Press Release
Nicox Announces Proposed Move to Euronext Growth Paris
- Intention to transfer listing from the EuronextParis regulatedmarket to Euronext Growth Paris
- Ordinaryshareholder meeting convened on February 14, 2023
January 9, 2023 – release at 7:30 am CET
Sophia Antipolis, France
Nicox SA (Euronext Paris: FR0013018124, COX), an international ophthalmology company, today announced its intention to move its listing from the Euronext Paris regulated market to Euronext Growth Paris and convened for this purpose an ordinary shareholder meeting on Tuesday February 14, 2023 at 2:00 pm CEST in the offices of BuroClub - Drakkar 2 - Bâtiment D - 2405 route des Dolines - 06560 Valbonne - France.
“
We believe that the Euronext Growth market is more adapted tothecurrent size andoperations of the Company, and we expect that the move will allow us to better focusourresources on operating the business whilst maintaining a listing on a strong and growing exchange.” said
Gavin Spencer, Chief Business Officer of Nicox, “
To ensure that investors remain fully informed about theCompany’s activities, and to maintain open and transparent communication, we intend to continue preparing our financial accounts in accordance with IFRS and to maintain our current reporting frequency.”
Concerning the Ordinaryshareholdermeeting
The documents mentioned in articles R.22.10-23 of the French Code de commerce, including a proxy voting form, will be sent to shareholders upon written request. These documents will also be made available to shareholders at the headquarters of the Company and on its website (
www.nicox.com) by January 24, 2023.
Shareholders may vote by proxy, by internet or by attending the ordinary shareholder meeting in person. A guide explaining how to vote, and notably how to vote by internet, will be posted on Nicox’s website by January 24, 2023. Shareholders may also contact the Company’s Investor Relations team at
[email protected] for any question on the voting process.
In the event the quorum is not reached on first call, Nicox will convene an ordinary shareholder meeting on second call on Tuesday February 28, 2023 at 2:00 pm CEST in the offices of BuroClub - Drakkar 2 - Bâtiment D - 2405 route des Dolines - 06560 Valbonne - France.
ProposedTransferofthe listing ofNicox’s securities to the Euronext Growth market
This ordinary shareholder meeting will decide on the proposed transfer of the listing of securities issued by the Company from the Euronext Paris regulated market to the Euronext Growth Paris multilateral trading facility (the “Transfer”), and will be asked to grant the Board of Directors all the powers necessary to carry out this Transfer.
Euronext Growth Paris is a market organized by Euronext Paris. It is not a regulated market, but a multilateral trading facility organized within the meaning of article 525-1 of the General regulations of the French
Autorité desMarchés Financiers (AMF). Its organizational rules are approved by the AMF.
The Board of Directors considers that this proposed transfer would allow the Company to have its securities admitted to trading on a market more commensurate with its size and market capitalization. The transfer to Euronext Growth Paris should enable the Company to reduce its obligations and constraints (under the conditions detailed below) and, as a result, reduce the costs associated with its listing, while maintaining the shares' tradability on a financial market.
Main consequences of theproposed Transfer (non-exhaustive list)
In accordance with articles L. 421-14 of the Monetary and Financial Code and 223-36 of the General regulation of the AMF, the Company hereby informs its shareholders of the main consequences of the Transfer.
With regards to the periodic information:
- The half-yearly report, including the half-yearly (and consolidated) financial statements and an activity report relating to these half-yearly financial statements, would be published within four months following the end of the first half of the Company's fiscal year, instead of the period of three months following the end of the first half of the fiscal year applicable to companies whose securities are admitted to trading on a regulated market; in addition, the review of the half-yearly financial statements by the statutory auditors would no longer be required.
- Lighter information will be required in the management report and the corporate governance report.
- The Company will continue to prepare consolidated financial statements in accordance with IFRS.
- The Company will continue with its current reporting frequency with regards to quarterly updates.
With regards to the permanent information:
- As Euronext Growth Paris is a multilateral trading facility, the Company would remain subject to the provisions applicable to permanent market disclosure, and, in particular, to the provisions of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of April 16, 2014 on market abuse (“MAR”). Any company listed on Euronext Growth Paris must ensure the effective and full dissemination of the so-called regulated information.
- In addition, the Company's managers and persons having a close relationship with them would remain subject to the obligation to report transactions on the shares or debt securities of the Company pursuant to article 19 of MAR.
With regards to the protection of minority shareholders, the Company would be subject to the regulations applicable to companies listed on Euronext Growth Paris:
- Unless an exemption is granted, the protection of minority shareholders is ensured on Euronext Growth Paris by the mechanism of a mandatory public tender offer in the event that the threshold of 50% of the share capital or voting rights is crossed, directly or indirectly, alone or in concert.
- Only the crossing, upwards or downwards, of the thresholds of 50% and 95% of the share capital or voting rights must be reported to the AMF and the Company, subject to the crossing of statutory thresholds to be reported to the Company.
However, both the public tender offer regulations and the threshold disclosure requirements applicable to companies whose securities are admitted to trading on a regulated market would remain applicable for three years from the date of admission of the Company's securities to the Euronext Growth Paris multilateral trading facility.
With regards to the general meetings, the publication and reporting requirements would be slightly modified, principally as follows:
- The documents relating to shareholder meetings provided to shareholders should be published on the Company's website only on the date of the convening of meeting, as opposed to 21 days before the date of the meeting.
- The notice of availability of the preparatory documents for the general meeting would no longer be required.
- The publication on the Company's website of the results of the votes and the minutes of the general meeting would no longer be required.
Principal additional changes are as follows:
- The Company would no longer be subject to the "say on pay" regulation, which provides for an ex-ante vote by the shareholders on executive’s compensation policy, an ex-post vote on the report on compensation and the approval of individual executive compensation.
- The Company would no longer be required to report on internal control or risk management.
- The Company would no longer be subject to the provisions of articles L. 823-19 et seq. of the French Commercial Code relating to audit committees.
- As Euronext Growth Paris is not a regulated market, the transfer to Euronext Growth Paris could result in a change in the liquidity of the shares which could differ from the liquidity observed since the beginning of the Company's listing on the Euronext Paris regulated market.
Indicative timetablefor theproposedTransfer (subject to its validation by Euronext Paris)
If the Company’s shareholders approve the contemplated Transfer, and subject to the market operator’s approval, the Company’s securities would be listed and traded on the Euronext Growth Paris market no earlier than two months after the ordinary shareholder meeting having approved the Transfer, such meeting being scheduled for February 14, 2023, and within 12 months of the date of that meeting.
The Company will appoint a Listing Sponsor, within the timeframe stipulated by applicable regulations, to assist the Company with respect to the contemplated Transfer.
Date | Operation |
January 4, 2023 | Decision of the Board of Directors to convene an ordinary shareholder meeting to vote on the contemplated Transfer |
January 9, 2023 | Publication, in the official bulletin of legal announcements (BALO), of the meeting notice being considered as a convening notice to the ordinary shareholder meeting of February 14, 2023
Publication of the press release relating to the contemplated Transfer in accordance with the provisions of article 223-36 of the General regulations of the AMF |
February 14, 2023 (or February 28, 2023 if a second call is required) | Ordinary shareholder meeting held to vote on the contemplated Transfer |
As soon as possible following the ordinary shareholder meeting of February 14, 2023 (or February 28, 2023 if a second call is required) | Should the ordinary shareholder meeting approve the project:
- Board of directors meeting deciding to implement the Transfer
- Request to delist the Company’s securities from Compartment C of the Euronext Paris regulated market and simultaneously admit them for trading on the Euronext Growth Paris multilateral trading facility
- Press release regarding the definitive Transfer decision and filing of the request to list the Company’s securities on Euronext Growth Paris
|
Mid or end of April 2023 | Should the Euronext Paris market operator approve the contemplated Transfer, delisting of the Company’s securities from the Euronext Paris regulated market and listing of the Company’s securities on the Euronext Growth Paris multilateral trading facility |