ACCOR ACQUISITION COMPANY S.A. Regulated information
June 2, 2023
Accor Acquisition Company will buy-back and cancel all the Market Shares on June 12, 2023
On June 2, 2023, the Board of Directors of Accor Acquisition Company (“AAC” or the “Company”; Euronext Paris: AAC) resolved that the Company has not identified a target that meets the criteria defined by the Board, and thus has not completed an Initial Business Combination (or IBC), as defined in AAC's Prospectus approved by the AMF on 26 May 2021 under number 21-180 and in its Articles of Association, before June 1, 2023 (the Initial Business Combination Deadline).
As a result, and in accordance with the Company's announcement on April 27, 2023, the Company has decided to proceed with the early buy-back of all of its Market Shares, i.e., 27,702,143 Market Shares, at a unit price of 10 Euros, in accordance with the Articles of Association and the terms and conditions of the Market Shares (and as described in the Prospectus). Such Market Shares will be immediately cancelled by way of capital reduction.
The Board of Directors further acknowledged the absence of any objection to the capital reduction from the Company's creditors during the legal period, and consequently decided to carry out the buy-back of all the Market Shares on June 12, 2023.
This press release is the Final Buy-Back Notice, as described in the Company's by-laws, in the Prospectus and in the Company's press release dated April 27, 2023.
Consequently, on June 12, 2023, the effective buy-back will be carried out for all the Market Shares, without any action being required from the holders of Market Shares: on such date, the centralizing agent will pay to each holder of Market Shares an amount equal to the number of Market Shares it holds multiplied by 10 Euros.
For the purposes of the above transactions, the listing of the Market Shares and the Market Warrants will be suspended as of June 8, 2023, and the Market Shares and the Market Warrants will be delisted by Euronext Paris on June 12, 2023. As a result of the foregoing, no further securities in the Company will be admitted to trading on Euronext Paris.
It is reminded that this buy-back will be carried out in full using the funds retained by the Company in the escrow account set up at the time of the listing of the Company's Units on Euronext Paris.
A timetable of the next steps is provided below.
At the end of these operations, the holders of Founder Shares will meet in a combined general meeting in order to, inter alia, approve the accounts for the financial year ending on 31 December 2022, and to decide on the early dissolution and liquidation of the Company.
As a result of the failure to complete an IBC on the Initial Business Combination Deadline, the Market Warrants and the Founder Warrants will be definitively deprived of any exercise right, and will expire without any value in the context of the forthcoming liquidation, in accordance with their respective terms and conditions, the Company's Articles of Association, the Prospectus and the Company's press releases dated May 28, 2021 and April 27, 2023.
Timetable.
The timetable below sets out the dates related to the aforementioned operations.
| June 2, 2023, after market |
Publication of this Final Buy-Back Notice by the Company Publication of a market notice by Euronext Paris |
| June 8, 2023, before opening | Suspension of the listing of the Market Shares and the Market Warrants on Euronext Paris |
| June 12, 2023, before opening | Delisting of the Market Shares and the Market Warrants by Euronext Paris |
| June 12, 2023 |
Buy-Back and payment for Market Shares Cancellation of the Market Shares, and reduction of the Company's capital |
| End of June 2023 | General meeting of the Company with the holders of Founder Shares, in particular to decide on the early dissolution and liquidation of the Company |
ABOUT ACCOR ACQUISITION COMPANY
Accor Acquisition Company (“AAC”) is the first European Corporate Special Purpose Acquisition Company (“SPAC”) sponsored by Accor and created for the exclusive purpose of acquiring one or several businesses active in sectors adjacent to Accor's core hospitality business, including Food and Beverage, Flexible Working, Wellness, Entertainment & Events and Travel Technology.
| Contacts: | ||
| Anne-France Malrieu Media Relations afmalrieu@image7.fr | Pierre Boisselier Financial communication Pierre.boisselier@accor.com | |
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Full and original press release in PDF: https://www.actusnews.com/news/80249-aac-pr-buy-back-and-cancelation-02062023-en.pdf
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