting
in newly issued common shares (the "Shares") of the Company ("OPG Conversion"), including but not limited to,
discussion and approval of the terms and conditions of the OPG Conversion (as such terms may be amended),
approval of all steps and actions, and entering into and performance of all the transactions, documents, agreements
contemplated, needed or useful in connection with the OPG Conversion, after presentation to the Bondholders
of (i) interim accounting situation of the Company, reviewed and certified by its auditor and (ii) a report established
by the board of directors of the Company, explaining the reasons of the OPG Conversion.
2. Delegation of power for implementation of the OPG Conversion to one of the représentant de la masse, including,
but not limited to, the power and mandate to finalize the terms and conditions of the OPG Conversion and to
negotiate and agree the final terms and conditions of the OPG Conversion, subject to any non-substantial changes
to such terms and conditions of the OPG Conversion, as approved by the meeting, to negotiate, finalize and sign
any document, (including, but not limited to, any contribution agreement or subscription agreement) in connection
with the OPG Conversion and the subscription of the Shares on behalf of the Bondholders and to redistribute the
Shares to the Bondholders, and power to perform and execute all steps and actions, and entering into and per-
formance of all the transactions, documents, agreements contemplated, needed or useful in connection with the
OPG Conversion, including, but not limited to, informing the Commissaire à l'exécution du Plan of the Bondholders'
approval of the OPG Conversion and the corresponding proposed modifications of OPG's Plan de sauvegarde,
further to the official notification of such proposed modifications to be issued by the Greffe du Tribunal de com-
merce de Paris to the représentant de la masse pursuant to article R. 626-45 of the French Commercial Code, in
the course of OPG's Plan de sauvegarde's modification procedure.
3. Miscellaneous.
Please refer to Annex A attached to the present notice and the Company's website at www.orcogroup.com for further
details pertaining to the proposed OPG Conversion.
Note: The present notice constitutes a new convening notice for the Bondholders Meeting. Previous convening notices
related to the Bondholders' meeting to be held on April, 27, 2012 were cancelled with the agreement of the Bondholders
representative.
The Bondholders Meeting shall not validly deliberate on the agenda mentioned above, unless at least one half of the
total number of the Bonds 2012 outstanding at the time of the Bondholders Meeting is represented.
If such proportion of the total number of the Bonds 2012 is not met, a second meeting may be convened, by means
of notices published twice at eight days interval at least and eight days before the meeting in the Mémorial C, Recueil des
Sociétés et Associations and in one Luxembourg newspaper. The second meeting shall validly deliberate regardless of the
proportion of the Bonds 2012 represented.
At both meetings, in order for the resolutions to be adopted, they must be carried by at least two thirds (2/3) of the
votes cast by the Bondholders present or represented.
The Bondholders participation form which is necessary to participate to the Bondholders Meeting is at the disposal
of the Bondholders as from the date of publication of the present notice, at the registered office of the Company upon
request or downloaded from the Company's website at www.orcogroup.com or ultimately upon request to the financial
intermediaries or to the relevant central registration bank.
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The auditor's report on review of interim financial information of the Company, to be presented to the Bondholders
Meeting may be inspected by the Bondholders at the registered office of the Company and in any offices the Company
may have outside Luxembourg, and notably, but not limited to, in Paris and Prague.
The report of the Company's board of directors, explaining the reasons of the OPG Conversion, to be presented to
the Bondholders Meeting may be inspected by the Bondholders at the registered office of the Company and in any offices
the Company may have outside Luxembourg, and notably, but not limited to, in Paris and Prague.
The proposed terms and conditions of the OPG Conversion may be inspected by the Bondholders at the registered
office of the Company and in any offices the Company may have outside Luxembourg, and notably, but not limited to, in
Paris and Prague.
Copies of the Prospectus, the articles of association of the Company are available on the Company's website at
www.orcogroup.com and at the registered office of the Company upon request.
The board of directors of the Company would like to point out that for Bondholders whose ownership is directly or
indirectly recorded in the Bond registry of the Company, the conditions for attendance or representation at the Bond-
holders Meeting are as follows:
1. Conditions for personal attendance
(i) Bondholders whose ownership is indirectly recorded in the bond registry of the Company
Bondholders whose ownership is indirectly recorded in the bond registry of the Company and who elect to attend
the Bondholders Meeting in person must use their usual applicable contacting method for informing their financial inter-
mediary, with whom their Bonds 2012 are on deposit, accordingly. They must further request their financial intermediary,
with whom their Bonds 2012 are on deposit, to send a Bondholders blocking certificate (the "Bondholders blocking
certificate") for their Bonds 2012 to the relevant central registration bank no later than 5 business days prior to the
Bondholders Meeting.
Such blocking certificate must indicate clearly the precise identity of the Bondholder, the number of Bonds 2012 being
blocked, the date such Bonds 2012 are being blocked, which must be no later than May 10, 2012 and a statement that
the relevant Bonds 2012 are registered in the local bank or brokers records in the holder's name and shall be blocked
until the close of the Bondholders Meeting.
The Bondholders must bring a copy of the Bondholders blocking certificate to the Bondholders Meeting.
The Bondholders shall also announce their intention to participate at the Bondholders Meeting by completing, signing,
dating and returning on no later than May 10, 2012 at the latest to the relevant central registration bank or to the Company
(ORCO PROPERTY GROUP S.A., 42, rue de la Vallée, L-2661 Luxembourg, to Mr. Christophe Le Priol or Mrs. Françoise
de Jongh, département juridique), the Bondholders participation form that can be obtained at the registered office of the
Company upon request or downloaded from the Company's website at www.orcogroup.com or ultimately upon request
to the financial intermediaries or the relevant central registration bank.
(ii) Bondholders whose ownership is directly recorded in the bond registry of the Company
Bondholders whose ownership is directly recorded in the bond registry of the Company, shall announce their intention
to participate to the Bondholders Meeting by completing, signing, dating and returning on May 10, 2012, at the latest to
the relevant central registration bank or to the Company (ORCO PROPERTY GROUP S.A., 42, rue de la Vallée, L-2661
Luxembourg, to Mr. Christophe Le Priol or Mrs. Françoise de Jongh, département juridique) the Bondholders participation
form that can be obtained at the registered office of the Company upon request or downloaded from the Company's
website at www.orcogroup.com or ultimately upon request to the financial intermediaries or the relevant central regis-
tration bank.
2. Conditions for proxy voting or granting a mandate
(i) Bondholders whose ownership is indirectly recorded in the bond registry of the Company
Bondholders whose ownership is indirectly recorded in the bond registry of the Company and who are unable to
attend the Bondholders Meeting in person, may give a voting instruction to a third party that the Bondholder designates.
Prior to giving voting instructions to a proxy, this Bondholder must a) have obtained and delivered to the relevant
central registration bank the Bondholders blocking certificate described above (see "Conditions for personal attendance"),
and b) complete, sign and date the Bondholders participation form that can be obtained at the registered office of the
Company upon request or downloaded from the Company's website at www.orcogroup.com or ultimately upon request
to the financial intermediaries or the relevant central registration bank, indicating the name of the proxy.
The completed, signed and dated Bondholders participation form must be returned to the relevant central registration
bank or to the Company (ORCO PROPERTY GROUP S.A., 42, rue de la Vallée, L-2661 Luxembourg, to Mr. Christophe
Le Priol or Mrs. Françoise de Jongh, département juridique) no later than May 10, 2012, at the latest, in order to have
that name recorded on the registration list of the Bondholders Meeting.
If a Bondholder wishes to be represented by a proxy other than the Chairman of the Bondholders Meeting, then this
holder must (a) have obtained and delivered to the relevant central registration bank the Bondholders blocking certificate
described above (see "Conditions for personal attendance"), and (b) complete, sign and date the Bondholders participation
form that can be obtained at the registered office of the Company upon request or downloaded from the Company's
website at www.orcogroup.com or ultimately upon request to the financial intermediaries or the relevant central regis-
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tration bank, indicating the name of the proxy. The completed, signed and dated Bondholders participation form must
be returned to the relevant central registration bank or to the Company (ORCO PROPERTY GROUP S.A., 42, rue de
la Vallée, L-2661 Luxembourg, to Mr. Christophe Le Priol or Mrs. Françoise de Jongh, département juridique) no later
than May 10, 2012, at the latest, in order to have that name recorded on the registration list of the Bondholders Meeting.
Bondholders who have obtained the Bondholders blocking certificate and have executed a Bondholders participation
form but who wish to revoke such proxy may do so at any time by timely delivering a properly executed, later dated
participation form no later than May 10, 2012, at the latest, or by properly attending and voting in person at the Bond-
holders Meeting.
Simply attending the Bondholders Meeting without voting will not revoke the proxy.
(ii) Bondholders whose ownership is directly recorded in the bond registry of the Company.
Bondholders whose ownership is directly recorded in the bond registry of the Company must complete, sign and date
the Bondholders participation form that can be obtained at the registered office of the Company upon request or down-
loaded from the Company's website at www.orcogroup.com or ultimately upon request to the financial intermediaries
or the relevant central registration bank.
The completed, signed and dated Bondholders participation form must be returned to the relevant central registration
bank or to the Company (ORCO PROPERTY GROUP S.A., 42, rue de la Vallée, L-2661 Luxembourg, to Mr. Christophe
Le Priol or Mrs. Françoise de Jongh, département juridique) no later than May 10, 2012, at the latest.
3. Request for information and central registration banks
Bondholders looking for more information can do so by:
(i) contacting the Company's services directly:
* At the registered office of the Company- Legal Department
Tel.: +352 26 47 67 1
Fax.: +352 26 47 67 67
(ii) contacting one of the central registration banks :
* For Bonds 2010 that are included in the Clearstream Banking or Euroclear Bank system and that are admitted to
trading on the Euro MTF:
CACEIS Corporate Trust
Service assemblées
14 rue du Rouget de Lisle F-92889 Issy les Moulineaux
Fax : +33 1.49.08.05.82
Email: CT-Contact@caceis.com
Luxembourg, April 27, 2012.
<i>The Board of Directors of the Com-i>
<i>pany.i>
Annex A:
PROPOSED TERMS AND CONDITIONS OF THE OPG CONVERSION
The OPG Bonds: The following bond issues (each a "Tranche"), all of which are subject to the terms and conditions
of the plan de sauvegarde of the Company as approved by the Paris Commercial Court on 19 May 2010 (the "Plan de
Sauvegarde"):
* EUR 50,272,605.30 OBSAR 1 bonds issued by OPG on 18 November 2005 (ISIN - FR0010249599, "OPG Bonds
2010");
* CZK 300,000,000.00 Czech Bonds issued by OPG on 3 February 2006 (ISIN - CZ0000000195, "OPG Bonds 2011").
As of the date of this document, EUR11,631,934 of nominal OPG Bonds 2011 remain outstanding;
* EUR 149,999,928.00 Convertible Bonds issued by OPG on 1 June 2006 (ISIN - FR0010333302 , "OPG Bonds 2013");
* EUR 175,000,461.60 OBSAR 2 bonds issued by OPG on 28 March 2007 (ISIN - XS0291838992 / XS0291840626,
"OPG Bonds 2014"); and
* EUR 24,169,193.39 Exchangeable Bonds in Suncani Hvar Shares issued by OPG on 30 June 2005(ISIN -
XS0223586420, "OPG Bonds 2012").
together, the "OPG Bonds" and holders thereof, "OPG Bondholders".
The OPG Bonds are deemed to correspond to an aggregate amount of EUR 548.5m (the "Claim") for the sole purpose
of the Transaction and only if the Transaction is fully implemented.
The OG Bonds: EUR 100,100,052 five-year bonds issued by OG as per a prospectus dated 24 May 2007 (ISIN -
XS0302623953, the "OG Bonds" and holders thereof, "OG Bondholders"). The OG Bonds correspond to a global amount
of EUR 129.1 million including accrued interests and reimbursement premium. To such OG Bonds were attached warrants
registered under ISIN code XS0302626899 (the "OG Warrants", and holders thereof the "OG Warrantholders").
Overview of the Transaction: The transaction proposed by an ad-hoc committee of OPG Bondholders representing
approximately 1/3 of the nominal value of the OPG Bonds (the "Transaction") contemplates a restructuring launched by
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the Company whereby the OPG Bonds would be exchanged for a consideration consisting of (i) newly issued common
shares of the Company (the "Shares") and (ii) new debt instruments.
In case of scenario 2 as described below, Transaction shall mean a restructuring launched by the Company whereby :
* the OPG Bonds would be exchanged for a consideration consisting of (i) newly issued common shares (the "Shares")
of the Company and (ii) new debt instruments (the "OPG Transaction"); and
* the OG Bonds would be exchanged for a consideration consisting of (i) new bonds to be issued by OPG and
convertible into shares of the Company, OG shares or cash (the "OCA") and (ii) new debt instruments (the "OG Trans-
action").
I. KEY ECONOMIC TERMS
The proposed Transaction shall consist in:
A. Scenario 1 (transaction with OPG Bondholders only, in all cases other than those set out under scenario 3 below) :
(i) The mandatory exchange of 86.3% of the number of the OPG Bonds of each Tranche for new Shares to be issued
upon a decision of the extraordinary general meeting ("EGM") of the shareholders of OPG (the "OPG Equity Conside-
ration 1"),
it being specified that, subject to the conditions set out below, the mandatory exchange will not be carried out for any
Tranche unless it is carried out for the OPG Bonds 2010, the OPG Bonds 2013 and the OPG Bonds 2014 Tranches, and
(ii) The exchange on a voluntary basis of the remaining OPG Bonds of each Tranche, the mandatory exchange of which
as referred to in A.(i) above has been performed, against new bonds to be issued by OPG within the framework of a
public exchange offer (the "New Notes Consideration 1"). Any outstanding OPG Bonds not exchanged on a voluntary
basis shall retain the terms and conditions as per the Plan de Sauvegarde.
(iii) The free allocation to each existing shareholder of OPG of one warrant per OPG share, that would each give right
to the subscription of one new Share at a price of EUR 4.10, with a 3-month maturity.
(iv) In this scenario, OPG shall not, and procures that OG shall not, offer to the OG Bondholders any consensual
transaction that would provide economic terms and conditions more favorable for the OG Bondholders than those
approved by the OG Bondholders' meeting on 5 April 2012.
B. Scenario 2 (global transaction with both OPG Bondholders and OG Bondholders):
(i) The mandatory exchange of:
a) for the OPG Bonds, 89.9% of the number of the OPG Bonds of each Tranche for new Shares to be issued upon a
decision of the EGM of the shareholders of OPG (the "OPG Equity Consideration 2"); it being specified that, subject to
the conditions set out below, the mandatory exchange will not be carried out for any Tranche unless it is carried out for
the OPG Bonds 2010, the OPG Bonds 2013 and the OPG Bonds 2014 Tranches, and
b) for the OG Bonds, 84.5% of the number of the OG Bonds for new bonds convertible into Shares (the "OCA") to
be issued upon a decision of the board of directors of OPG (the "OG Equity Consideration");
(ii) the exchange on a voluntary basis of :
a) the remaining OPG Bonds of each Tranche, the mandatory exchange of which as referred to in B.(i)(a) above has
been performed, against new bonds to be issued by OPG within the framework of a public exchange offer (the "New
Notes Consideration 2"). Any outstanding OPG Bonds not exchanged on a voluntary basis shall retain the terms and
conditions as per the Plan de Sauvegarde;
b) the remaining OG Bonds, after the mandatory exchange as referred to in B.(i)(b) above has been performed, against
new bonds to be issued by OPG within the framework of an exchange public offer (the "OG New Notes Consideration").
The terms and conditions of any outstanding OG Bonds not exchanged on a voluntary basis shall be amended to have
their maturity postponed to 2050 and their interest rate lowered to 0.5% per annum, with effect immediately after the
closing of the voluntary public exchange offer.
If OG Bondholders and/or OG Warrantholders meetings do not approve Scenario 2, then scenario 3 or if applicable
scenario 1 will apply.
C. Scenario 3 (transaction with OPG Bondholders only in case the OPG Bond Conversion Condition is fulfilled, as
defined in the terms and conditions of the OCA approved by the OG Bondholders general meeting of April 5, 2012, it
being agreed that under such scenario the OG Bondholders shall convert 100% of their claims under the OG Bonds into
OPG equity instruments for no more than 27.2 million Shares and shall not receive any OG equity instruments nor any
debt consideration):
(i) The mandatory exchange of 73.6% of the number of the OPG Bonds of each Tranche for new Shares to be issued
upon a decision of the extraordinary general meeting ("EGM") of the shareholders of OPG (the "OPG Equity Conside-
ration 3"),
it being specified that, subject to the conditions set out below, the mandatory exchange will not be carried out for any
Tranche unless it is carried out for the OPG Bonds 2010, the OPG Bonds 2013 and the OPG Bonds 2014 Tranches, and
(ii) The exchange on a voluntary basis of the remaining OPG Bonds of each Tranche, the mandatory exchange of which
as referred to in C.(i) above has been performed, against new bonds to be issued by OPG within the framework of a
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public exchange offer (the "New Notes Consideration 1"). Any outstanding OPG Bonds not exchanged on a voluntary
basis shall retain the terms and conditions as per the Plan de Sauvegarde.
I-1. OPG Equity Consideration
1. Size of Share Issue:
Under scenario 1:
97,900,000 Shares for a value of EUR 473.3 million; or
Under scenario 2:
65,000,000 Shares for a value of EUR 493.3 million; or
Under scenario 3:
45,000,000 Shares for a value of EUR 403.8 million.
2. Subscribers to the Shares Issue: OPG Bondholders will be reserved the subscription to the Shares by way of exchange
with their OPG Bonds.
For all Tranches, the ratio for the exchange of OPG Bonds for new Shares shall be defined pro rata of the portion of
the Claim allocated to each relevant Tranche taking into account possible rounding differences.
3. Documentation: A documentation shall be established for the purpose of the Share Issue and/or the admission of
the Shares to trading and in particular a prospectus which shall be drafted in accordance with the provisions of Luxembourg
law dated 10 July 2005 on prospectuses for securities (the "Prospectus Law") and approved by the competent authority
(the Commission de Surveillance du Secteur Financier, the "CSSF").
4. Timing of exchange: The exchange of OPG Bonds for new Shares shall occur on or after the date on which the
CSSF has approved the prospectuses relating to the Shares, the New Notes and, in scenario 1, the Warrants. This
condition is stipulated to the benefit of the OPG Bondholders and may be waived by a decision of the relevant general
meetings of the OPG Bondholders.
I-2. OG Equity Consideration
Under scenario 1 : under scenario 1, OPG shall not, and procures that OG shall not, offer to the OG Bondholders
any consensual transaction that would provide economic terms and conditions more favorable for the OG Bondholders
than those approved by the OG Bondholders' meeting on 5 April 2012.
Under scenario 2: the OG Equity consideration shall consist in the OCA the terms and conditions of which are
described as follows:
1. Main terms of the OCA: 84.5% of the number of the OG Bonds shall convert for their total nominal amount, accrued
interest and reimbursement premium (EUR 109.1 million) into OCA two business days after the date on which the
meetings of the holders of OPG Bonds 2010, OPG Bonds 2013 and OPG Bonds 2014 are held to resolve on the OPG
Transaction and have approved the OPG Transaction at the relevant majority (the "OCA Issue Date").
If this condition is not met by 18 May 2012, the decision of the OG Bondholders to convert their OG Bonds into
OCA shall lapse and the Company shall issue at the latest on 21 May 2012 the convertible bonds the issue of which was
decided on 5 April 2012 by the OG Bondholders, it being acknowledged that in such case the "OPG Bond Conversion
Condition" set out in the terms and conditions of the convertible bonds approved by the OG Bondholders on 5 April
2012 shall be irrevocably deemed to not have been met.
The OCA are convertible as follows
* First Payment: OCA in an aggregate amount of EUR 76,000,000 are converted into 18,361,548 OPG Shares no later
than 22 May 2012.
* Second Payment: up to 28 September 2012 (28 September 2012 being referred to as the "Exchange Date"), the OCA
in an aggregate amount of EUR 33,129,067 (the "Second Payment Amount").
(i) up to 16 July 2012, can be repaid, at the option of the Company, in full but not in part, by the Company, in cash in
immediately available funds; for the avoidance of doubt, in the event the Company elects to repay in cash but fails to make
such payment, the Company shall be deemed not to have elected to make such cash payment and the OCA shall convert
into shares as provided below; it being specified that in case the Company elects to repay in cash the OCA as set forth
in this paragraph (i), then OG shall repay in cash the remaining outstanding OG Bonds in immediately available funds in
an amount of EUR 872.04 per one OG Bond; or
(ii) up to 28 September 2012, can be converted into OPG shares, representing a total number of 7,848,081 OPG
shares, as decided by a meeting of the OCA holders (at a majority vote of 50% plus 1 OCA of all the OCA outstanding).
On the Exchange Date, and provided they have not already been repaid in cash in immediately available funds or
converted pursuant the paragraph above, the OCA in an aggregate amount equal to the Second Payment Amount, shall
be converted into shares as follows:
(i) if and provided that (x) the OPG Bond Conversion Condition is met three (3) business days prior to the Exchange
Date (the "Longstop Date") and that (y) in accordance with paragraph II.5(ii)(c) below and provided that the Company
has filed in due course all necessary court papers for the hearing scheduled on or about 14 May 2012, the Paris Commercial
Court has approved, on or before the Longstop Date, the amended terms of the Plan de Sauvegarde in order to enable
the implementation of the substance of the Transaction, it being agreed that such Longstop Date shall be extended pro
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rata if the court hearing scheduled on 14 May 2012 is postponed or reconvened for whatever reason (the "Court Approval
Condition"), then the OCA shall be converted into OPG shares, representing a total number of 7,848,081 OPG Shares;
(ii) if and provided (x) the OPG Bond Conversion Condition is not met on the Longstop Date or (y) the Court Approval
Condition is not met on the Longstop Date as such Longstop Date may be extended pursuant to section (i)(y) above,
the OCA shall, as decided by the meeting of the OCA holders (at a majority vote of 50% plus 1 OCA of all the OCA
outstanding), be converted into either:
- OPG shares representing a total number of 7,848,081 OPG Shares; or
- OG shares in a number representing, on the Exchange Date and after completion of the OG Bond Equitization (as
defined below) and the Nominal Value Reduction (as defined below), 55% of the share capital and voting rights of OG
on a fully diluted basis, it being specified that, in the event the Company elects not to repay the OCA in cash, the election
decision of the OCA holders referred to in this paragraph shall not be required to be made by 21 September 2012 but
can be extended as necessary to allow for proper notice period, quorum, and majority decision of the OCA holders'
meeting to be taken in accordance with applicable laws (in which case, the Exchange Date shall be postponed accordingly).
If the OCA converts into 55% of OG shares in accordance with the above provisions, only those OCA holders who
have remitted to the Company (i) their OCA and (ii) their remaining OG Bonds shall receive their pro rata number of
OG shares calculated on the basis of the number of OCA and remaining OG Bonds remitted by them, it being specified
that the total of all remaining OCA and OG Bonds shall equal 55% of the OG shares.
Prior to the Second Payment, the Company shall:
(a) vote at the relevant shareholders' meeting of OG resolving the OG Bonds Equitization in favor of a reduction of
the nominal value of each share issued by OG (the "Nominal Value Reduction");
(b) convert the EUR 109.1 million including the accrued coupons of OG Bonds that the Company holds into additional
new shares of OG in a number which shall be determined on the basis of the volume weighted average price of OG
shares on the main market of the Frankfurt stock exchange over a period of 6 (six) months prior to 20 March 2012 (the
"OG Bonds Equitization").
The Longstop Date may be extended at the request of the Company provided that such extension has been agreed
by a decision of the OCA holders (taken in accordance with the quorum and majority requirements provided for by law
in a meeting of OCA holders convened and held prior to 21 September 2012).
2. Listing of the OPG shares / OG shares: OPG and OG shall take all necessary steps and use their best efforts to
obtain, the admission to listing, on the regulated markets on which OPG's and OG ordinary shares are currently listed,
of the OPG or OG shares to be issued or delivered upon conversion of the OCA as soon as possible after the issue of
the OCA, and will use their best efforts to maintain such admission to listing.
3. Condition for the conversion of the OCA under the First Payment: The conversion of the OCA into OPG Shares
under the First Payment shall occur as soon as possible after, and at the latest on the third business day following, the
OCA Issue Date.
4. Condition for the conversion of the OCA under the Second Payment: The conversion of the OCA into OPG Shares
under the Second Payment, as the case may be, shall occur on or after the date on which the CSSF has approved the
prospectuses relating to such OPG Shares and the New Notes. This condition is stipulated to the benefit of the OCA
holders and may be waived by a decision of the general meeting of the OCA holders no later than 13 July 2012 (at a
majority vote of 50% plus 1 OCA of all the OCA outstanding), in which case the OPG Shares shall be issued at the date
decided by such general meeting of OCA holders.
5. The OPG Bond Conversion Condition: "OPG Bond Conversion Condition" means the approval of the OPG Trans-
action as described in this annex A at the relevant majority by the general meetings of the OPG Bondholders holding the
OPG Bonds 2010, OPG Bonds 2013 and OPG Bonds 2014.
6. Transfer Restrictions / Listing of the OCA: The OCA shall not be negotiable on the capital markets and shall not
be offered to the public.
The OCA shall not be listed and/or admitted to trading on any stock exchange within the European Economic Area
nor on a stock exchange outside the European Economic Area.
7. Status of the OCA: The OCA shall constitute direct, general and unconditional obligations of OPG which will at
any time rank pari passu among themselves and at least pari passu with all the other present and future unsecured
obligations of OPG, save for such obligations as may be preferred by provisions of law that are both mandatory and of
general application.
8. Interest: The OCA shall bear an interest per year of 0.01% (the "Interest") from, and including, the issue date until,
and including, the Exchange Date, calculated on the basis of a year of 360 days. The Interest shall be paid by OPG in one
instalment on the date of the Second Payment.
For the avoidance of doubt, the First Payment Amount shall bear no interest.
9. Security: The OCA holders shall benefit, as from the issue date, from a lien over 55% of all shares issued by OG
and held by OPG as collateral in a separate securities account that shall be pledged to the benefit of the OCA holders
for (i) the repayment in cash of the OCA, if any, and (ii) the conversion of the OCA into OG shares, if any, in accordance
with the provisions above; it being agreed that this pledge shall not secure the conversion of the OCA into OPG shares.
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10. Applicable Law: Luxembourg Law
Under scenario 3: not applicable under these terms and conditions.
I-3. New Notes Consideration 1 under scenarios 1 and 3
1. Issuer: Orco Property Group SA (the "Company" or "OPG").
2. Issue Date of the New Notes: After the granting of the authorisation by the Commercial Court of Paris pursuant
to the Plan de Sauvegarde to proceed to such public exchange offer and promptly after closing of the offer period of the
public exchange offer which shall begin after approval by the CSSF of the terms and conditions of the public exchange
offer, such approval being scheduled to occur upon closing of the OPG Equity Consideration.
3. Nominal Amount:
Scenario 1:
The OPG Bondholders who accept the proposed exchange referred to in under paragraph I.A.(ii) above will receive
new debt instruments (the "New Notes"), in exchange for their residual OPG Bonds post completion of the mandatory
exchange referred to in paragraph I.A.(i) above.
The proposed amount of the New Notes to be issued assuming 100% participation by the OPG Bondholders to the
voluntary exchange offer shall be of up to EUR75.2 million (such amount shall be adjusted to take into account the final
size of the Share Issue under the Equity Consideration after rounding).
Scenario 3:
The OPG Bondholders who accept the proposed exchange referred to in under paragraph I.C.(ii) above will receive
new debt instruments (the "New Notes"), in exchange for their residual OPG Bonds post completion of the mandatory
exchange referred to in paragraph I.C.(i) above.
The proposed amount of the New Notes to be issued assuming 100% participation by the OPG Bondholders to the
voluntary exchange offer shall be of up to EUR144.7 million (such amount shall be adjusted to take into account the final
size of the Share Issue under the Equity Consideration after rounding).
4. Security: None.
5. Maturity: 28 February 2018 (the "Maturity Date").
6. Coupon: The New Notes will bear a coupon per annum of
(i) 5% cash plus 5% PIK, as long as more than 75% of the Nominal Amount remain outstanding
(ii) 4% cash plus 4% PIK, as long as more than 50% but no more than 75% of the Nominal Amount remain outstanding
(iii) 4% cash plus 3% PIK, as long as no more than 50% of the Nominal Amount remain outstanding
The PIK element of the coupon shall, subject to the provisions of article 1154 of the Luxembourg civil code, be
compounding annually from the Issue Date until the Maturity Date and remains subject to the issuance by the Company
of a capitalisation notice each year in relation to interest accrued and due for more than 1 year; if such notice is not
refused by the holders of the New Notes within a period to be agreed in the final documentation, then it will be deemed
to be accepted by them.
7. Amortisation Dates:
* 28 February 2015: 25% of the Nominal Amount;
* 28 February 2016: 25% of the Nominal Amount;
* 28 February 2017: 25% of the Nominal Amount;
* 28 February 2018: The outstanding principal amount of the New Notes.
8. Redemption: In cash only at the Amortisation Dates.
9. Mandatory Prepayment on Asset Disposals: In scenario 1, the Company will procure that 25% of the Net Proceeds
(as defined below) received from the earlier of (i) 30 June 2012 onwards and (ii) the Issue Date of the New Notes, by
OPG or any of its subsidiaries as a result of the disposal of the following assets is applied in prepayment of the New Notes
(the "Prepaid Amounts"):
* Fillion Shopping Center
* Radio Free Europe
* Vaci 1
* CEE Hotels (including Pachtuv Palace)
* Na Porici
* Hradcanska
* Diana Office
* Capellen
* Stribro
* Marki
* Vaci 188
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* Paris Department Store
* Zlota (only upon completion of project development)
* Molcom (any part of the deferred payment amount in excess of EUR20m and any earn-out component).
The Prepaid Amounts should reduce the upcoming payments due as per the Amortisation Dates in straight chrono-
logical order and shall be paid within 30 business days from receipt of Net Proceeds by OPG but in any case no earlier
than the Issue Date of the New Notes.
"Net Proceeds" shall mean the gross sale proceeds less (a) liabilities becoming due at disposal including bank cash
sweep, (b) disposal expenses and (c) taxes becoming due at disposal.
In scenario 3, the Prepaid Amounts shall amount to 37.5% of the Net Proceeds.
10. Other Terms and Conditions: The terms and conditions of the New Notes will include customary provisions in
terms of events of default, covenants, negative pledge provisions and applicable law, including the following:
Applicable law: Luxembourg law.
Status of New Notes: direct, unconditional, and unsubordinated obligations ranking pari passu.
Negative Pledge
2
: Only on OPG S.A. level (excluding the share pledge on 55% of all shares issued by OG for the
benefit of the OCA holders)
Incurrence of Financial Indebtedness:
- limitation on the incurrence of new indebtedness by OPG subsidiaries such that LTV is not in excess of 65% (excluding
any refinancing of any existing indebtedness)
- limitation on the incurrence of new indebtedness by OPG S.A. and by OG S.A. in excess of EUR 5 million (excluding
any refinancing of any existing indebtedness)
Early redemption in case of Event of Default:
Grace periods:
- payment default (principal, interest or any other amount in respect of the New Notes): 5 business days;
- default in relation to any other obligations: 30 days.
Enforcement action provision.
Cross-default : no cross-default provision.
The New Notes shall not be due if the Company remedies the situation no later than the day preceding the general
meeting of the holders of the New Notes resolving on the occurrence of an Event of Default.
Early redemption at Company's discretion: at any time at 100% of the Nominal Amount.
Repurchase of New Notes by the Company on secondary market: at any time at arm's length terms subject to New
Notes repurchased being cancelled as soon as possible thereafter. For the avoidance of doubt, New Notes repurchased
by the Company will not qualify for the Mandatory Prepayment on Asset Disposals referred to above;
Representation of the noteholders: the noteholders will be represented and the general meetings of noteholders will
be organized in accordance with the provisions of articles 86 to 94-8 of the Luxembourg act dated 10 August 1915 on
commercial companies, as amended.
Restrictions on transfer of New Notes: none.
Save as otherwise provided in these Heads of Terms, the terms and conditions of the New Notes will be similar to
those of the OPG Bonds.
11. Documentation:
* A prospectus for the public offer of the New Notes will have to be drafted in accordance with the provisions of the
Prospectus Law. This prospectus will also have to be approved by the CSSF.
* An exchange offer memorandum shall be drafted to inform the OPG Bondholders on the possibility to accept the
public exchange offer and the terms of the public exchange offer.
I-4. OPG and OG New Notes Consideration under scenario 2
Under scenario 2, the OPG and OG New Notes Consideration as referred to in section I.B.(ii) above shall have the
following terms.
1. Issuer: Orco Property Group SA (the "Company" or "OPG").
2. Issue Date of the New Notes: After the granting of the authorisation by the Commercial Court of Paris pursuant
to the Plan de Sauvegarde to proceed to such public exchange offer and promptly after closing of the offer period of the
public exchange offer which shall begin after approval by the CSSF of the terms and conditions of the exchange public
offer, such approval being scheduled to occur upon closing of the OPG Equity Consideration and the OG Equity Consi-
deration transactions.
In the case where (i) the mandatory exchange of the OG Bonds as referred to in paragraph I.B (i)(b) above has been
performed and (ii) the mandatory exchange of the OPG Bonds as referred to in paragraph I.B(i)(a) above has not been
performed, on or before 30 September 2012, this shall not prevent the voluntary public exchange offer referred to above
being opened to the holders of OG Bonds.
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It being specified that the voluntary public exchange offer as referred to above shall not be offered to the OG Bond-
holders in the case (i) where the OCA are repaid in cash by the Company in accordance with paragraph I-2.1(i) above
or (ii) where the OCA holders would have elected to obtain OG shares in accordance with paragraph I-2.1(ii) of this
Annex.
In the case where (i) the mandatory exchange of the OPG Bonds as referred to in paragraph I.B(i)(a) above has been
performed and (ii) the mandatory exchange of the OG Bonds as referred to in paragraph I.B(i)(b) above has not been
performed, on or before 30 September 2012, this shall not prevent the voluntary public exchange offer referred to above
to be opened to the holders of the OPG Bonds.
3. Nominal Amount: The OPG Bondholders and the OG Bondholders who accept the proposed exchange referred
to in paragraph I.B(ii) above will receive new debt instruments (the "New Notes"), in exchange for their residual OPG
Bonds or OG Bonds, as the case may be, post completion of the mandatory exchange I.B(i) above.
The proposed amount of the New Notes to be issued assuming 100% participation by the OPG Bondholders and the
OG Bondholders to the voluntary exchange offer shall be of up to, respectively:
* as regards the OPG bondholders, EUR 55.2 million (such amount shall be adjusted to take into account the final size
of the Share Issue under the OPG Equity Consideration after rounding);
* as regards the OG bondholders, EUR 20 million (such amount shall be adjusted to take into account the final size of
the OCA issue under the OG Equity Consideration after rounding).
4. Security: None.
5. Maturity: 28 February 2018 (the "Maturity Date").
6. Coupon: The New Notes will bear a coupon per annum of
(i) 5% cash plus 5% PIK, as long as more than 75% of the Nominal Amount remain outstanding
(ii) 4% cash plus 4% PIK, as long as more than 50% but no more than 75% of the Nominal Amount remain outstanding
(iii) 4% cash plus 3% PIK, as long as no more than 50% of the Nominal Amount remain outstanding
The PIK element of the coupon shall, subject to the provisions of article 1154 of the Luxembourg civil code, be
compounding annually from the Issue Date until the Maturity Date and remains subject to the issuance by the Company
of a capitalisation notice each year in relation to interest accrued and due for more than 1 year; if such notice is not
refused by the holders of the New Notes within a period to be agreed in the final documentation, then it will deemed
to be accepted by them.
7. Amortisation Dates:
* 28 February 2015: 25% of the Nominal Amount;
* 28 February 2016: 25% of the Nominal Amount;
* 28 February 2017: 25% of the Nominal Amount;
* 28 February 2018: The outstanding principal amount of the New Notes.
8. Redemption: In cash only at the Amortisation Dates.
9. Mandatory Prepayment on Asset Disposals: The Company will procure that 25% of the Net Proceeds (as defined
below) received from the earlier of (i) 30 June 2012 onwards and (ii) the Issue Date of the New Notes, by the Company
or any of its subsidiaries as a result of the disposal of the following assets is applied in prepayment of the New Notes (the
"Prepaid Amounts"):
* Fillion Shopping Center
* Radio Free Europe
* Vaci 1
* CEE Hotels (including Pachtuv Palace)
* Na Porici
* Hradcanska
* Diana Office
* Capellen
* Stribro
* Marki
* Vaci 188
* Paris Department Store
* Zlota (only upon completion of project development)
* Molcom (any part of the deferred payment amount in excess of EUR20m and any earn-out component)
* Sky Office, to the extent such proceeds are not applied to the GSG refinancing
The Prepaid Amounts should reduce the upcoming payments due as per the Amortisation Dates in straight chrono-
logical order and shall be paid within 30 business days from receipt of Net Proceeds by OPG but in any case no earlier
than the Issue Date of the New Notes.
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"Net Proceeds" shall mean the gross sale proceeds less (a) liabilities becoming due at disposal including bank cash
sweep, (b) disposal expenses and (c) taxes becoming due at disposal.
10. Other Terms and Conditions: The terms and conditions of the New Notes will include customary provisions in
terms of events of default, covenants, negative pledge provisions and applicable law, including the following:
Applicable law: Luxembourg law.
Status of New Notes: direct, unconditional, and unsubordinated obligations ranking pari passu.
Negative Pledge
3
: Only on OPG S.A. level (excluding the share pledge on 55% of all shares issued by OG for the
benefit of the OCA holders as referred to above)
Incurrence of Financial Indebtedness:
- limitation on the incurrence of new indebtedness by OPG subsidiaries such that LTV is not in excess of 65% (excluding
any refinancing of any existing indebtedness)
- limitation on the incurrence of new indebtedness by OPG S.A. and OG SA in excess of EUR 5 million (excluding any
refinancing of any existing indebtedness)
Early redemption in case of Event of Default:
Grace periods:
- payment default (principal, interest or any other amount in respect of the New Notes): 5 business days
- default in relation to any other obligations: 30 days
Enforcement action provision.
Cross-default : no cross-default provision.
The New Notes shall not be due if the Company remedies the situation no later than the day preceding the general
meeting of the holders of the New Notes resolving on the occurrence of an Event of Default.
Early redemption at Company's discretion: at any time at 100% of the Nominal Amount.
Repurchase of New Notes by the Company on secondary market: at any time at arm's length terms subject to New
Notes repurchased being cancelled as soon as possible thereafter. For the avoidance of doubt, New Notes repurchased
by the Company will not qualify for the Mandatory Prepayment on Asset Disposals referred to above;
Representation of the noteholders: the noteholders will be represented and the general meetings of noteholders will
be organized in accordance with the provisions of articles 86 to 94-8 of the Luxembourg act dated 10 August 1915 on
commercial companies, as amended.
Restrictions on transfer of New Notes: none.
Save as otherwise provided in these Heads of Terms, the terms and conditions of the New Notes will be similar to
those of the OPG Bonds.
11. Documentation:
* A prospectus for the public offer of the New Notes will have to be drafted in accordance with the provisions of the
Prospectus Law. This prospectus will also have to be approved by the CSSF.
* An exchange offer memorandum shall be drafted to inform the OPG Bondholders on the possibility to accept the
public exchange offer and the terms of the public exchange offer.
I-5. Warrants under scenario 1
1. Issuer: OPG
2. Description: Warrant giving the right to subscribe for new OPG Shares (the "Warrants"). Each Warrant is allocated
for free.
3. Number of Warrants: 1 Warrant per existing OPG share as of the date hereof, i.e. 17,053,866 Warrants
4. Subscription ratio: Each Warrant gives the right to subscribe for 1 new OPG Share
5. Subscription price: EUR 4.10 per OPG Share
6. Maturity: The Warrants may be exercised at any time between the date of issuance and a date which is 3 months
after the date of issuance.
7. Listing: Yes.
II. OTHER TERMS
For the avoidance of doubt, all the provisions set forth below in this section "Other Terms" shall be applicable under
scenario 1, scenario 3 and scenario 2, save for certain provisions (where indicated) which shall only be applicable to
scenario 2.
1. Governance: Each member of the board shall have one voting right.
Decisions of the board shall be taken at simple majority.
Majority of the board will be held by non-executive members.
2. Shareholders' meeting: OPG undertakes (i) to convene a shareholders' meeting upon request from one or several
shareholders holding at least, individually or collectively, 10% of the share capital of OPG and (ii) to add to the agenda of
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any shareholders' meeting any additional point upon request from one or several shareholders holding at least, individually
or collectively, 5% of the share capital of OPG.
3. Reserved Matters: Decisions to be submitted to the board of directors shall include, among others:
* Capital expenditures in excess of EUR5m;
* Incurrence of Financial Indebtedness:
- limitation on the incurrence of new indebtedness by OPG subsidiaries such that LTV is not in excess of 55% (excluding
any refinancing of any existing indebtedness);
- limitation on the incurrence of new indebtedness by OPG S.A. in excess of EUR5m (excluding any refinancing of any
existing indebtedness);
* Any merger/acquisition/disposal/joint venture operations in excess of EUR10m;
* Any distribution of dividends;
* The issuance of new shares or equity-linked instruments;
* Appointment and removal of Chairman of the board of directors and Company's Chief Executive Officer;
* Any transactions involving OPG or any of its subsidiaries not completed on an arms-length basis.
4. Standstill: The Company shall not implement any issuance of new shares or equity-linked instruments in excess of
EUR 10 million or with an issue price below EUR 5.5 per share within the period from and including 17 April 2012 to
and including the date which falls 90 calendar days following the earlier of (i) the first OPG shareholders meeting to be
held following the issuance of the OPG shares within the framework of the OPG Equity Consideration and (ii) 15 July
2012 (the "Standstill").
For the avoidance of doubt, the Standstill shall not apply to (i) the OG Equity Consideration and to the OPG Equity
Consideration nor (ii) to any share capital issue to be carried out for the purposes of the proposal to other creditors of
the Company as referred to below in this Annex A.
5. Conditionality of the Proposed Transaction: Implementation of the Transaction reflecting the terms specified herein
is subject to the following further conditions:
(i) As regards both the OPG Transaction and the OG Transaction:
(a) Approval of the Transaction by the board of directors of the Company, and in particular the issuance of the New
Notes upon the closing of the public exchange offer, and approval by the board of directors of OG of the OG Transaction
and its implementation steps;
(b) Approval of the OG Transaction at the relevant majority by the general meeting of the OG Bondholders;
(c) Approval of the OG Transaction at the relevant majority by the general meeting of the OG Warrantholders;
(d) A réviseur d'entreprises agréé appointed by the Company has issued a report giving a description of the proposed
contributions as well as of the methods of valuation used and stating that the values resulting from the application of these
methods correspond at least to the number and accounting par value and the share premium of the new OPG shares to
be issued in consideration for the contribution of all of the OG Bonds within the OG Transaction.
(ii) As regards the OPG Transaction only:
(a) Approval of the OPG Transaction at the relevant majority by the general meetings of the OPG Bondholders holding
the OPG Bonds 2010, OPG Bonds 2013 and OPG Bonds 2014;
(b) Approval of the OPG Transaction by an OPG EGM deciding in particular the share capital increase of OPG in
relation to the OPG Equity Consideration;
(c) Approval by the Commercial Court of Paris to amend the terms of the Plan de Sauvegarde following a filing to be
submitted by the Company;
(d) Approval at the relevant majority by the general meetings of the OPG Bondholders holding the OPG Bonds 2010,
OPG Bonds 2013 and OPG Bonds 2014 of a resolution instructing the bondholders' representatives of the OPG Bonds
2010, OPG Bonds 2013 and OPG Bonds 2014 (a) to finally and definitively waive and withdraw the current lawsuits
initiated by the bondholder's representatives of the OPG Bonds 2010, OPG Bonds 2013 and OPG Bonds 2014 (including
the tierce opposition as well as the appeals against the supervisory judge's orders regarding the requêtes en interpreta-
tion), it being specified, for the avoidance of doubt, that the bondholders' representatives of the OPG Bonds 2010, OPG
Bonds 2013 and OPG Bonds 2014 shall be instructed to file "conclusions de désistement d'instance et d'action" in the
course of such proceedings according to the French Civil Procedure Code, only if and immediately after conditions set
out in paragraphs 5(ii)(a), 5(ii)(b), 5(ii)(c), 5(ii)(e), 5(ii)(f) and 5(ii)(g) shall have been fulfilled and (b) not to further challenge
the judgment dated 19 May 2010 adopting the Plan de Sauvegarde;
(e) Withdrawal by the Company from any pending action, litigation or recourse against Mr. Luc Leroi in his capacity
as bondholders' representative of any of the OPG Bonds and undertaking by the Company not to further claim from Mr.
Luc Leroi in his capacity as bondholders' representative of any of the OPG Bonds any compensation, indemnification or
damages; it being agreed that such withdrawal and undertaking are subject to the conditions set out in paragraphs 5(ii)
(a), 5(ii)(b), 5(ii)(c), 5(ii)(d), 5(ii)(f) and 5(ii)(g) being fulfilled;
(f) A réviseur d'entreprise agréé appointed by the Company has issued a report giving a description of the proposed
contributions of the OPG Bonds as well as of the methods of valuation used and stating that the values resulting from
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the application of these methods correspond at least to the number and accounting par value and the share premium of
the new Shares to be issued within the OPG Equity Consideration.
(g) Approval by the CSSF of the prospectuses relating to the Shares and the New Notes and, in scenario 1, the
Warrants. This condition is stipulated to the benefit of the OPG Bondholders and may be waived by a decision of the
relevant general meetings of the OPG Bondholders.
(iii) As regards the OG Transaction only:
(a) OPG to petition the Commercial Court of Paris to amend the terms of the Plan de Sauvegarde following a filing
to be submitted by OPG in order to enable the transactions contemplated by the Convertible Bonds and the Pledge
Agreement in respect of the OG shares to be delivered thereunder, as the case may be.
(b) OPG shall have, prior to the issue of the OCA, executed and delivered to the OG Bondholders or Augustin Capital
Management Ltd, acting in the name and on behalf of the OG Bondholders, as the case may be, the pledge over OG
shares described in paragraph I-2.(9) of this Annex.
6. Existing OPG Warrants: OPG shall hold and maintain that number of OPG Bonds of each of the OPG Bonds 2010
and OPG Bonds 2014 Tranches which are necessary to exercise the OPG warrants of the relevant Tranche (where the
exercise of the OPG warrants can be done by inter alia payment of the exercise price through the remittance of OPG
Bonds) for the duration of the exercise period of the OPG warrants, it being agreed that (i) such provision shall not affect
the economic terms of the OPG Transaction, (ii) OPG shall be under no obligation to sell any such OPG Bonds 2010
and OPG Bonds 2014, (iii) OPG shall not sell any such OPG Bonds 2010 and OPG Bonds 2014 for any purpose other
than the exercise of the OPG warrants, (iv) any sale of such OPG Bonds 2010 and OPG Bonds 2014 shall only be made
at full nominal value of such OPG Bonds 2010 and OPG Bonds 2014 and for payment in cash only, and (v) OPG shall not
sell any such OPG Bonds 2010 and OPG Bonds 2014 to any party to the master agreement signed on 17 April 2012
related to the Transaction.
7. Proposal to other creditors of OPG: The other creditors of OPG under the Plan de Sauvegarde (suppliers, banks
having exercised their guarantees vis-à-vis OPG, other non-contingent creditors) shall be offered a transaction identical
to the OPG Transaction. In order to be able to accommodate for this offer, OPG shall propose to its EGM of shareholders
respective adjustments to the authorised capital. On 17 April 2012, such other creditors under the Plan de Sauvegarde
represent an amount around 18.6 million euros.
1
Note: OPG Bondholders to nominate a candidate or OPG can nominate one if necessary
2
The Negative Pledge provision shall be similar to the provision 4.1.5.2 of the OPG Bonds 2014 prospectus.
Référence de publication: 2012049585/1273/651.
Société Anonyme Paul WURTH, Société Anonyme.
Siège social: L-1122 Luxembourg, 32, rue d'Alsace.
R.C.S. Luxembourg B 4.446.
Les actionnaires de la Société Anonyme Paul Wurth sont priés d'assister à
l'ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra le mardi <i>8 mai 2012i> , à 17 heures, au siège social, 32, rue d'Alsace, L-1122 Luxembourg, à l'effet de
délibérer sur l'ordre du jour suivant:
<i>Ordre du jour:i>
1. Rapport de gestion du Conseil d'Administration sur les comptes consolidés et sociaux relatifs à l'exercice 2011
2. Rapport du réviseur d'entreprises agréé sur les comptes consolidés et sociaux relatifs à l'exercice 2011
3. Approbation des comptes consolidés au 31 décembre 2011
4. Approbation des comptes sociaux au 31 décembre 2011
5. Affectation du résultat
6. Décharge à donner aux administrateurs
7. Fixation des allocations statutaires
8. Mandats au Conseil d'Administration
9. Désignation d'un réviseur d'entreprises pour la révision des comptes consolidés et sociaux 2012
10. Divers.
Le Conseil d'Administration a l'honneur de rappeler aux actionnaires que, pour pouvoir prendre part à l'Assemblée,
ils auront à se conformer aux articles 18 et 19 des statuts.
Le dépôt des actions pour l'Assemblée pourra être effectué jusqu'au mercredi 2 mai 2012 inclus, soit cinq jours francs
avant l'Assemblée, au siège social ou dans un des établissements suivants:
1) à la Banque et Caisse d'Epargne de l'Etat, Luxembourg
2) à la BGL BNP Paribas
3) à la Banque Internationale à Luxembourg S.A.
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Les procurations devront être déposées au siège de la société le vendredi 4 mai 2012 au plus tard.
<i>Le Conseil d'Administration.i>
Référence de publication: 2012043430/30.
Arona Invest S.A., Société Anonyme.
Siège social: L-1471 Luxembourg, 412F, route d'Esch.
R.C.S. Luxembourg B 85.313.
Le quorum requis par l'article 67-1 de la loi modifiée du 10 août 1915 sur les sociétés commerciales n'ayant pas été
atteint lors de l'Assemblée Générale Statutaire tenue le 2 avril 2012, l'assemblée n'a pas pu statuer sur l'ordre du jour.
<i>Avis de convocationi>
Les actionnaires sont convoqués par le présent avis à
l'ASSEMBLEE GENERALE EXTRAORDINAIRE
qui aura lieu le <i>30 mai 2012i> à 14.00 heures au siège social, avec l'ordre du jour suivant:
<i>Ordre du jour:i>
•
Délibération et décision sur la dissolution éventuelle de la société conformément à l'article 100 de la loi modifiée
du 10 août 1915 sur les sociétés commerciales.
Les décisions sur l'ordre du jour seront prises quelle que soit la portion des actions présentes ou représentées et
pour autant qu'au moins les deux tiers des voix des actionnaires présents ou représentés se soient prononcés en faveur
de telles décisions.
<i>Le Conseil d'Administration.i>
Référence de publication: 2012050093/795/19.
Fuandre S.A., Société Anonyme.
Siège social: L-1471 Luxembourg, 412F, route d'Esch.
R.C.S. Luxembourg B 149.291.
Le quorum requis par l'article 67-1 de la loi modifiée du 10 août 1915 sur les sociétés commerciales n'ayant pas été
atteint lors de l'Assemblée Générale Statutaire tenue le 2 avril 2012, l'assemblée n'a pas pu statuer sur l'ordre du jour.
<i>Avis de convocationi>
Les actionnaires sont convoqués par le présent avis à
l'ASSEMBLEE GENERALE EXTRAORDINAIRE
qui aura lieu le <i>30 mai 2012i> à 14.00 heures au siège social, avec l'ordre du jour suivant:
<i>Ordre du jour:i>
•
Délibération et décision sur la dissolution éventuelle de la société conformément à l'article 100 de la loi modifiée
du 10 août 1915 sur les sociétés commerciales.
Les décisions sur l'ordre du jour seront prises quelle que soit la portion des actions présentes ou représentées et
pour autant qu'au moins les deux tiers des voix des actionnaires présents ou représentés se soient prononcés en faveur
de telles décisions.
<i>Le Conseil d'Administration.i>
Référence de publication: 2012050094/795/19.
Karlix S.A., Société Anonyme.
Siège social: L-1746 Luxembourg, 1, rue Joseph Hackin.
R.C.S. Luxembourg B 32.887.
Mesdames et Messieurs les actionnaires sont priés d'assister à
l'ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra le lundi <i>21 mai 2012i> à 11.00 heures au siège social avec pour
<i>Ordre du jour:i>
- Lecture du rapport de gestion du Conseil d'Administration et du rapport du Commissaire aux Comptes,
- Approbation des comptes annuels au 31 décembre 2011 et affectation des résultats,
- Quitus à donner aux Administrateurs et au Commissaire aux Comptes,
- Décision à prendre quant à la poursuite de l'activité de la société,
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- Renouvellement du mandat des Administrateurs et du Commissaire aux Comptes,
- Fixation des émoluments du Commissaire aux Comptes.
Pour assister ou être représentés à cette Assemblée, Mesdames et Messieurs les actionnaires sont priés de déposer
leurs titres cinq jours francs avant l'Assemblée au siège social.
<i>Le Conseil d'Administration.i>
Référence de publication: 2012050098/755/19.
Technorizon S.A., Société Anonyme.
Siège social: L-1114 Luxembourg, 3, rue Nicolas Adames.
R.C.S. Luxembourg B 153.502.
Messieurs les Actionnaires sont priés de bien vouloir assister à
l'ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra en date du <i>18 mai 2012i> à 11.00 heures au siège social avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. Lecture du rapport de gestion de l'administrateur unique et du rapport du commissaire aux comptes
2. Approbation des comptes annuels et affectation des résultats au 31 décembre 2011
3. Décharge à l'administrateur unique et au commissaire aux comptes
4. Nominations statutaires
5. Divers
<i>Le Conseil d'Administration.i>
Référence de publication: 2012050102/506/16.
Hoffmann Investment S.A., Société Anonyme.
Siège social: L-1331 Luxembourg, 65, boulevard Grande-Duchesse Charlotte.
R.C.S. Luxembourg B 85.483.
Mesdames et Messieurs les actionnaires sont priés d'assister à une
ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra jeudi <i>17 mai 2012i> à 9.00 heures au siège social, avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. Rapport du commissaire.
2. Approbation des comptes annuels au 31 décembre 2011.
3. Affectation des résultats au 31 décembre 2011.
4. Décision sur la dissolution de la société conformément à l'article 100 de la loi modifiée du 10 août 1915 sur les
sociétés commerciales.
5. Décharge aux administrateurs et au commissaire quant à l'exercice sous revue.
6. Divers.
<i>Le conseil d'administration.i>
Référence de publication: 2012050096/29/18.
Sipam Participations S.A., Société Anonyme.
Siège social: L-1413 Luxembourg, 3, place Dargent.
R.C.S. Luxembourg B 13.937.
Les Actionnaires sont convoqués par le présent avis à
l'ASSEMBLEE GENERALE STATUTAIRE
qui aura lieu le <i>07 mai 2012i> à 15:00 heures au siège social à Luxembourg, avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. Rapport de gestion du Conseil d'Administration et rapport du Commissaire
2. Approbation des comptes annuels et affectation des résultats au 31 décembre 2011
3. Décharge aux Administrateurs et au Commissaire
4. Divers
<i>Le Conseil d'Administration.i>
Référence de publication: 2012043425/696/15.
52298
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U X E M B O U R G
Luxembourgeoise de Construction Immobilière S.A., Société Anonyme.
Siège social: L-1471 Luxembourg, 412F, route d'Esch.
R.C.S. Luxembourg B 29.744.
Les actionnaires sont convoqués par le présent avis à
l'ASSEMBLEE GENERALE STATUTAIRE
qui aura lieu le <i>15 mai 2012i> à 9:00 heures au siège social, avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. Rapport de gestion du Conseil d'Administration et rapport du Commissaire aux Comptes
2. Approbation des comptes annuels et affectation des résultats au 31 décembre 2011
3. Décharge aux Administrateurs et au Commissaire aux Comptes
4. Délibération et décision sur la dissolution éventuelle de la société conformément à l'article 100 de la loi modifiée
du 10 août 1915 sur les sociétés commerciales
5. Divers
<i>Le Conseil d'Administration.i>
Référence de publication: 2012050099/795/17.
Jurancy Development S.A., Société Anonyme.
Siège social: L-2535 Luxembourg, 16, boulevard Emmanuel Servais.
R.C.S. Luxembourg B 128.973.
Messieurs les actionnaires sont convoqués par le présent avis à
l'ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra le <i>9 mai 2012i> à 10.30 heures au siège social avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. lecture du rapport de gestion du Conseil d'Administration et du rapport du Commissaire aux Comptes portant
sur l'exercice se clôturant au 31 décembre 2011;
2. approbation des comptes annuels au 31 décembre 2011;
3. affectation des résultats au 31 décembre 2011;
4. vote spécial conformément à l'article 100, de la loi modifiée du 10 août 1915 sur les sociétés commerciales;
5. décharge aux Administrateurs et au Commissaire aux Comptes;
6. nomination des Administrateurs et du Commissaire aux comptes;
7. divers.
<i>Le Conseil d'Administration.i>
Référence de publication: 2012040537/10/19.
Investissements du Centaure, Société Anonyme.
Siège social: L-1855 Luxembourg, 44, avenue J.F. Kennedy.
R.C.S. Luxembourg B 58.474.
Mesdames et Messieurs les actionnaires sont priés d'assister à
l'ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra le mercredi <i>23 mai 2012i> à 10.00 heures au siège social avec pour
<i>Ordre du jour:i>
- Lecture du rapport de gestion du Conseil d'Administration et du rapport du Commissaire aux Comptes,
- Approbation des comptes annuels au 31 décembre 2011 et affectation des résultats,
- Quitus à donner aux Administrateurs et au Commissaire aux Comptes,
- Nominations statutaires,
- Fixation des émoluments du Commissaire aux Comptes.
Pour assister ou être représentés à cette assemblée, Mesdames et Messieurs les actionnaires sont priés de déposer
leurs titres cinq jours francs avant l'Assemblée au siège social.
<i>Le Conseil d'Administration.i>
Référence de publication: 2012050097/755/18.
52299
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U X E M B O U R G
Arraxis S.A., Société Anonyme - Société de Gestion de Patrimoine Familial.
Siège social: L-1653 Luxembourg, 2, avenue Charles de Gaulle.
R.C.S. Luxembourg B 58.855.
Die Aktionäre werden hiermit zur
ORDENTLICHEN GENERALVERSAMMLUNG
der Gesellschaft eingeladen, die am <i>8. Mai 2012i> um 11.00 Uhr, in Luxemburg, am Gesellschaftssitz, mit folgender
Tagesordnung stattfindet:
<i>Tagesordnung:i>
1. Vorlage des Jahresabschlusses und der Berichte des Verwaltungsrates und des Aufsichtskommissars.
2. Genehmigung des Jahresabschlusses sowie Ergebniszuweisung per 31. Dezember 2011.
3. Entlastung des Verwaltungsrates und des Aufsichtskommissars.
4. Neuwahlen.
5. Verschiedenes.
<i>Der Verwaltungsrat.i>
Référence de publication: 2012046428/534/17.
Pardef S.A., Société Anonyme.
Siège social: L-2535 Luxembourg, 16, boulevard Emmanuel Servais.
R.C.S. Luxembourg B 137.850.
Messieurs les actionnaires sont convoqués par le présent avis à
l'ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra le <i>9 mai 2012i> à 14.00 heures au siège social avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. lecture du rapport de gestion du Conseil d'Administration et du rapport du Commissaire aux Comptes portant
sur l'exercice se clôturant au 31 décembre 2011;
2. approbation des comptes annuels au 31 décembre 2011;
3. affectation des résultats au 31 décembre 2011;
4. vote spécial conformément à l'article 100, de la loi modifiée du 10 août 1915 sur les sociétés commerciales;
5. décharge aux Administrateurs et au Commissaire aux Comptes;
6. divers.
<i>Le Conseil d'Administration.i>
Référence de publication: 2012040538/10/18.
Pretoria Investissement S.A., Société Anonyme.
Siège social: L-2535 Luxembourg, 16, boulevard Emmanuel Servais.
R.C.S. Luxembourg B 128.245.
Messieurs les actionnaires sont convoqués par le présent avis à
l'ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra le <i>9 mai 2012i> à 09.00 heures au siège social avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. lecture du rapport de gestion du Conseil d'Administration et du rapport du Commissaire aux Comptes portant
sur l'exercice se clôturant au 31 décembre 2011;
2. approbation des comptes annuels au 31 décembre 2011;
3. affectation des résultats au 31 décembre 2011;
4. vote spécial conformément à l'article 100, de la loi modifiée du 10 août 1915 sur les sociétés commerciales;
5. décharge aux Administrateurs et au Commissaire aux Comptes;
6. nomination des Administrateurs et du Commissaire aux comptes;
7. divers.
<i>Le Conseil d'Administration.i>
Référence de publication: 2012040541/10/19.
52300
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Brooklyn Bridge Company S.A., Société Anonyme.
Siège social: L-1471 Luxembourg, 412F, route d'Esch.
R.C.S. Luxembourg B 38.667.
Les actionnaires sont convoqués par le présent avis à
l'ASSEMBLEE GENERALE STATUTAIRE
qui aura lieu le <i>8 mai 2012i> à 15:00 heures au siège social, avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. Rapport de gestion du Conseil d'Administration et rapport du Commissaire aux comptes
2. Approbation des comptes annuels et affectation des résultats au 31 décembre 2011
3. Décharge aux Administrateurs et au Commissaire aux comptes
4. Délibération et décision sur la dissolution éventuelle de la société conformément à l'article 100 de la loi modifiée
du 10 août 1915 sur les sociétés commerciales
5. Divers
<i>Le Conseil d'Administration.i>
Référence de publication: 2012046430/795/17.
Jirvois Investissement S.A., Société Anonyme.
Siège social: L-2535 Luxembourg, 16, boulevard Emmanuel Servais.
R.C.S. Luxembourg B 128.970.
Messieurs les actionnaires sont convoqués par le présent avis à
l'ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra le <i>9 mai 2012i> à 09.30 heures au siège social avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. lecture du rapport de gestion du Conseil d'Administration et du rapport du Commissaire aux Comptes portant
sur l'exercice se clôturant au 31 décembre 2011;
2. approbation des comptes annuels au 31 décembre 2011;
3. affectation des résultats au 31 décembre 2011;
4. vote spécial conformément à l'article 100, de la loi modifiée du 10 août 1915 sur les sociétés commerciales;
5. ratification de la cooptation d'un Administrateur et décharge accordée à l'Administrateur démissionnaire;
6. nomination des Administrateurs et du Commissaire aux comptes;
7. décharge aux Administrateurs et au Commissaire aux Comptes;
8. divers.
<i>Le Conseil d'Administration.i>
Référence de publication: 2012041084/10/20.
Ganeça S.A., SPF, Société Anonyme - Société de Gestion de Patrimoine Familial.
Siège social: L-2535 Luxembourg, 16, boulevard Emmanuel Servais.
R.C.S. Luxembourg B 57.432.
Messieurs les actionnaires sont convoqués par le présent avis à
l'ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra le <i>9 mai 2012i> à 14.00 heures au siège social avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. lecture du rapport de gestion du Conseil d'Administration et du rapport du Commissaire aux Comptes portant
sur l'exercice se clôturant au 30 novembre 2011;
2. approbation des comptes annuels au 30 novembre 2011;
3. affectation des résultats au 30 novembre 2011;
4. vote spécial conformément à l'article 100, de la loi modifiée du 10 août 1915 sur les sociétés commerciales;
5. décharge aux Administrateurs et au Commissaire aux Comptes;
6. divers.
<i>Le Conseil d'Administration.i>
Référence de publication: 2012043424/10/18.
52301
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U X E M B O U R G
Gardenia Holding S.A. SPF, Société Anonyme - Société de Gestion de Patrimoine Familial.
Siège social: L-1114 Luxembourg, 3, rue Nicolas Adames.
R.C.S. Luxembourg B 14.854.
Messieurs les Actionnaires sont priés de bien vouloir assister à
l'ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra en date du <i>7 mai 2012i> à 15 heures au siège social avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. Lecture du rapport de gestion et du rapport du commissaire aux comptes
2. Approbation des comptes annuels et affectation des résultats au 31 décembre 2011
3. Décharge au conseil d'administration et au commissaire aux comptes
4. Nominations statutaires
5. Divers
<i>Le Conseil d'Administration.i>
Référence de publication: 2012046434/506/16.
Car International Finance S.A., Société Anonyme Holding.
Siège social: L-1413 Luxembourg, 3, place Dargent.
R.C.S. Luxembourg B 12.565.
Les Actionnaires sont convoqués par le présent avis à
l'ASSEMBLEE GENERALE STATUTAIRE
qui aura lieu le <i>07 mai 2012i> à 10:00 heures à 6901 LUGANO (CH), Riva Vela 12, avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. Rapport de gestion du Conseil d'Administration et rapport du Commissaire
2. Approbation des comptes annuels et affectation des résultats aux 31 décembre 2009, 2010 et 2011
3. Décharge aux Administrateurs et au Commissaire
4. Acceptation de la démission d'un Administrateur et nomination de son remplaçant
5. Délibération et décision sur la dissolution éventuelle de la société conformément à l'article 100 de la loi du 10 août
1915 sur les sociétés commerciales
6. Divers
<i>Le Conseil d'Administration.i>
Référence de publication: 2012043426/696/18.
Orco Germany S.A., Société Anonyme.
Siège social: L-2661 Luxembourg, 42, rue de la Vallée.
R.C.S. Luxembourg B 102.254.
A GENERAL MEETING
of the holders of the € 100.100.052,00 bonds (the "Bondholders"), registered under ISIN code: XS0302623953 (the
"OG Bonds") as described under the Prospectus (as defined below) issued by the Company with redeemable warrants
attached under ISIN code: XS0302626899 on May 24, 2007 pursuant to a prospectus approved by the Commission de
Surveillance du Secteur Financier (the "CSSF") on May 24, 2007 (the "Prospectus"), will be held at 42, rue de la Vallée,
L-2661 Luxembourg, Grand Duchy of Luxembourg, on <i>May 7, 2012i> at 9:30 AM Central European time ("CET") (the
"Bondholders Meeting"), in order to consider and resolve on the following agenda:
<i>Agenda:i>
1. Approval of the terms and conditions of the exchange of 84.5% of the OG Bonds (subject to rounding adjustment
as described in Annex A hereto) for their total nominal amount, accrued interest and reimbursement premium
(representing app. EUR 109.1 Million) into Obligations Convertibles en Actions (the "OCA") to be issued by Orco
Property Group S.A. ("OPG"), a Luxembourg société anonyme, having its registered office at 42, rue de la Vallée,
L-2661 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg register of commerce and
companies (the "RCS") under number B 44996 ("OG Conversion"), including but not limited to, discussion and
approval of the terms and conditions of the OCA (as such terms may be amended), approval of all steps and actions,
and entering into and performance of all the transactions, documents, agreements contemplated, needed or useful
in connection with the OG Conversion, after presentation to the Bondholders of (i) interim accounting situations
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of the Company and of OPG, reviewed and certified by their respective auditors and (ii) reports established by the
boards of directors of OG and OPG, explaining the reasons of the OG Conversion;
2. Delegation of power for implementation of the OG Conversion to one of the représentant de la masse, Augustin
Capital Management Ltd represented by Mr. Charles Bray (or any other duly empowered person), including, but
not limited to, the power and mandate to finalize the terms and conditions of the OCA and to negotiate and agree
the final terms and conditions of the OCA, subject to any non-substantial changes to such terms and conditions of
the OCA, as approved by the meeting, to negotiate, finalize and sign the contribution and subscription agreement
of the OCA, to receive the OCA on behalf of the OG Bondholders and to redistribute the OCA to the Bondholders
and/or to their representative under the terms and conditions of the OCA, to negotiate, finalize and sign a share
pledge agreement with OPG on behalf and for the account of the Bondholders, and power to perform and execute
all steps and actions, and entering into and performance of all the transactions, documents, agreements contem-
plated, needed or useful in connection with the OG Conversion and approval of the terms and conditions of the
mandate given to Augustin Capital Management Ltd.
3. Decision to amend and replace the decisions taken by the general meeting of the Bondholders held on April 5,
2012, subject to the realization of the OPG Bonds Conversion Condition (as defined in Annex A hereto).
4. Decision to amend the terms and conditions of the OG Bonds, in particular to amend the maturity of the OG
Bonds and to decrease the current interest rate of the OG Bonds to 0.5 % per annum. Proposed amendments to
the terms and conditions of the OG Bonds are described in Annex B of the present notice.
5. Miscellaneous.
Please refer to Annex A attached to the present notice and the Company's website at www.orcogermany.de for further
details pertaining to the proposed OG Conversion.
Note: The Bondholders' meeting held on April 5, 2012 approved and confirmed the decision taken by a previous
meeting of the Bondholders held on January 27, 2012 to approve the substitution of all the OG Bonds (for ca. their total
nominal value, premium and coupon interest as at the maturity) into convertible bonds (obligations convertibles) to be
issued by OPG and convertible into OPG shares, OG shares or cash, in compliance with the provisions of article 94-2
of the Luxembourg law of 10 August 1915 on commercial companies, as amended from time to time. However, during
the Bondholders' meeting held on April 5, 2012, the Bondholders present at such meeting, resolved to slightly amend
the terms and conditions of the convertible bonds to be issued by OPG in exchange of OG Bonds and therefore, the
realisation of such substitution of the OG Bonds against convertible bonds was still subject to the approval by the board
of directors of OPG of the amended terms and conditions of the convertible bonds, such approval being not yet granted
at the date of the present notice. Accordingly, implementation of the conversion of the OG Bonds into convertible bonds
is for the moment suspended.
In the meantime, it is explained that (i) an ad-hoc committee of holders of bonds issued by OPG (representing ap-
proximately 1/3 of the nominal value of the bonds issued by OPG) and (ii) approximately 60.7% of the Bondholders
reached an agreement on April 17, 2012 on a proposed global restructuring of the bond debt of the Company and OPG,
in the terms and conditions described in Annex A (the "Transaction"). Therefore, this Bondholders Meeting is convened
to resolve on the modification regarding the substitution of OG Bonds against OCA, in the context of the Transaction.
The Bondholders Meeting shall not validly deliberate on the agenda mentioned above, unless at least one half of the
total number of the OG Bonds outstanding at the time of the Bondholders Meeting is represented.
If such proportion of the total number of the OG Bonds is not met, a second meeting may be convened, by means of
notices published twice at eight days interval at least and eight days before the meeting in the Mémorial C, Recueil des
Sociétés et Associations and in a Luxembourg newspaper. The second meeting shall validly deliberate regardless of the
proportion of the OG Bonds represented.
At both meetings, resolutions, in order to be adopted, must be carried by at least two thirds (2/3) of the votes cast
by the Bondholders present or represented.
The Bondholders participation form which is necessary to participate to the Bondholders Meeting is at the disposal
of the Bondholders as from the date of publication of the present notice, at the registered office of the Company upon
request or downloaded from the Company's website at www.orcogermany.de or ultimately upon request to the financial
intermediaries or to the relevant central registration bank.
The auditor's reports on review of interim financial information of the Company and of OPG, to be presented to the
Bondholders Meeting are at the disposal of the Bondholders as from the date of publication of the present notice, at the
registered office of the Company upon request or downloaded from the Company's website at www.orcogermany.de
(OPG's board of directors report also on OPG's website at www.orcogroup.com) or ultimately upon request to the
financial intermediaries or to the relevant central registration bank.
The report of the Company's board of directors, as well as the report of the OPG's board of directors, explaining the
reasons of the OG Conversion, to be presented to the Bondholders Meeting are at the disposal of the Bondholders as
from the date of publication of the present notice, at the registered office of the Company upon request or downloaded
from the Company's website at www.orcogermany.de or ultimately upon request to the financial intermediaries or to
the relevant central registration bank.
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The proposed terms and conditions of the OCA are at the disposal of the Bondholders as from the date of publication
of the present notice, at the registered office of the Company upon request or downloaded from the Company's website
at www.orcogermany.de or ultimately upon request to the financial intermediaries or to the relevant central registration
bank.
The proposed terms and conditions of the mandate given to Augustin Capital Management Ltd are at the disposal of
the Bondholders as from the date of publication of the present notice, at the registered office of the Company upon
request or downloaded from the Company's website at www.orcogermany.de or ultimately upon request to the financial
intermediaries or to the relevant central registration bank.
Copies of the Prospectus, the articles of association of the Company and the proposed terms and conditions of the
OG Conversion are available on the Company's website at www.orcogermany.de and at the registered office of the
Company upon request.
The board of directors of the Company would like to point out that for Bondholders whose ownership is directly or
indirectly recorded in the Bond registry of the Company, the conditions for attendance or representation at the Bond-
holders Meeting are as follows:
1. Conditions for personal attendance
<i>(i) Bondholders whose ownership is indirectly recorded in the bond registry of the Company
i>Bondholders whose ownership is indirectly recorded in the bond registry of the Company and who elect to attend
the Bondholders Meeting in person must use their usual applicable contacting method for informing their financial inter-
mediary, with whom their OG Bonds are on deposit, accordingly. They must further request their financial intermediary,
with whom their OG Bonds are on deposit, to send a Bondholders blocking certificate (the "Bondholders blocking
certificate") for their OG Bonds to the relevant central registration bank no later than 5 business days prior to the
Bondholders Meeting.
Such blocking certificate must indicate clearly the precise identity of the Bondholder, the number of OG Bonds being
blocked, the date such OG Bonds are being blocked, which must be no later than May 2, 2012 and a statement that the
relevant OG Bonds are registered in the local bank or brokers records in the holder's name and shall be blocked until
the close of the Bondholders Meeting.
The Bondholders must bring a copy of the Bondholders blocking certificate to the Bondholders Meeting.
The Bondholders shall also announce their intention to participate at the Bondholders Meeting by completing, signing,
dating and returning on May 2, 2012 at the latest to the relevant central registration bank or to the Company (C/O "Orco
Germany S.A., 42, rue de la Vallée, L-2661 Luxembourg, to Mr. Christophe Le Priol or Mrs. Françoise de Jongh, départe-
ment juridique"), the Bondholders participation form that can be obtained at the registered office of the Company upon
request or downloaded from the Company's website at www.orcogermany.de or ultimately upon request to the financial
intermediaries or the relevant central registration bank.
<i>(ii) Bondholders whose ownership is directly recorded in the bond registry of the Company
i>Bondholders whose ownership is directly recorded in the bond registry of the Company, shall announce their intention
to participate to the Bondholders Meeting by completing, signing, dating and returning on May 2, 2012, at the latest to
the relevant central registration bank or to the Company (C/O "Orco Germany S.A., 42, rue de la Vallée, L-2661 Lux-
embourg, to Mr. Christophe Le Priol or Mrs. Françoise de Jongh, département juridique") the Bondholders participation
form that can be obtained at the registered office of the Company upon request or downloaded from the Company's
website at www.orcogermany.de or ultimately upon request to the financial intermediaries or the relevant central reg-
istration bank.
2. Conditions for proxy voting or granting a mandate
<i>(i) Bondholders whose ownership is indirectly recorded in the bond registry of the Company
i>Bondholders whose ownership is indirectly recorded in the bond registry of the Company and who are unable to
attend the Bondholders Meeting in person, may give a voting instruction to a third party that the Bondholder designates.
Prior to giving voting instructions to a proxy, this Bondholder must a) have obtained and delivered to the relevant
central registration bank the Bondholders blocking certificate described above (see "Conditions for personal attendance"),
and b) complete, sign and date the Bondholders participation form that can be obtained at the registered office of the
Company upon request or downloaded from the Company's website at www.orcogermany.de or ultimately upon request
to the financial intermediaries or the relevant central registration bank, indicating the name of the proxy.
The completed, signed and dated Bondholders participation form must be returned to the relevant central registration
bank or to the Company (C/O "Orco Germany S.A., 42, rue de la Vallée, L-2661 Luxembourg, to Mr. Christophe Le Priol
or Mrs. Françoise de Jongh, département juridique") on May 2, 2012, at the latest, in order to have that name recorded
on the registration list of the Bondholders Meeting.
If a Bondholder wishes to be represented by a proxy other than the Chairman of the Bondholders Meeting, then this
holder must (a) have obtained and delivered to the relevant central registration bank the Bondholders blocking certificate
described above (see "Conditions for personal attendance"), and (b) complete, sign and date the Bondholders participation
form that can be obtained at the registered office of the Company upon request or downloaded from the Company's
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website at www.orcogermany.de or ultimately upon request to the financial intermediaries or the relevant central reg-
istration bank, indicating the name of the proxy. The completed, signed and dated Bondholders participation form must
be returned to the relevant central registration bank or to the Company (C/O "Orco Germany S.A., 42, rue de la Vallée,
L-2661 Luxembourg, to Mr. Christophe Le Priol or Mrs. Françoise de Jongh, département juridique") on May 2, 2012, at
the latest, in order to have that name recorded on the registration list of the 2012 Bondholders Meeting.
Bondholders who have obtained the Bondholders blocking certificate and have executed a Bondholders participation
form but who wish to revoke such proxy may do so at any time by timely delivering a properly executed, later dated
participation form no later than May 2, 2012, at the latest, or by properly attending and voting in person at the Bondholders
Meeting.
Simply attending the Bondholders Meeting without voting will not revoke the proxy.
<i>(ii) Bondholders whose ownership is directly recorded in the bond registry of the Company.
i>Bondholders whose ownership is directly recorded in the bond registry of the Company must complete, sign and date
the Bondholders participation form that can be obtained at the registered office of the Company upon request or down-
loaded from the Company's website at www.orcogermany.de or ultimately upon request to the financial intermediaries
or the relevant central registration bank.
The completed, signed and dated Bondholders participation form must be returned to the relevant central registration
bank or to the Company (C/O "Orco Germany S.A., 42, rue de la Vallée, L-2661 Luxembourg, to Mr. Christophe Le Priol
or Mrs. Françoise de Jongh, département juridique") on May 2, 2012, at the latest.
3. Request for information and central registration banks
Bondholders looking for more information can do so by:
<i>(i) contacting the Company's services directly:
i>* At the registered office of the Company- Legal Department
Tel.: +352 26 47 67 1
Fax.: +352 26 47 67 67
<i>(ii) contacting one of the central registration banks :
i>* For OG Bonds that are included in the Clearstream Banking or Euroclear Bank system and that are admitted to
trading on the Euro MTF:
BNP Paribas Security Services - Lucie Maiore, Rudolf Voigtlander
33 rue Gasperich Howald,
Hesperange L-2085, Luxembourg
Tel: +352 26 96 23 89, +352 26 96 62 445
lux.ostdomiciliees@bnpparibas.com
Luxembourg, April 20, 2012.
<i>The Board of directors of the Company.i>
ANNEX A:
PROPOSED TERMS AND CONDITIONS OF THE OG CONVERSION
The OPG Bonds:
OPG has issued following bond issues (each a "Tranche"), all of which are subject to the terms and conditions of the
plan de sauvegarde of OPG as approved by the Paris Commercial Court on 19 May 2010 (the "Plan de Sauvegarde"):
* € 50,272,605.30 OBSAR 1 bonds issued by OPG on 18 November 2005 (ISIN - FR0010249599, "OPG Bonds 2010");
* CZK 300,000,000.00 Czech Bonds issued by OPG on 3 February 2006 (ISIN - CZ0000000195, "OPG Bonds 2011").
* € 149,999,928.00 Convertible Bonds issued by OPG on 1 June 2006 (ISIN - FR0010333302 , "OPG Bonds 2013");
* € 175,000,461.60 OBSAR 2 bonds issued by OPG on 28 March 2007 (ISIN - XS0291838992 / XS0291840626, "OPG
Bonds 2014"); and
* € 24,169,193.39 Exchangeable Bonds in Suncani Hvar Shares issued by OPG on 30 June 2005(ISIN - XS0223586420,
"OPG Bonds 2012").
together, the "OPG Bonds" and holders thereof, "OPG Bondholders".
The OPG Bonds are deemed to correspond to an aggregate amount of €548.5m (the "Claim") for the sole purpose
of the Transaction and only if the Transaction is fully implemented.
The OG Bonds:
€ 100,100,052 five-year bonds issued by OG as per a prospectus dated 24 May 2007 (ISIN - XS0302623953, the "OG
Bonds" and holders thereof, "OG Bondholders"). The OG Bonds correspond to a global amount of €129.1 million in-
cluding accrued interests and reimbursement premium. To such OG Bonds were attached warrants registered under
ISIN code XS0302626899 (the "OG Warrants", and holders thereof the "OG Warrantholders").
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Overview of the Transaction:
The transaction (the "Transaction") proposed by an ad-hoc committee of OPG Bondholders representing approxi-
mately 1/3 of the nominal value of the OPG Bonds (the "OPG Committee Bondholders") and approximately 60.7% of
the OG Bondholders (the "OG Committee Bondholders") contemplates a restructuring launched by OPG whereby :
* the OPG Bonds would be exchanged for a consideration consisting of (i) newly issued common shares (the "Shares")
of OPG and (ii) new debt instruments (the "OPG Transaction"); and
* the OG Bonds would be exchanged for a consideration consisting of (i) new bonds to be issued by OPG and
convertible into shares of the Company, OG shares or cash (the "OCA") and (ii) new debt instruments (the "OG Trans-
action").
I. IMPLEMENTATION OF THE TRANSACTION
1. THE PROPOSED TRANSACTION SHALL CONSIST IN:
(a) the mandatory exchange of:
(i) with respect to the OPG Bonds, 89.9% of the number of the OPG Bonds held by each holder of each Tranche (i.e.
each Tranche having approved the Transaction) for new OPG Shares to be issued upon a decision of the extraordinary
general meeting ("EGM") of the shareholders of OPG (the "OPG Equity Consideration"), it being specified that, subject
to the conditions set out below, the mandatory exchange will not be carried out for any Tranche unless it is carried out
for, at least, the OPG Bonds 2010, the OPG Bonds 2013 and the OPG Bonds 2014 Tranches;
(ii) with respect to the OG Bonds, 84.5% of the number of the OG Bonds held by each holder for the Convertible
Bonds to be issued upon a decision of the board of directors of OPG (the "OG Equity Consideration"); and
(b) the exchange, on a voluntary basis, of:
(i) the remaining OPG Bonds of each Tranche, after the mandatory exchange of which as referred to in I.1 (a) (i) above
has been performed, against new bonds to be issued by OPG within the framework of a public exchange offer (the "OPG
New Notes Consideration"). Any outstanding OPG Bonds not exchanged on a voluntary basis shall retain the terms and
conditions as per the Plan de Sauvegarde;
(ii) the remaining OG Bonds, after the mandatory exchange as referred to in I.1 (a) (ii) above has been performed,
against new bonds to be issued by OPG within the framework of a public exchange offer (the "OG New Notes
Consideration").The terms and conditions of any outstanding OG Bonds not exchanged on a voluntary basis shall be
amended to have their maturity postponed to 2050 and their interest rate lowered to 0.5% per annum with effect
immediately after the closing of the public exchange offer.
1.1 The OPG Equity Consideration
Size of Share Issue:
65,000,000 OPG Shares for a value of EUR 493.3 million.
Subscribers to the Shares Issue:
OPG Bondholders will be reserved the subscription to the Shares by way of exchange with their OPG Bonds.
For all Tranches, the ratio for the exchange of OPG Bonds for new Shares in accordance with clause I (a) (i) above
shall be defined pro rata of the portion of the Claim allocated to each relevant Tranche taking into account possible
rounding differences.
Documentation:
A documentation shall be established for the purpose of the share issue and/or the admission of the Shares to trading
and in particular a prospectus which shall be drafted in accordance with the provisions of Luxembourg law dated 10 July
2005 on prospectuses for securities (the "Prospectus Law") and approved by the competent authority (the Commission
de Surveillance du Secteur Financier, the "CSSF").
Timing of exchange
The exchange of OPG Bonds for new Shares shall occur on or after the date on which the CSSF has approved the
prospectuses relating to the Shares and the New Notes. This condition is stipulated to the benefit of the OPG Bondholders
and may be waived by a decision of the relevant general meetings of the OPG Bondholders.
Listing of the shares
OPG shall take all necessary steps and use its best efforts to obtain, as soon as practicable, the admission to listing, on
the regulated markets on which OPG's ordinary shares are currently listed, of the shares to be issued or delivered in
connection with the OPG Equity Consideration and will use its best efforts to maintain such admissions to listing.
1.2 The OG Equity Consideration
1. Main terms of the OCA
84.5% of the number of the OG Bonds shall convert for their total nominal amount, accrued interest and reimburse-
ment premium (EUR 109.1 million) into OCA two business days after the date on which the meetings of the holders of
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OPG Bonds 2010, OPG Bonds 2013 and OPG Bonds 2014 are held to resolve on the OPG Transaction and have approved
the OPG Transaction at the relevant majority (the "OCA Issue Date").
If this condition is not met by 18 May 2012, the decision of the OG Bondholders to convert their OG Bonds into
OCA shall lapse and OPG shall issue at the latest on 21 May 2012 the convertible bonds the issue of which was decided
on 5 April 2012 by the OG Bondholders, it being acknowledged that in such case the "OPG Bond Conversion Condition"
set out in the terms and conditions of the convertible bonds approved by the OG Bondholders on 5 April 2012 shall be
irrevocably deemed to not have been met.
The OCA are convertible as follows:
First Payment: OCA in an aggregate amount of EUR 76,000,000 are converted into 18,361,548 OPG Shares no later
than 22 May 2012;
Second Payment: up to 28 September 2012 (28 September 2012 being referred to as the "Exchange Date"), the OCA
in an aggregate amount of EUR 33,129,067 (the "Second Payment Amount")
(a) up to 16 July 2012, can be repaid, at the option of OPG, in full but not in part, by OPG, in cash in immediately
available funds; for the avoidance of doubt, in the event OPG elects to repay in cash but fails to make such payment, OPG
shall be deemed not to have elected to make such cash payment and the OCA shall convert into shares as provided
below; it being specified that in case OPG elects to repay in cash the OCA as set forth in this paragraph (a), then OG
shall repay in cash the remaining outstanding OG Bonds in immediately available funds in an amount of EUR 872.04 per
one OG Bond;
or
(b) up to 28 September 2012, can be converted into OPG shares, representing a total number of 7,848,081 OPG
shares, as decided by a meeting of the OCA holders (at a majority vote of 50% plus 1 OCA of all the OCA outstanding).
On the Exchange Date, and provided they have not already been repaid in cash in immediately available funds or
converted pursuant the paragraph above, the OCA in an aggregate amount equal to the Second Payment Amount, shall
be converted into shares as follows:
(i) if and provided that (x) the OPG Bond Conversion Condition is met three (3) business days prior to the Exchange
Date (the "Longstop Date") and that (y) in accordance with paragraph 5.2(c) of this Annex and provided that OPG has
filed in due course all necessary court papers for the hearing scheduled on 14 May 2012, the Paris Commercial Court
has approved, on or before the Longstop Date, the amended terms of the Plan de Sauvegarde in order to enable the
implementation of the substance of the Transaction, it being agreed that such Longstop Date shall be extended pro rata
if the court hearing scheduled on 14 May 2012 is postponed or reconvened for whatever reason (the "Court Approval
Condition"), then the OCA shall be converted into OPG shares, representing a total number of 7,848,081 OPG Shares;
(ii) if and provided (x) the OPG Bond Conversion Condition is not met on the Longstop Date or (y) the Court Approval
Condition is not met on the Longstop Date as such Longstop Date may be extended pursuant to section I 1.2 1 (b)(i)(y)
above, the OCA shall, as decided by the meeting of the OCA holders (at a majority vote of 50% plus 1 OCA of all the
OCA outstanding), be converted into either:
o OPG shares representing a total number of 7,848,081 OPG Shares; or
o OG shares in a number representing, on the Exchange Date and after completion of the OG Bond Equitization (as
defined below) and the Nominal Value Reduction (as defined below), 55% of the share capital and voting rights of OG
on a fully diluted basis, it being specified that, in the event OPG elects not to repay the OCA in cash, the election decision
of the OCA holders referred to in this paragraph shall not be required to be made by 21 September 2012 but can be
extended as necessary to allow for proper notice period, quorum, and majority decision of the OCA holders' meeting
to be taken in accordance with applicable laws (in which case, the Exchange Date shall be postponed accordingly).
If the OCA converts into 55% of OG shares in accordance with the above provisions, only those OCA holders who
have remitted to OPG (i) their OCA and (ii) their remaining OG Bonds shall receive their pro rata number of OG shares
calculated on the basis of the number of OCA and remaining OG Bonds remitted by them, it being specified that the total
of all remaining OCA and OG Bonds shall equal 55% of the OG shares.
Prior to the Second Payment, OPG shall :
- vote at the relevant shareholders' meeting of OG resolving the OG Bonds Equitization in favor of a reduction of the
nominal value of each share issued by OG (the "Nominal Value Reduction");
- convert the EUR 109.1 million including the accrued coupons of OG Bonds that OPG holds into additional new
shares of OG in a number which shall be determined on the basis of the volume weighted average price of OG shares
on the main market of the Frankfurt stock exchange over a period of 6 (six) months prior to 20 March 2012 (the "OG
Bonds Equitization").
The Longstop Date may be extended at the request of OPG provided that such extension has been agreed by a decision
of the OCA holders (taken in accordance with the quorum and majority requirements provided for by law in a meeting
of OCA holders convened and held prior to 21 September 2012).
2. Listing of the OPG shares / OG shares
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OPG and OG shall take all necessary steps and use their best efforts to obtain, the admission to listing, on the regulated
markets on which OPG's and OG ordinary shares are currently listed, of the OPG or OG shares to be issued or delivered
upon conversion of the OCA as soon as possible after the issue of the OCA, and will use their best efforts to maintain
such admission to listing.
3. Condition for the conversion of the OCA under the First Payment
The conversion of the OCA into OPG Shares under the First Payment shall occur as soon as possible after, and at the
latest on the third business day following, the OCA Issue Date.
4. Condition for the conversion of the OCA under the Second Payment
The conversion of the OCA into OPG Shares under the Second Payment, as the case may be, shall occur on or after
the date on which the CSSF has approved the prospectuses relating to such OPG Shares and the New Notes. This
condition is stipulated to the benefit of the OCA holders and may be waived by a decision of the general meeting of the
OCA holders no later than 13 July 2012 (at a majority vote of 50% plus 1 OCA of all the OCA outstanding), in which
case the OPG Shares shall be issued at the date decided by such general meeting of OCA holders.
5. The OPG Bond Conversion Condition
"OPG Bond Conversion Condition" means the approval of the OPG Transaction as described in this Annex at the
relevant majority by the general meetings of the OPG Bondholders holding the OPG Bonds 2010, OPG Bonds 2013 and
OPG Bonds 2014.
6. Transfer Restrictions / Listing of the OCA
The OCA shall not be negotiable on the capital markets and shall not be offered to the public.
The OCA shall not be listed and/or admitted to trading on any stock exchange within the European Economic Area
nor on a stock exchange outside the European Economic Area.
7. Status of the OCA:
The OCA shall constitute direct, general and unconditional obligations of OPG which will at any time rank pari passu
among themselves and at least pari passu with all the other present and future unsecured obligations of OPG, save for
such obligations as may be preferred by provisions of law that are both mandatory and of general application.
8. Interest:
The OCA shall bear an interest per year of 0.01% (the "Interest") from, and including, the issue date until, and including,
the Exchange Date, calculated on the basis of a year of 360 days. The Interest shall be paid by OPG in one instalment on
the date of the Second Payment.
For the avoidance of doubt, the First Payment Amount shall bear no interest.
9. Security:
The OCA holders shall benefit, as from the issue date, from a lien over 55% of all shares issued by OG and held by
OPG as collateral in a separate securities account that shall be pledged to the benefit of the OCA holders for (i) the
repayment in cash of the OCA, if any, and (ii) the conversion of the OCA into OG shares, if any, in accordance with the
provisions above; it being agreed that this pledge shall not secure the conversion of the OCA into OPG shares.
10. Applicable Law:
Luxembourg Law
1.3 The New Notes Consideration
The OPG New Notes Consideration and the OG New Notes Consideration (together, the "New Notes Consider-
ation") shall have the same terms.
1. Issuer:
Orco Property Group SA (the "Company" or "OPG").
2. Issue Date of the New Notes:
After the granting of the authorisation by the Commercial Court of Paris pursuant to the Plan de Sauvegarde to proceed
to such public exchange offer and promptly after closing of the offer period of the public exchange offer which shall begin
after approval by the CSSF of the terms and conditions of the exchange public offer, such approval being scheduled to
occur upon closing of the OPG Equity Consideration and the OG Equity Consideration transactions.
In the case where (i) the mandatory exchange of the OG Bonds as referred to in paragraph I.1 (a)(ii) of this Annex
has been performed and (ii) the mandatory exchange of the OPG Bonds as referred to in paragraph I.1 (a)(i) of this Annex
has not been performed, on or before 30 September 2012, this shall not prevent the voluntary public exchange offer
referred to above being opened to the holders of OG Bonds.
It being specified that the voluntary public exchange offer as referred to above shall not be offered to the OG Bond-
holders in the case (i) where the OCA are repaid in cash by OPG in accordance with paragraph I 1.2 1(a) of this Annex
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or (ii) where the OCA holders would have elected to obtain OG shares in accordance with paragraph I 1.2 1(b)(ii) of
this Annex.
In the case where (i) the mandatory exchange of the OPG Bonds as referred to in paragraph I.1 (a)(i) of this Annex
has been performed and (ii) the mandatory exchange of the OG Bonds as referred to in paragraph I.1 (a)(ii) of this Annex
has not been performed, on or before 30 September 2012, this shall not prevent the voluntary public exchange offer
referred to above to be opened to the holders of the OPG Bonds.
3. Nominal Amount:
The OPG Bondholders and the OG Bondholders who accept the proposed exchange referred to in paragraph I.1 (b)
of this Annex will receive new debt instruments (the "New Notes"), in exchange for their residual OPG Bonds or OG
Bonds, as the case may be, post completion of the mandatory exchange referred to in paragraph I.1 (a) of this Annex.
The proposed amount of the New Notes to be issued assuming 100% participation by the OPG Bondholders and the
OG Bondholders to the voluntary exchange offer shall be of up to, respectively:
- as regards the OPG bondholders, EUR 55.2 million (such amount shall be adjusted to take into account the final size
of the Share issue under the OPG Equity Consideration after rounding);
- as regards the OG bondholders, EUR 20 million (such amount shall be adjusted to take into account the final size of
the OCA issue under the OG Equity Consideration after rounding).
4. Security:
None.
5. Maturity:
28 February 2018 (the "Maturity Date").
6. Coupon:
The New Notes will bear a coupon per annum of
- 5% cash plus 5% PIK, as long as more than 75% of the Nominal Amount remain outstanding
- 4% cash plus 4% PIK, as long as more than 50% but no more than 75% of the Nominal Amount remain outstanding
- 4% cash plus 3% PIK, as long as no more than 50% of the Nominal Amount remain outstanding
The PIK element of the coupon shall, subject to the provisions of article 1154 of the Luxembourg civil code, be
compounding annually from the Issue Date until the Maturity Date and remains subject to the issuance by OPG of a
capitalisation notice each year in relation to interest accrued and due for more than 1 year; if such notice is not refused
by the holders of the New Notes within a period to be agreed in the final documentation, then it will deemed to be
accepted by them.
7. Amortisation Dates:
28 February 2015: 25% of the Nominal Amount;
28 February 2016: 25% of the Nominal Amount;
28 February 2017: 25% of the Nominal Amount;
28 February 2018: The outstanding principal amount of the New Notes.
8. Redemption:
In cash only at the Amortisation Dates.
9. Mandatory Prepayment on Asset Disposals:
OPG will procure that 25% of the Net Proceeds (as defined below) received from the earlier of (i) 30 June 2012
onwards and (ii) the Issue Date of the New Notes, by OPG or any of its subsidiaries as a result of the disposal of the
following assets is applied in prepayment of the New Notes (the "Prepaid Amounts"):
* Fillion Shopping Center
* Radio Free Europe
* Vaci 1
* CEE Hotels (including Pachtuv Palace)
* Na Porici
* Hradcanska
* Diana Office
* Capellen
* Stribro
* Marki
* Vaci 188
* Paris Department Store
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* Zlota (only upon completion of project development)
* Molcom (any part of the deferred payment amount in excess of EUR 20m and any earn-out component)
* Sky Office, to the extent such proceeds are not applied to the GSG refinancing
The Prepaid Amounts should reduce the upcoming payments due as per the Amortisation Dates in straight chrono-
logical order and shall be paid within 30 business days from receipt of Net Proceeds by OPG but in any case no earlier
than the Issue Date of the New Notes.
"Net Proceeds" shall mean the gross sale proceeds less (a) liabilities becoming due at disposal including bank cash
sweep, (b) disposal expenses and (c) taxes becoming due at disposal.
10. Other Terms and Conditions:
The terms and conditions of the New Notes will include customary provisions in terms of events of default, covenants,
negative pledge provisions and applicable law, including the following:
Applicable law: Luxembourg law.
Status of New Notes: direct, unconditional, and unsubordinated obligations ranking pari passu.
Negative Pledge
1
: Only on OPG S.A. level (excluding the share pledge on 55% of all shares issued by OG for the
benefit of the OCA holders as referred to above)
Incurrence of Financial Indebtedness:
- limitation on the incurrence of new indebtedness by OPG subsidiaries such that LTV is not in excess of 65% (excluding
any refinancing of any existing indebtedness)
- limitation on the incurrence of new indebtedness by OPG S.A. and OG SA in excess of EUR 5 million (excluding any
refinancing of any existing indebtedness)
Early redemption in case of Event of Default:
Grace periods:
- payment default (principal, interest or any other amount in respect of the New Notes): 5 business days
- default in relation to any other obligations: 30 days
Enforcement action provision.
Cross-default : no cross-default provision.
The New Notes shall not be due if OPG remedies the situation no later than the day preceding the general meeting
of the holders of the New Notes resolving on the occurrence of an Event of Default.
Early redemption at Company's discretion: at any time at 100% of the Nominal Amount.
Repurchase of New Notes by OPG on secondary market: at any time at arm's length terms subject to New Notes
repurchased being cancelled as soon as possible thereafter. For the avoidance of doubt, New Notes repurchased by OPG
will not qualify for the Mandatory Prepayment on Asset Disposals referred to above;
Representation of the noteholders: the noteholders will be represented and the general meetings of noteholders will
be organized in accordance with the provisions of articles 86 to 94-8 of the Luxembourg act dated 10 August 1915 on
commercial companies, as amended.
Restrictions on transfer of New Notes: none.
Save as otherwise provided in this Annex, the terms and conditions of the New Notes will be similar to those of the
OPG Bonds.
11. Documentation:
A prospectus for the public offer of the New Notes will have to be drafted in accordance with the provisions of the
Prospectus Law. This prospectus will also have to be approved by the CSSF.
An exchange offer memorandum shall be drafted to inform the OPG Bondholders on the possibility to accept the
public exchange offer and the terms of the public exchange offer.
II. OTHER TERMS
2. GOVERNANCE OF OPG
2.1 Board of OPG
(a) Organisation of the board
Each member of the board shall have one voting right.
Decisions of the board shall be taken at simple majority.
Majority of the board will be held by non-executive members.
(b) Reserved Matters
Decisions to be submitted to the board of directors shall include, among others:
• Capital expenditures in excess of EUR 5m;
• Incurrence of Financial Indebtedness:
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- limitation on the incurrence of new indebtedness by OPG subsidiaries such that LTV is not in excess of 55% (excluding
any refinancing of any existing indebtedness);
- limitation on the incurrence of new indebtedness by OPG S.A. in excess of EUR 5 million (excluding any refinancing
of any existing indebtedness);
• Any merger/acquisition/disposal/joint venture operations in excess of EUR 10m;
• Any distribution of dividends;
• The issuance of new shares or equity-linked instruments;
• Appointment and removal of Chairman of the board of directors and Company's Chief Executive Officer;
• Any transactions involving OPG or any of its subsidiaries not completed on an arms-length basis.
2.2 Shareholders' meetings
OPG undertakes (i) to convene a shareholders' meeting upon request from one or several shareholders holding at
least, individually or collectively, 10% of the share capital of OPG and (ii) to add to the agenda of any shareholders' meeting
any additional point upon request from one or several shareholders holding at least, individually or collectively, 5% of the
share capital of OPG.
2.3 Standstill
OPG shall not implement any issuance of new shares or equity-linked instruments in excess of EUR 10 million or with
an issue price below EUR 5.5 per share within the period from and including 17 April 2012 to and including the date
which falls 90 calendar days following the earlier of (i) the first OPG shareholders meeting to be held following the issuance
of the OPG shares within the framework of the OPG Equity Consideration and (ii) 15 July 2012 (the "Standstill").
For the avoidance of doubt, the Standstill shall not apply to (i) the OG Equity Consideration and to the OPG Equity
Consideration nor (ii) to any share capital issue to be carried out for the purposes of the proposal to other creditors of
OPG as referred to in clause 4.2 of this Annex.
3. LOCK-UP
3.1 30% of new OPG shares to be issued in accordance with the OPG Equity Consideration and the OG Equity
Consideration will be subject to a lock-up for a period of 6 months after completion of the Transaction (the "Lock-up").
3.2 In order to prevent short selling, such new OPG shares which are subject to the Lock-up cannot be lent or
otherwise alienated to third parties as long as they are subject to the Lock-up. For the avoidance of doubt, OPG Bond-
holders and OG Bondholders are entitled amongst each other to transact or lend any new Shares that are the result of
the Transaction during the Lock-up.
4. POST-CLOSING TRANSACTIONS
4.1 Existing OPG Warrants
OPG shall hold and maintain that number of OPG Bonds of each of the OPG Bonds 2010 and OPG Bonds 2014
Tranches which are necessary to exercise the OPG warrants of the relevant Tranche (where the exercise of the OPG
warrants can be done by inter alia payment of the exercise price through the remittance of OPG Bonds) for the duration
of the exercise period of the OPG warrants, it being agreed that (i) such provision shall not affect the economic terms
of the OPG Transaction, (ii) OPG shall be under no obligation to sell any such OPG Bonds 2010 and OPG Bonds 2014,
(iii) OPG shall not sell any such OPG Bonds 2010 and OPG Bonds 2014 for any purpose other than the exercise of the
OPG warrants, (iv) any sale of such OPG Bonds 2010 and OPG Bonds 2014 shall only be made at full nominal value of
such OPG Bonds 2010 and OPG Bonds 2014 and for payment in cash only, and (v) OPG shall not sell any such OPG
Bonds 2010 and OPG Bonds 2014 to any party to the master agreement signed on 17 April 2012 related to the Trans-
action.
4.2 Proposal to other creditors of OPG
The other creditors of OPG under the Plan de Sauvegarde (suppliers, banks having exercised their guarantees vis-à-
vis OPG, other non-contingent creditors) shall be offered a transaction identical to the OPG Transaction. In order to be
able to accommodate for this offer, OPG shall propose to its EGM of shareholders respective adjustments to the au-
thorised capital. At the date of this Annex, such other creditors under the Plan de Sauvegarde represent an amount
around 18.6 million Euros.
4.3 Equitization of OG Bonds
OPG shall convert all the OG Bonds (including the accrued coupons) which will be exchanged against New Notes to
be issued within the framework of the OG New Notes Consideration, into additional new shares of OG in a number
which shall be determined on the basis of the volume weighted average price of OG shares on the main market of the
Frankfurt stock exchange over a period of 6 (six) months prior to 20 March 2012. For the avoidance of doubt, the
transaction contemplated in this paragraph shall be in addition to the OG Bonds Equitization as defined above.
5. CONDITIONALITY OF THE PROPOSED TRANSACTION
Implementation of the Transaction reflecting the terms specified herein is subject to the following further conditions:
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5.1 As regards both the OPG Transaction and the OG Transaction:
(a) Approval of the Transaction by the board of directors of OPG, and in particular the issuance of the New Notes
upon the closing of the public exchange offer, and approval by the board of directors of OG of the OG Transaction and
its implementation steps;
(b) Approval of the OG Transaction at the relevant majority by the general meeting of the OG Bondholders;
(c) Approval of the OG Transaction at the relevant majority by the general meeting of the OG Warrantholders;
(d) A réviseur d'entreprises agréé appointed by OPG has issued a report giving a description of the proposed contri-
butions as well as of the methods of valuation used and stating that the values resulting from the application of these
methods correspond at least to the number and accounting par value and the share premium of the new OPG shares to
be issued in consideration for the contribution of all of the OG Bonds within the OG Transaction.
5.2 As regards the OPG Transaction only:
(a) Approval of the OPG Transaction at the relevant majority by the general meetings of the OPG Bondholders holding
the OPG Bonds 2010, OPG Bonds 2013 and OPG Bonds 2014;
(b) Approval of the OPG Transaction by an OPG EGM deciding in particular the share capital increase of OPG in
relation to the OPG Equity Consideration;
(c) Approval by the Commercial Court of Paris to amend the terms of the Plan de Sauvegarde following a filing to be
submitted by OPG;
(d) Approval at the relevant majority by the general meetings of the OPG Bondholders holding the OPG Bonds 2010,
OPG Bonds 2013 and OPG Bonds 2014 of a resolution instructing the bondholders' representatives of the OPG Bonds
2010, OPG Bonds 2013 and OPG Bonds 2014 (a) to finally and definitively waive and withdraw the current lawsuits
initiated by the bondholder's representatives of the OPG Bonds 2010, OPG Bonds 2013 and OPG Bonds 2014 (including
the tierce opposition as well as the appeals against the supervisory judge's orders regarding the requêtes en interpreta-
tion), it being specified, for the avoidance of doubt, that the bondholders' representatives of the OPG Bonds 2010, OPG
Bonds 2013 and OPG Bonds 2014 shall be instructed to file "conclusions de désistement d'instance et d'action" in the
course of such proceedings according to the French Civil Procedure Code, only if and immediately after conditions set
out in clauses 5.1(a), 5.2(a), 5.2(b), 5.2(c), 5.2(e), 5.2(f) and 5.2(g) shall have been fulfilled and (b) not to further challenge
the judgment dated 19 May 2010 adopting the Plan de Sauvegarde;
(e) Withdrawal by OPG from any pending action, litigation or recourse against Mr. Luc Leroi in his capacity as bond-
holders' representative of any of the OPG Bonds and undertaking by OPG not to further claim from Mr. Luc Leroi in his
capacity as bondholders' representative of any of the OPG Bonds any compensation, indemnification or damages; it being
agreed that such withdrawal and undertaking are subject to the conditions set out in clauses 5.1(a), 5.2(a), 5.2(b), 5.2(c),
5.2(d), 5.2(f) and 5.2(g) being fulfilled;
(f) A réviseur d'entreprise agréé appointed by OPG has issued a report giving a description of the proposed contri-
butions of the OPG Bonds as well as of the methods of valuation used and stating that the values resulting from the
application of these methods correspond at least to the number and accounting par value and the share premium of the
new Shares to be issued within the OPG Equity Consideration.
(g) Approval by the CSSF of the prospectuses relating to the Shares and the New Notes. This condition is stipulated
to the benefit of the OPG Bondholders and may be waived by a decision of the relevant general meetings of the OPG
Bondholders.
5.3 As regards the OG Transaction only:
(a) OPG to petition the Commercial Court of Paris to amend the terms of the Plan de Sauvegarde following a filing
to be submitted by OPG in order to enable the transactions contemplated by the Convertible Bonds and the Pledge
Agreement in respect of the OG shares to be delivered thereunder, as the case may be;
(b) OPG shall have, prior to the issue of the OCA, executed and delivered to the OG Bondholders or Augustin Capital
Management Ltd, acting in the name and on behalf of the OG Bondholders, as the case may be, the pledge over OG
shares described in paragraph I 1.2 (9) of this Annex.
ANNEX B:
PROPOSED AMENDMENTS TO THE TERMS AND CONDITIONS OF THE OG BONDS
1. Interest Rate
It is proposed to the Bondholders to decrease, with immediate effect as of the date of the issuance of the OG New
Notes Consideration, as referred to in Annex A above, the current interest rate applicable to the OG Bonds from 4%
per annum to 0.5 % per annum, in compliance with the provisions of article 94-2 of the Luxembourg law of 10 August
1915 on commercial companies, as amended from time to time.
As a consequence of such amendment, the interest will be paid annually in arrears on May 30, in each year, at a fixed
rate of 0.5 % per annum. The interest will accrue on the principal amount of the OG Bonds and no additional interest
will be paid.
2. Maturity
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It is proposed to amend the current maturity date of the OG Bonds (being 30 May 2012) and to extend it as follows:
A. to 31 December 2012, with effect as of the date of the issuance of the OCA as referred to in Annex A;
B. by exception to paragraph A above and provided that OPG decides to repay the Second Payment Amount (as such
term is defined in Annex A hereto) under the OCA in cash in immediately available funds, in such case the outstanding
OG Bonds shall immediately mature at the date of such repayment and be repayable by OPG at a price of EUR 872.04
per one OG Bond;
C. to 30 May 2050 with effect as of the date of the issuance of the OG New Notes Consideration as referred to in
Annex A above.
1
The Negative Pledge provision shall be similar to the provision 4.1.5.2 of the OPG Bonds 2014 prospectus.
Référence de publication: 2012046445/585.
Immo Inter Finance S.A., Société Anonyme.
Siège social: L-1840 Luxembourg, 11B, boulevard Joseph II.
R.C.S. Luxembourg B 31.321.
Messieurs les Actionnaires sont priés d'assister à
l'ASSEMBLEE GENERALE ORDINAIRE
Qui se tiendra le <i>8 mai 2012i> à 11.00 heures dans les bureaux de l'Etude Tabery & Wauthier, 10, rue Pierre d'Aspelt,
L-1142 Luxembourg.
<i>Ordre du jour:i>
1. Rapports du Conseil d'Administration et du Commissaire aux Comptes;
2. Approbation des bilan et compte de Profits et Pertes au 31/12/2011;
3. Affectation du résultat;
4. Délibération conformément à l'article 100 de la loi fondamentale sur les sociétés commerciales telle que modifiée;
5. Décharge aux administrateurs et Commissaire aux Comptes;
6. Nominations statutaires;
7. Divers.
<i>Le Conseil d'Administration.i>
Référence de publication: 2012045970/322/19.
Doranda S.A., Société Anonyme.
Siège social: L-1471 Luxembourg, 412F, route d'Esch.
R.C.S. Luxembourg B 87.625.
Les actionnaires sont convoqués par le présent avis à
l'ASSEMBLEE GENERALE STATUTAIRE
qui aura lieu le <i>8 mai 2012i> à 11:00 heures au siège social, avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. Rapport de gestion du Conseil d'Administration et rapport du Commissaire aux comptes
2. Approbation des comptes annuels et affectation des résultats au 31 décembre 2011
3. Décharge aux Administrateurs et au Commissaire aux comptes
4. Divers
<i>Le Conseil d'Administration.i>
Référence de publication: 2012046433/795/15.
G.I. Beteiligung S.A., Société Anonyme.
Siège social: L-1114 Luxembourg, 3, rue Nicolas Adames.
R.C.S. Luxembourg B 55.517.
Messieurs les Actionnaires sont priés de bien vouloir assister à
l'ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra en date du <i>7 mai 2012i> à 18 heures au siège social avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. Lecture du rapport de gestion et du rapport du commissaire aux comptes
2. Approbation des comptes annuels et affectation des résultats au 31 décembre 2011
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3. Décharge au conseil d'administration et au commissaire aux comptes
4. Nominations statutaires
5. Divers
<i>Le Conseil d'Administration.i>
Référence de publication: 2012046435/506/16.
DJE Lux Sicav, Société d'Investissement à Capital Variable.
Siège social: L-1445 Strassen, 4, rue Thomas Edison.
R.C.S. Luxembourg B 131.326.
Die Aktionäre der DJE LUX SICAV werden hiermit zu einer
ORDENTLICHEN GENERALVERSAMMLUNG
der Aktionäre eingeladen, die am <i>8. Mai 2012i> um 11.00 Uhr in 4, rue Thomas Edison, L-1445 Luxembourg-Strassen
mit folgender Tagesordnung abgehalten wird:
<i>Tagesordnung:i>
1. Bericht des Verwaltungsrates und des Wirtschaftsprüfers
2. Billigung der Bilanz zum 31. Dezember 2011 sowie der Gewinn- und Verlustrechnung für das am 31. Dezember
2011 abgelaufene Geschäftsjahr
3. Entlastung der Verwaltungsratsmitglieder
4. Wahl oder Wiederwahl der Verwaltungsratsmitglieder und des Wirtschaftsprüfers bis zur nächsten Ordentlichen
Generalversammlung
5. Verwendung der Erträge
6. Verschiedenes
Die Punkte auf der Tagesordnung unterliegen keiner Anwesenheitsbedingung und die Beschlüsse werden durch die
einfache Mehrheit der abgegebenen Stimmen gefasst. Grundlage für die Beschlussmehrheit sind die am fünften Tag vor
der Ordentlichen Generalversammlung (Stichtag) im Umlauf befindlichen Aktien gem. Art. 26 des Gesetzes vom 17.
Dezember 2010 über Organismen für gemeinsame Anlagen.
Aktionäre, die ihren Aktienbestand in einem Depot bei einer Bank unterhalten, werden gebeten, ihre Depotbank mit
der Übersendung einer Depotbestandsbescheinigung, die bestätigt, dass die Aktien bis nach der Generalversammlung
gesperrt gehalten werden, an die Gesellschaft zu beauftragen. Die Depotbestandsbescheinigung muss der Gesellschaft
fünf Tage vor der Generalversammlung vorliegen.
Entsprechende Vertretungsvollmachten können bei der Domizilstelle der DJE LUX SICAV (DZ PRIVATBANK S.A.)
unter Telefon 00352/44 903 - 4025, Fax 00352/44 903 - 4506 oder E-Mail directors-office@dz-privatbank.com angefor-
dert werden.
Luxembourg, im April 2012.
<i>Der Verwaltungsrati> .
Référence de publication: 2012046432/755/31.
Industrial Properties S.A., SPF, Société Anonyme - Société de Gestion de Patrimoine Familial.
Siège social: L-1471 Luxembourg, 412F, route d'Esch.
R.C.S. Luxembourg B 11.522.
Messrs Shareholders are hereby convened to attend the
ANNUAL GENERAL MEETING
which will be held on <i>May 10, 2012i> at 10.00 a.m. at the registered office, with the following agenda:
<i>Agenda:i>
1. Submission of the management report of the Board of Directors and the report of the Statutory Auditor
2. Approval of the annual accounts and allocation of the results as at December 31, 2011
3. Discharge of the Directors and Statutory Auditor
4. Miscellaneous.
<i>The Board of Directors.i>
Référence de publication: 2012046436/795/15.
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I.S.T. Internationale Spedition und Transport S.A. SPF, Société Anonyme - Société de Gestion de Patri-
moine Familial.
Siège social: L-1114 Luxembourg, 3, rue Nicolas Adames.
R.C.S. Luxembourg B 14.213.
Messieurs les Actionnaires sont priés de bien vouloir assister à
l'ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra en date du <i>9 mai 2012i> à 11 heures au siège social avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. Lecture du rapport de gestion et du rapport du commissaire aux comptes
2. Approbation des comptes annuels et affectation des résultats au 31 décembre 2011
3. Décharge au conseil d'administration et au commissaire aux comptes
4. Nominations statutaires
5. Divers
<i>Le Conseil d'Administration.i>
Référence de publication: 2012046437/506/17.
Marlo S.A., Société Anonyme.
Siège social: L-1114 Luxembourg, 3, rue Nicolas Adames.
R.C.S. Luxembourg B 103.942.
Messieurs les Actionnaires sont priés de bien vouloir assister à
l'ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra en date du <i>7 mai 2012i> à 11.00 heures au siège social avec l'ordre du jour suivant:
<i>Ordre du jour:i>
1. Lecture du rapport de gestion et du rapport du commissaire aux comptes
2. Approbation des comptes annuels et affectation des résultats au 31 décembre 2011
3. Décharge au conseil d'administration et au commissaire aux comptes
4. Nominations statutaires
5. Divers
<i>Le Conseil d'Administration.i>
Référence de publication: 2012046439/506/16.
Red Pepper Lux, Société Anonyme.
Siège social: L-8821 Koetschette, 10, Riesenhaff.
R.C.S. Luxembourg B 97.185.
L'an deux mil douze, le vingt-neuf février,
Par-devant Maître Anja HOLTZ, notaire de résidence à Wiltz.
S'est réunie l'assemblée générale extraordinaire des actionnaires de la société anonyme RED PEPPER LUX, avec siège
social à L-9570 Wiltz, 45, Grand Rue constituée suivant acte reçu par le notaire Léonie GRETHEN, alors de résidence à
Rambrouch, en date du 06 février 2002, publié au Mémorial C, Recueil des Sociétés et Associations, le 12 juin 2002
numéro 891.
inscrite au registre du commerce et des sociétés Luxembourg B 97.185.
L'assemblée est ouverte à 11.15 heures et sous la présidence de Monsieur Didier PONCELET, administrateur délégué,
demeurant à B-6600 Bastogne, 6, chaussée d'Arlon
Qui fait également office de scrutateur,
qui désigne comme secrétaire Madame Geneviève BERTRAND, employée privée, demeurant à B-6983 La Roche-en-
Ardenne, Mousny 45,
Le bureau ainsi constitué, le Président expose et prie le notaire instrumentant d'acter:
I. Que la présente assemblée générale extraordinaire a pour
<i>Ordre du jour :i>
1. Modifier les statuts de la société pour pouvoir être gérée par un administrateur unique
2. Modification du siège social de la société pour le transférer de Wiltz à Koetchette
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II. Les actionnaires présents ou représentés, les mandataires des actionnaires représentés et le nombre d'actions qu'ils
détiennent sont renseignés sur une liste de présence. Cette liste de présence, après avoir été signée "ne varietur" par les
actionnaires présents, les mandataires des actionnaires représentés ainsi que par les membres du bureau et le notaire
instrumentant, restera annexée aux présentes, avec lesquelles elle sera enregistrée.
III. Que l'intégralité du capital social étant présente ou représentée à la présente assemblée, il a pu être fait abstraction
des convocations d'usage, les actionnaires présents ou représentés se reconnaissant dûment convoqués et déclarant par
ailleurs avoir eu connaissance de l'ordre du jour qui leur a été communiqué au préalable.
IV. Que la présente assemblée, réunissant l'intégralité du capital social, est constituée régulièrement et peut valablement
délibérer, telle qu'elle est constituée, sur les points de l'ordre du jour.
Ces faits étant reconnus exacts par l'assemblée, le Président expose les raisons qui ont amené le conseil d'adminis-
tration à proposer les points figurant à l'ordre du jour.
L'assemblée générale, après avoir délibéré, prend à l'unanimité des voix, les résolutions suivantes:
<i>Première résolutioni>
L'assemblée décide d'adapter les statuts pour lui permettre d'être gérée par un administrateur unique, et remplace en
conséquence les articles 5, 6, 11 et 12 comme suit:
" Art. 5. Administration - Composition - Durée - Vacance
La société est administrée par un conseil d'administration. Si la société ne comporte qu'un associé unique le conseil
d'administration peut être composé par un seul administrateur. Dès que l'assemblée générale constate l'existence de plus
d'un associé il y aura lieu de nommer un conseil d'administration composé de trois membres au moins.
Les administrateurs seront nommés par l'assemblée générale des actionnaires, qui déterminera leur nombre, pour une
durée qui ne peut dépasser six ans et ils resteront en fonction jusqu'à ce que leurs successeurs soient élus. Ils sont
rééligibles et ils peuvent être révoqués à tout moment par l'assemblée générale, avec ou sans motif.
Lorsqu'une personne morale est nommée administrateur, celle-ci est tenue de désigner un représentant permanent
chargé de l'exécution de cette mission au nom et pour le compte de la personne morale. Ce représentant est soumis
aux mêmes conditions et encourt la même responsabilité civile que s'il exerçait cette mission en nom et pour son propre
compte, sans préjudice de la responsabilité solidaire de la personne morale qu'il représente. Celle-ci ne peut révoquer
son représentant qu'en désignant simultanément son successeur.
Le nombre des administrateurs ainsi que leur rémunération sont fixés par l'assemblée générale de la société.
En cas de vacance d'un ou plusieurs postes d'administrateurs pour cause de décès, démission ou toutes autres causes,
il sera pourvu à leur remplacement par le conseil d'administration conformément aux dispositions de la loi. Dans ce cas,
l'assemblée générale, ratifiera la nomination à sa prochaine réunion.
Art. 6. Pouvoirs - Présidence - Quorum - Gestion journalière
L'administrateur unique exerce les fonctions dévolues au conseil d'administration.
Le conseil d'administration peut choisir parmi ses membres un président. En cas d'empêchement du président, l'ad-
ministrateur désigné à cet effet par les administrateurs présents, le remplace.
Le conseil ne peut valablement délibérer et statuer que si la majorité de ses membres est présente ou représentée, le
mandat entre administrateurs étant admis sans qu'un administrateur ne puisse représenter plus d'un de ses collègues.
Pour le calcul du quorum, sont réputés présents les administrateurs qui participent à la réunion du conseil d'adminis-
tration, les personnes qui assistent par visioconférence ou des moyens de télécommunication permettant leur identifi-
cation. Ces moyens doivent satisfaire à des caractéristiques techniques garantissant une participation effective à la réunion
dont les délibérations sont retransmises de façon continue. Pareille réunion est réputée se dérouler au siège de la société.
Les administrateurs peuvent émettre leur vote sur les questions à l'ordre du jour par lettre, télécopie, télégramme ou
tout autre moyen de télécommunication informatique.
Une décision prise par écrit, approuvée et signée par tous les administrateurs produira effet au même titre qu'une
décision prise à une réunion du conseil d'administration.
Toute décision du conseil est prise à la majorité simple des voix. En cas de partage, la voix de celui qui préside la
réunion est prépondérante.
Art. 11. Pouvoir
L'assemblée générale des actionnaires a les pouvoirs les plus étendus pour faire ou ratifier tous les actes qui intéressent
la société. Elle décide de l'affectation et de la distribution du bénéfice net.
La société peut, en tout temps, créer et émettre des bons ou obligations hypothécaires ou autres, par décision de
l'administrateur unique ou du conseil d'administration. Toutefois, les obligations convertibles ou avec droit de souscription
ne peuvent être émises qu'en vertu d'une décision de l'assemblée générale délibérant comme en matière de modifications
aux statuts.
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Art. 12. Acompte sur dividendes
Sous réserve des dispositions de l'article 72-2 de la loi du 24 avril 1983 et avec l'approbation du commissaire aux
comptes de la société, l'administrateur unique ou le conseil d'administration est autorisé à procéder à un versement
d'acomptes sur dividendes."
<i>Deuxième résolutioni>
La société est désormais engagée par la signature de l'administrateur unique.
<i>Troisième résolutioni>
L'assemblée décide de transférer le siège de la société de Wiltz à L-8821 Koetschette, Zone Industrielle, Riesenhaff
10 et modifie en conséquence l'article 1 alinéa 2 des statuts comme suit:
" Art. 1
er
. (Alinéa 2)
Le siège social de la société est établi à Koetschette."
Plus rien ne figurant à l'ordre du jour, la présente assemblée a été clôturée à 11.45 heures.
<i>Fraisi>
Le montant des dépens, frais, rémunérations et charges de toutes espèces qui incombent à la société ou qui sont mis
à sa charge à raison du présent acte s'élèvent approximativement à 950,- EUR.
Dont acte, fait et passé à Wiltz, date qu'en tête des présentes.
Et après lecture faite et interprétation donnée aux comparants connus du notaire instrumentant par noms, prénoms
usuels, états et demeures, ils ont signé avec le notaire le présent acte.
Signé: D. Poncelet, G. Bertrand, Anja Holtz.
Enregistré à Wiltz, le 7 mars 2012 - WIL/2012/185 - Reçu soixante-quinze euros = 75 €.
<i>Le Receveuri> (signé): J. Pletschette.
POUR EXPÉDITION CONFORME, délivrée à la société aux fins d'inscription au Registre de Commerce et des So-
ciétés.
Wiltz, le 15 mars 2012.
Anja HOLTZ.
Référence de publication: 2012037119/102.
(120048624) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mars 2012.
Arbo Property Services S.A., Société Anonyme.
Siège social: L-9570 Wiltz, 7, rue des Tondeurs.
R.C.S. Luxembourg B 97.195.
Statuts coordonnés déposés au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Wiltz, le 10 janvier 2012.
<i>Pour la société
i>Anja HOLTZ
<i>Le notairei>
Référence de publication: 2012035948/13.
(120047781) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 mars 2012.
Esoledad S.A., Société Anonyme.
Siège social: L-9952 Drinklange, 1, Op der Lampertskaul.
R.C.S. Luxembourg B 103.222.
Statuts coordonnés déposés au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Wiltz, le 26 janvier 2012.
<i>Pour la société
i>Anja HOLTZ
<i>Le notairei>
Référence de publication: 2012035953/13.
(120047784) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 mars 2012.
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Emio-Vlav S.A., Société Anonyme,
(anc. Centurion S.A.).
Siège social: L-8399 Windhof, 20, rue de l'Industrie.
R.C.S. Luxembourg B 75.303.
Statuts coordonnés déposés au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 26 mars 2012.
Référence de publication: 2012036136/11.
(120048679) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mars 2012.
Dofilux, Société à responsabilité limitée.
Siège social: L-9681 Roullingen, 14, Am Duerf.
R.C.S. Luxembourg B 163.615.
L'an deux mille douze, le quinze février.
Par-devant Maître Anja HOLTZ, notaire de résidence à Wiltz.
A comparu:
La société anonyme POES (anciennement CASSIBEL), ayant son siège social à L-5886 Alzingen, 494 route de Thionville,
inscrite au Registre de Commerce et des Sociétés de Luxembourg, section B, sous le numéro 144.844 constituée suivant
acte reçu par Maître Anja Holtz, notaire de résidence à Wiltz, en date du 30 janvier 2009, publié au Mémorial C, Recueil
des Sociétés et des Associations, numéro 571 du 16 mars 2009, modifiée par acte reçu par Maître Jean Seckler, notaire
de résidence à Junglinster, en date du 11 mars 2011, publié au Mémorial C, recueil des Sociétés et des Associations,
numéros 1230 et 1231 du 8 juin 2011, encore modifiée par acte du notaire instrumentant de ce jour, ici représentée par
Madame Dominique Tordeurs, demeurant à Alzingen, 494 route de Thionville
laquelle comparante, tel que représentée, a exposé au notaire:
- que la société à responsabilité limitée DOFILUX a été constituée suivant acte reçu par le notaire soussigné, en date
du 31 août 2011,
- qu'elle est inscrite au Registre du commerce et des sociétés sous le numéro B 163.615,
- qu'elle a un capital de douze mille cinq cents euros (12.500,- EUR) divisé en cent (100) parts sociales de cent vingt-
cinq euros (125,- EUR) chacune,
- que le comparant est le seul et unique associé représentant l'intégralité du capital de la société à responsabilité limitée
"DOFILUX" avec siège social à L-9706 Clervaux, 2a, route d'Eselborn
- que la société ne possède pas d'immeuble, ni de parts d'immeubles.
Ensuite le comparant, agissant comme prédit a requis le notaire instrumentant d'acter ce qui suit:
<i>Résolution uniquei>
L'associé unique décide de transférer le siège social de la société de Clervaux à L-9681 Roullingen, 14, am Duerf et
en conséquence modifie l'article 2 alinéa 1
er
des statuts comme suit:
"Art. 2. Alinéa 1
er
. Le siège social de la société est établi dans la commune de Wiltz."
<i>Estimation des fraisi>
Les frais, dépenses et rémunérations quelconques, incombant à la société et mis à charge à raison des présentes,
s'élèvent approximativement à la somme de 800,- EUR.
Dont acte, fait et passé à Wiltz, en l'étude du notaire instrumentant, date qu'en tête.
Et après lecture faite et interprétation donnée aux comparants connus du notaire instrumentant par noms, prénoms
usuels, états et demeures, ils ont signé avec le notaire
Signé: D. Tordeurs, Anja Holtz.
Enregistré à Wiltz, le 16 février 2012 - WIL/2012/135 - Reçu soixante-quinze euros = 75 €.
<i>Le Receveuri> (signé): J. Pletschette.
POUR EXPÉDITION CONFORME, délivrée à la société aux fins d'inscription au Registre de Commerce et des So-
ciétés.
Wiltz, le 22 février 2012.
Anja HOLTZ.
Référence de publication: 2012037059/43.
(120048641) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mars 2012.
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Japan Logistics Topco S.à r.l., Société à responsabilité limitée,
(anc. BRE/Japan IV S.à r.l.).
Capital social: JPY 2.100.000,00.
Siège social: L-1273 Luxembourg, 19, rue de Bitbourg.
R.C.S. Luxembourg B 164.887.
In the year two thousand and twelve, on the sixteenth day of March,
Before us, Maître Henri Hellinckx, notary residing in Luxembourg, Grand Duchy of Luxembourg,
There appeared:
BRE/Asia NQ S.à r.l.,a société à responsabilité limitée, governed by the laws of the Grand-Duchy of Luxembourg and
having its registered office at 19, rue de Bitbourg, L-1273 Luxembourg, registered with the Luxembourg trade and com-
panies register under section B number 139659,
duly represented by Ms. Carole Noblet, lawyer, residing in Luxembourg, by virtue of a proxy given on 16 March 2012.
This proxy, after having been signed “ne varietur” by the proxyholder and the undersigned notary, shall remain attached
to this document in order to be registered therewith.
Such appearing party is the sole shareholder (the “Sole Shareholder”) of BRE/Japan IV S.à r.l.,a société à responsabilité
limitée having its registered office at 19, rue de Bitbourg, L-1273 Luxembourg, registered with the Luxembourg trade and
companies’ register under number B 164887, incorporated pursuant to a deed of Maître Francis Kesseler, notary residing
at Esch-sur-Alzette, Grand Duchy of Luxembourg on 6 May 2011, published in the Mémorial C, Recueil des Sociétés et
Associations, number 10, on 3 January 2012 (the “Company”).
The Sole Shareholder, representing the entire capital, takes the following resolutions:
<i>First resolutioni>
The Sole Shareholder resolves to change the Company’s name to “Japan Logistics Topco S.à r.l.".
<i>Second resolutioni>
The Sole Shareholder resolves to amend article 4 of the articles of incorporation of the Company which shall now
read as follows:
“ Art. 4. The Company will assume the name of “Japan Logistics Topco S.à r.l.”.
Whereof, the present deed is drawn up in Luxembourg on the day stated at the beginning of this document.
The undersigned notary, who speaks and understands English, states herewith that upon request of the appearing
person, the present deed is worded in English, followed by a French version; upon request of the appearing person and
in case of divergences between the English and the French text, the English version will be prevailing.
The document having been read to the person appearing known to the notary by her name, first name, civil status and
residence, this person signed together with the notary the present deed.
Suit la traduction française du texte qui précède:
L'an deux mille douze, le seize mars,
Par devant Maître Henri Hellinckx, notaire de résidence à Luxembourg, Grand-Duché de Luxembourg,
A comparu:
BRE/Asia NQ S.à r.l. une société à responsabilité limitée, régie par les lois du Grand-Duché de Luxembourg ayant son
siège social au 19, rue de Bitbourg, L-1273 Luxembourg, inscrite au Registre du Commerce et des Sociétés sous la section
B numéro 139659,
ici représentée par Mademoiselle Carole Noblet, juriste, demeurant à Luxembourg, en vertu d’une procuration sous
seing privé donnée le 16 mars 2012.
La procuration signée «ne varietur» par le mandataire et par le notaire soussigné restera annexée au présent acte pour
être soumise avec lui aux formalités de l'enregistrement.
La comparante est l’associé unique (l’«Associé Unique») de BRE/Japan IV S.à r.l., une société à responsabilité limitée
ayant son siège social à 19, rue de Bitbourg, L-1273 Luxembourg, inscrite au Registre de Commerce et des Sociétés de
Luxembourg sous le numéro B 164887, constituée le 6 mai 2011 par un acte de Maître Francis Kesseler, notaire de
résidence à Esch-sur-Alzette, Grand-Duché de Luxembourg, publié au Mémorial C, Recueil des Sociétés et Associations,
numéro 10, le 3 janvier 2012 (la «Société»).
L’Associé Unique, représentant l’intégralité du capital social, a pris les résolutions suivantes:
<i>Première Résolutioni>
L’Associé Unique décide de changer la dénomination sociale de la Société en “Japan Logistics Topco S.à r.l.”.
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L
U X E M B O U R G
<i>Deuxième Résolutioni>
L'Associé Unique décide de modifier l'article 4 des statuts de la Société qui aura désormais la teneur suivante:
“ Art. 4. La société prend la dénomination de “ Japan Logistics Topco S.à r.l.”.
DONT ACTE, fait et passé à Luxembourg, date qu'en tête.
Le notaire soussigné qui comprend et parle l'anglais, constate que sur demande de la comparante, le présent acte est
rédigé en langue anglaise suivi d'une version française; sur demande de la même comparante et en cas de divergences
entre le texte français et le texte anglais, le texte anglais fait foi.
Et après lecture faite et interprétation donnée à la comparante, connue du notaire instrumentant par nom, prénom
usuel, état civil et demeure, ladite comparante a signé avec le notaire le présent acte.
Signé: C. NOBLET et H. HELLINCKX.
Enregistré à Luxembourg A.C., le 20 mars 2012. Relation: LAC/2012/12777. Reçu soixante-quinze euros (75.-EUR)
<i>Le Receveuri>
(signé): I. THILL.
- POUR EXPEDITION CONFORME - délivrée à la société sur demande.
Luxembourg, le 21 mars 2012.
Référence de publication: 2012036054/69.
(120047817) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mars 2012.
Euwis S.à r.l., Société à responsabilité limitée.
Siège social: L-1420 Luxembourg, 5, avenue Gaston Diderich.
R.C.S. Luxembourg B 141.978.
Les statuts coordonnés de la société ont été déposés au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 23 mars 2012.
Référence de publication: 2012036149/10.
(120047812) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mars 2012.
Isanne S.à r.l., Société à responsabilité limitée.
Siège social: L-1855 Luxembourg, 46A, avenue J.F. Kennedy.
R.C.S. Luxembourg B 117.176.
Le Bilan et l'affectation du résultat au 31 décembre 2010 ont été déposés au registre de commerce et des sociétés de
Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 29 mars 2012.
Regum Holding S.à r.l.
Manacor (Luxembourg) S.A.
<i>Géranti>
Référence de publication: 2012038093/14.
(120051393) Déposé au registre de commerce et des sociétés de Luxembourg, le 29 mars 2012.
LuxCo 42 S.à r.l., Société à responsabilité limitée unipersonnelle.
Siège social: L-2520 Luxembourg, 1, allée Scheffer.
R.C.S. Luxembourg B 130.926.
Les comptes annuels au 31 août 2011 ont été déposés au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 28 mars 2012.
TMF Corporate Services S.A.
<i>Manager
i>Mr. Claes Göran Nordström
<i>Manageri>
Référence de publication: 2012038122/14.
(120051025) Déposé au registre de commerce et des sociétés de Luxembourg, le 29 mars 2012.
Editeur:
Service Central de Législation, 43, boulevard F.-D. Roosevelt, L-2450 Luxembourg
Imprimeur: Association momentanée Imprimerie Centrale / Victor Buck
52320
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