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    DPA   NL0009197771

DPA GROUP N.V.

(DPA)
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DPA N : Position statement

06/02/2021 | 12:03pm EDT

POSITION STATEMENT

OF

DPA GROUP N.V.

2 June 2021

Regarding the recommended cash offer by New Horizons Holding B.V for all issued and outstanding

ordinary shares of DPA Group N.V.

This position statement is published in accordance with section 18 paragraph 2 and Annex G of the

Dutch Decree on public offers Wft (Besluit openbare biedingen Wft)

The extraordinary general meeting of DPA Group N.V. will be held virtually at 13:00 hours, CEST, on 16

July 2021.

1

IMPORTANT INFORMATION

This position statement (the Position Statement) does not constitute or form part of an offer to sell, or a solicitation of an offer to purchase or subscribe for, any securities to any person in any jurisdiction.

This position statement is published by DPA Group N.V. (DPA or the Company) for the sole purpose of providing information to its shareholders on the recommended cash offer by New Horizons Holding B.V. (the Offeror), a company ultimately indirectly jointly controlled and/or managed by Gilde Equity Management (GEM) Benelux Partners B.V (Gilde), to all holders of issued and outstanding ordinary shares with a nominal value of EUR 0.10 (ten eurocents) (the Shares, and each a Share, the holders of such Shares the Shareholders), in the share capital of DPA to purchase for cash their Shares on the terms and subject to the conditions and restrictions set forth in the offer memorandum dated 1 June 2021 (the Offer Memorandum) (the Offer), as required pursuant to section 18 paragraph 2 and Annex G of the Dutch Decree on public offers Wft (Besluit openbare biedingen Wft) (the Decree). As set out in the Offer Memorandum, the Offeror will upon Settlement be (indirectly) controlled by (i) Gilde, (ii) TBL Investments B.V. (TBL) and (iii) a foundation (stichting) or other entity to be incorporated for the purpose of the envisaged participation of certain DPA management members in the Offeror (STAK). Pursuant to Article 1:1 of the Wft, the Offeror and each of HoldCo, STAK, Gilde Equity Management Benelux Fund IV, Gilde, TBL and R.E. Strating qualify as an offeror in respect of the Offer.

Capitalised terms in this Position Statement other than in the Fairness Opinions (attached hereto as Schedule 1 and Schedule 2, respectively) and the agenda to the General Meeting (as defined below) together with the explanatory notes (attached hereto as Schedule 3) shall, unless otherwise defined in this Position Statement, have the meaning attributed to them in the Offer Memorandum. Any reference in this Position Statement to defined terms in plural form shall constitute a reference to such defined terms in singular form, and vice versa. All grammatical and other changes required by the use of a definition in singular form shall be deemed to have been made herein and the provisions hereof shall be applied as if such changes have been made.

Copies of this Position Statement are available on, and can be obtained free of charge from, the website of DPA (www.dpa.nl)

The Offer, if completed, will result in the acquisition of securities of DPA, a public limited liability company incorporated under Dutch law and is subject to Dutch disclosure and procedural requirements, which differ from those of the United States (the U.S.). Any financial information included or referred to herein has been prepared in accordance with non-U.S. accounting standards and, accordingly, may not be comparable to the financial information of U.S. companies or of companies whose financial statements are prepared in accordance with generally accepted accounting principles in the U.S.

It may be difficult for U.S. holders of Shares to enforce their rights and any claims arising under the U.S. federal securities laws, since the offerors (bieders) and DPA are located in a country other than the United States, and some or all of their officers and directors may be residents of a country other than the United States. U.S. holders of Shares may not be able to sue a non-U.S. company or its officers or directors in a non- U.S. court for violations of the U.S. securities laws. Further, it may be difficult to compel a non-U.S. company and its affiliates to subject themselves to a U.S. court's judgment.

2

Neither the U.S. Securities and Exchange Commission nor any U.S. state securities commission or other regulatory authority has approved or disapproved the Offer, passed upon the fairness or merits of the Offer or provided an opinion as to the accuracy or completeness of this Position Statement or any other documents regarding the Offer. Any declaration to the contrary constitutes a criminal offence in the U.S.

To the extent permissible under applicable law or regulation, including Rule 14e-5 of the U.S. Securities Exchange Act, the offerors (bieders) and their Affiliates or its brokers (acting as agents for the offerors (bieders) or its Affiliates, as applicable), or affiliates of the Offeror's financial advisors, may from time to time after the date hereof make, directly or indirectly, certain purchases of, or arrangements to purchase, Shares outside of the United States, other than pursuant to the Offer. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Information about such purchases will be announced by press release in accordance with section 13 of the Decree and posted on the website of DPA at (www.dpa.nl).

The information included in this Position Statement reflects the situation as of the date of this Position Statement, unless otherwise indicated. Under no circumstances may the issue or distribution of this Position Statement be interpreted as implying that the information contained herein is true and accurate on a later date than the date hereof, unless otherwise indicated. DPA does not undertake any obligation to publicly release any revision to this information to reflect events or circumstances after the date of this document, except as may be required by applicable Dutch securities laws or by any appropriate regulatory authority.

The release, publication or distribution of this Position Statement and any documentation regarding the Offer or the making of the Offer in jurisdictions other than the Netherlands may be restricted by law and therefore persons into whose possession this Position Statement comes should inform themselves about and observe such restrictions. Any failure to comply with any such restriction may constitute a violation of the law of any such jurisdiction.

DPA is exclusively responsible for the accuracy and completeness of the information contained in this Position Statement, provided that the only responsibility that is accepted for information concerning the Offeror and the Offer is the assurance that such information is properly reported and reproduced from the Offer Memorandum.

This Position Statement includes forward-looking statements including statements regarding the Offer and the anticipated consequences and benefits of the Offer, the expected timing and completion of the Offer and language indicating trends. These forward-looking statements are based on currently available financial and economic data as well as DPA's current views and assumptions with respect to future events and financial performance. Forward-looking statements are inherently uncertain, because these statements relate to events and depend on circumstances that all occur in the future. Generally, words such as "may", "should", "aim", "will", "expect", "intend", "estimate", "anticipate", "believe", "plan", "seek", "continue", "project", or similar expressions, identify forward-looking statements. Although DPA believes that the assumptions upon which its respective financial information and its respective forward- looking statements are based are reasonable, it can give no assurance that these assumptions or statements will prove to be correct. These forward-looking statements are subject to risks, uncertainties, assumptions and other important factors, many of which may be beyond DPA's control (such as political, economic or legal changes in the markets and environments in which DPA conducts its business), and could cause the actual results, performance or achievements of DPA to be materially different from those

3

expressed or implied in these forward-looking statements. Moreover, the Shareholders should not interpret statements regarding trends or activities as representations that these trends and activities will continue in the future. Factors that could cause actual results to differ from such statements include, but are not limited to, the occurrence of any event, change or other circumstances that could give rise to the termination of the Offer, the failure to receive on a timely basis or otherwise the required approvals by government or regulatory authorities, the risk that an Offer Condition may not be satisfied, and the ability of DPA to retain and hire key personnel and to maintain relationships with customers, suppliers and other business partners pending completion of the Offer.

This Position Statement is governed by and shall be construed in accordance with the laws of the Netherlands.

The Court of First Instance in Amsterdam (Rechtbank Amsterdam), the Netherlands, shall have exclusive jurisdiction to settle any dispute which may arise out of or in connection with this Position Statement, without prejudice to the rights of appeal (hoger beroep) and cassation (cassatie).

4

Contents

1. INTRODUCTION.........................................................................................................................................

6

2. EXPLANATION OF THE OFFER ...................................................................................................................

7

2.1 Background .........................................................................................................................................

7

2.2

Considerations in relation to the Offer...............................................................................................

7

3. THE BOARDS' FINANCIAL ASSESSMENT OF THE OFFER ............................................................................

8

3.1 Premiums to market price ..................................................................................................................

8

3.2

Fairness opinion ..................................................................................................................................

9

3.3 Other ...................................................................................................................................................

9

3.4 Assessment .......................................................................................................................................

10

4. THE BOARDS' NON-FINANCIAL ASSESSMENT OF THE OFFER .................................................................

10

4.1

Non-Financial Covenants ..................................................................................................................

10

4.2

Governance Post-Settlement............................................................................................................

12

4.3

Approval for Post-Settlement Restructurings...................................................................................

13

4.4

Certain other considerations and arrangements..............................................................................

13

4.5 Assessment .......................................................................................................................................

14

5. FINANCIALS .............................................................................................................................................

14

6. EMPLOYEES .............................................................................................................................................

14

7. OVERVIEW OF SHARES HELD, SHARE TRANSACTIONS AND INCENTIVE PLANS......................................

15

7.1

Shares and Conditional Shares..........................................................................................................

15

7.2

Share transactions ............................................................................................................................

15

7.3

Incentive plans ..................................................................................................................................

15

7.4 Compensation payments ..................................................................................................................

15

8. ASSET SALE AND LIQUIDATION ...............................................................................................................

16

8.1

Introduction ......................................................................................................................................

16

8.2

Acceptance Level Condition..............................................................................................................

17

8.3

Asset Sale and Liquidation ................................................................................................................

18

8.4 Squeeze-Out procedures ..................................................................................................................

19

9. RECOMMENDATION ...............................................................................................................................

20

10. AGENDA EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS ...................................................

20

Schedule 1...................................................................................................................................................

22

Schedule 2...................................................................................................................................................

23

ANNEX 1 ......................................................................................................................................................

36

5

Disclaimer

DPA Group NV published this content on 02 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 June 2021 16:02:05 UTC.


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