This Offer expires at 15:00 hours.Amsterdam time, on 4 October 2007 unless extended
OFFER MEMORANDUM dated 28 August 2007
RECOMMENDED OFFER by
KOPIE
mecom MECOMGROUPPLC (a public limited liability company, incorporated under Ihe laws of the United Kingdom, having its seat {statutaire zetel) in London. United Kingdom)
FOR ALL THE ISSUED AND OUTSTANDING (DEPOSITORY RECEIPTS OF) ORDINARY SHARES, WITH A PAR VALUE O F EUR 0.30 EACH, IN THE SHARE CAPITAL OF
•£.•WeGGNGR KONINKLIJKE WEGENER N.V. (a public limited liability company (naamloze vennooischap), incorporated under the laws ofthe Netherlands, having its seat (statutaire zelel) in Apeldoom, the Netherlands)
This offer memorandum (the Offer Memorandum) contains the information required by Articles 9(i) and 9(n) of the Dutch Securities Market Supervision Decree 1995 (Besluil toezicht effectenverkeer 1995, the Bte 1995) in connection with the Offer. This Offer Memorandum contains details of a recommended offer by Mecom Group plc (the Offeror) to all holders of issued and outstanding (depository receipts of) ordinary shares with a par value of EUR 0.30 each (the Shares and each a 5/iare and the holders of such Shares being refened to as Shareholders), in the share capital of Koninklijke Wegener N.V.(Wegener or the Company) to purchase their Shares on the terms and subject to the conditions and restrictions set out in this Offer Memorandum (the Offer). This undertaking is in respect of a total of 44.848,842 Shares with a par value of EUR 0.30. Capitalised terms used in this Offer Memorandum have the meaning as set out in Section 4 (Definitions). Shareholders tendering their Shares under the Offer will be paid on the terms contained in this Offer Memorandum in consideration for each Share validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered (geleverd) an amount in cash equal to EUR 17.70 (the Cash Offer) or. alternatively. 14.287 shares in the share capital of Mecom (the Exchange Offer) (together referred to as the Consideration). Shareholders who are considering accepting the Exchange Offer should carefully review the Prospectus and consult a financial adviser, before making a decision to acccept the Exchange Offer. The Supervisory Board and the Management Board of Wegener fully support and unanimously recommend the Offer to the Shareholders for acceptance. See Section 8 (Recommendation by the Supervisory Board and the Management Board). The Tender Period under the Offer commences at 09:00 hours. Amsterdam time, on 29 August 2007 and expires at 15:00 hours, Amsterdam time, on 4 October 2007 (the Tender Offer Closing Date). Acceptance under the Offer must be made in the manner specified in this Offer Memorandum. Shares tendered on or prior to the Tender Offer Closing Date may not be withdrawn, other than as permitted under Article 9o paragraph 5 of the Bte 1995. As per 24 August 2007, the Mecom Group holds, directly or indirectly. 13,581.815 Shares representing approximately 30.28% of the Shares and approximately 25.66% ofthe issued and outstanding share capital of Wegener. See Section 10(Information on the Offeror). By no later than 15:00 hours.Amsterdam time, on the fifth Business Day following theTender Offer Closing Date or the Postponed Tender Offer Closing Date, as the case may be. the Offeror will announce whether the Offer is declared unconditional (gestand wordt gedaan) (the Acceptance Announcement Date). Announcements contemplated by the foregoing paragraphs will be issued by press release and will be published in the Daily Official List and in at least one nationally distributed newspaper in the Netherlands (Het Financieele Dagblad). See Section 6.12 (Announcements). The Shareholders who have tendered and delivered their Shares to the Offeror will receive no later than five (5) Business Days after the Acceptance Announcement Date (the Settlement Date) the Consideration in respect of each Share validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered (geleverd). At 10:30 hours. Amsterdam time, on 25 September 2007. an extraordinary general meeting of shareholders of Wegener (the Shareholders' Meeting) will be held in Apeldoom. the Netherlands, at which meeting the Offer, among other matters, will be discussed in accordance with the provisions of Article 9q of the Bte 1995.
S
WHOLESALE
BANKING
Mecom Group plc
Memo Datum: 29August2007 Betreft: Erratum
"Erratum.Waar indevierde regelvanhoofdstuk 15.5van dit biedingsbericht isvermeld 14,278dientteworden gelezen 14,287."
1. RESTRICTIONS The distribution of this Offer Memorandum and/or the making of the Offer injurisdictions other than theNetherlands may berestricted and/orprohibited by law.TheOffer isnot being made,and the Shares will not be accepted for purchase from or on behalf of any Shareholders, in anyjurisdiction in which the making of the Offer or acceptance thereof would not be in compliance with the securities or other laws or regulations of such jurisdiction or would require any registration, approval or filing with any regulatory authority not expressly contemplated by the terms of this Offer Memorandum. Persons obtaining the Offer Memorandum are required to take due note and observe all such restrictions and obtain any necessary authorisations, approvals or consents (to the extent applicable). Neither the Offeror, nor Wegener, nor any of their advisers accepts any liability for any violation by any person of any such restriction.The Offeror reserves the right toaccept any tender under theOffer, which is made byoronbehalf of aShareholder,even ifithasnotbeeneffected inthemannersetoutabove.Any person (including, without limitation, custodians, nominees and trustees) who would or otherwise intends to forward this Offer Memorandum or any related document to anyjurisdiction outside the Netherlands should carefully read Sections 1 and 2 of this Offer Memorandum (Restrictions and Important Information) before taking any action. The distribution of this document injurisdictions other than the Netherlands may be restricted by law and therefore persons into whose possession this Offer Memorandum comes should inform themselves about and observe such restrictions. Any failure to comply with any such restrictions may constitute a violation of the law of any such jurisdiction. 1.1.1
United States ofAmerica
The Offer is not being made,directly or indirectly, in or into the United States ofAmerica and may not beaccepted in orfrom theUnited States ofAmerica by use orby any means of the interstate or foreign commerce or any facility of a United States of America national securities exchange including, but without limitation, electronic mail, post, facsimile transmission, telex and telephone. This Offer Memorandum has not been submitted to or reviewed by the United States Securities and Exchange Commission (SEC) orany statesecuritiescommission and neithertheSECnorany such state securities commission has approved ordisapproved ordetermined whether this Offer Memorandum istruthful or complete.Any representation to the contrary is a criminal offence in the United States of America. Each Shareholder whotenders Shares under the Offer shall bedeemed to have represented, agreed and acknowledged that it has received a copy of this Offer Memorandum and that such tendering holder is outside the United States of America and the Offeror and the Settlement Agent and their respective affiliates may rely on the foregoing representations, agreements and acknowledgements. This Offer Memorandum is not being and should not be mailed or otherwise distributed or sent in or into the United States of America. 1.1.2
Canada,Australia and Japan
The Offer and any solicitation in respect thereof is not being made, directly or indirectly, in or into Canada, Australia or Japan, or by use of the mails, or by any means or instrumentality of interstate or foreign commerce, or any facilities of a national securities exchange, of Canada, Australia or Japan. This includes, but is not limited to, post, facsimile transmission, telex or any other electronic form of transmission and telephone. Accordingly, copies of this Offer Memorandum and any related press announcements, acceptance forms and other documents are not being sent and must not be mailed or otherwise distributed or sent in, into or from Canada,Australia orJapan or, in their capacities as such, to custodians, nominees or trustees holding Shares for persons residing in Canada, Australia or Japan. Persons receiving this Offer Memorandum and/or such other documents must not distribute or send them in, into or from Canada,Australia orJapan, or use such mails orany such means, instrumentality or facilities for any purpose in connection with the Offer; so doing will invalidate any purported
acceptance of the Offer. TheOfferor will not accept anytender by any such use,means, instrumentality or facility from within Australia, Japan or Canada. Tender and delivery of Shares constitutes a representation and warranty that the person tendering the shares (i) has not received or sent copies of this Offer Memorandum or any related documents in, into orfrom Canada,Australia orJapan; (ii)has not otherwise utilised inconnection with the Offer, directly or indirectly, the mails or any means or instrumentality including, without limitation, facsimile transmission, telex and telephone of interstate or foreign commerce, or any facility of a national securities exchangeof, Canada,Australia orJapan;and(iii)isaccepting theOffer from outside Canada, Australia orJapan.TheOfferor reservestherighttorefuse toaccept any purported acceptance thatdoes not comply with the foregoing restrictions, and any such purported acceptance will be null, void and without effect. 1.1.3
Republic of Italy
The Offer and any solicitation in respect thereof isnot being made, directly or indirectly, in or into the Republic of Italy and has notbeen submitted totheclearance procedure of the Commissione Nazionale per leSocieta e la Borsa (CONSOB) or (totheextent applicable) any other Italian regulatory authority pursuant to Italian laws and regulations. Accordingly, Shareholders are hereby notified that, to the extent such Shareholders are persons resident and/or located in the Republic of Italy, they must not distribute or send this Offer Memorandum or any related materials, into the Republic of Italy, or use such mailsorany such means,instrumentality orfacilities for anypurpose inconnection withthe Offer; so doing will invalidate any purported acceptance of the Offer. The Offeror will not accept any tender by any such use, means, instrumentality or facility from within the Republic of Italy.
2. IMPORTANT INFORMATION This Offer Memorandum contains important information that should be read carefully before any decision is made to tender Shares in connection with the Offer. Shareholders are advised to seek independent advice where necessary. In addition, Shareholders may wish to consult with their tax advisers regarding the tax consequences of tendering their Shares under the Offer. The information included in Sections 1,2, 3, 5.3,5.4, 5.5,5.6, 5.9, 5.12, 5.13.1, 5.13.2, 5.13.4, 5.13.5, 5.14, 6, 10, 12(ii), 12(iii), 12(vi) and 13 has been solely provided by the Offeror. The information included in Sections 5.7, 5.11, 8, 9, 11 and 17 (except 17.5 and 17.7) has been solely provided by Wegener.The information included inSections4,5.1,5.2,5.8,5.10, 5.13.3,5.13.6, 5.13.7,5.13.8,5.15, 5.16, 12(i), 12(iv), 12(v), 12(vii), 14and 15has been provided by the Offeror andWegenerjointly.The information included in Section 7 has been provided by NIBC and is identical to the fairness opinion of the same date issued by NIBC. The information included in Section 16 has been prepared by the Offeror and Wegener together and reviewed by Emst & Young UK (as adviser to the Offeror). The information included in Sections 17.5 and 17.7 has been provided by Emst &Young Accountants and is identical to the original auditors statements as of the same date issued by MrP.J.T.A. van Kleef. Section 15 is a Dutch language translation of information provided by the Offeror and/or Wegener in the English language. Section 18contains thetext of the proposed amendment of theWegener Articles of Association. The Offeror and Wegener are exclusively responsible for the accuracy and completeness of the information provided in this Offer Memorandum, each with respect to such information as it has provided,andtogetherwithrespecttotheinformation theyhaveprovidedjointly,exceptfor information that has not been provided by either of them (which includes the information in Sections 17.5and 17.7 for which Emst &YoungAccountants isresponsible).Each of the Offeror andWegener confirms, with respect to such information ithasprovided inthis Offer Memorandum, thattothebestof its knowledge and belief as of the date hereof the information contained in this Offer Memorandum is tme and accurate in all material respects and therearenofacts theomission of which would makeany statement inthisOffer Memorandum misleading inanymaterial respect.Pleasebeawarethatcertain financial and statistical information and other figures contained in this Offer Memorandum may be rounded up or down and should therefore not be regarded as exact. This Offer Memorandum should be read in conjunction with the Prospectus.The Prospectus relates to Mecom and isissued byMecom inrelation totheoffering ofshares inMecom toShareholders pursuant to the Exchange Offer. The information included in this Offer Memorandum reflects the situation as at the date of this Offer Memorandum unless specified otherwise. Neither the issue nor the distribution of this Offer Memorandum shall under any circumstances imply that the information contained herein is accurate and complete asof any time subsequent tothisdateorthatthere has been nochange inthe information setoutinthisOffer Memorandum orintheaffairs ofWegenerand/or itssubsidiaries and/or its affiliates since the date of this Offer Memorandum. The foregoing does not affect the obligation of both the Offeror and Wegener, each in so far as it concerns them, to make a public announcement pursuant to Article 9b paragraph 1of the Bte 1995,if applicable. No person, other than the Offeror and Wegener and without prejudice to theAuditor's Reports issued by Emst & Young Accountants and the Fairness Opinion issued by NIBC included in this Offer Memorandum, is authorised in connection with the Offer to provide any information or to make any statements on behalf of the Offeror or Wegener in connection with this Offer or any information contained in this Offer Memorandum. If any such information or statement is provided or made by parties other than the Offeror or Wegener, such information or statement should not be relied upon as having been provided by or made by or on behalf of the Offeror or Wegener. Any information or
representation not contained in this Offer Memorandum must not be relied upon as having been provided by or made by oron behalf of the Offeror or Wegener. This Offer Memorandum and the Offer are, and any tender, purchase or delivery of Shares will be, governed by and constmed in accordance with the laws of the Netherlands. The District Court of Amsterdam (Rechtbank Amsterdam) and its appellate courts shall have exclusive jurisdiction to settle any disputes which might arise out of or in connection with this Offer Memorandum, the Offer and/or any tender, purchase or delivery of Shares.Accordingly, any legal action or proceedings arising out of or in connection with the Offer Memorandum, the Offer and/or any tender, purchase or delivery of Shares may be brought exclusively in such courts. This Offer Memorandum is published in the English language and a Dutch language summary is included as Section 15.In the event of any differences, whether or not in interpretation, between the English text of the Offer Memorandum and the Dutch language summary of this Offer Memorandum, the English text of the Offer Memorandum shall prevail. ING Wholesale Banking Securities Services has been appointed as Settlement Agent in the context of the Offer. Addresses: The Offeror Mecom Group Plc Empire House 175 Piccadilly WIJ 9EN London United Kingdom The Company Koninklijke WegenerN.V. Laan van Westenenk 4 7336AZ Apeldoom The Netherlands The Settlement Agent ENGWholesale Banking Securities Services Van Heenvlietlaan 220 Location code BV.06.01 1083CN Amsterdam The Netherlands Tel: +31 (0)20 79 79 444 Fax:+31 (0)20 79 79 607 E-Mail:
[email protected] Copies of this Offer Memorandum and the Prospectus are available on the websites of Mecom (www.mecom.co.uk) and Wegener (www.wegener.nl). The Mecom and Wegener websites do not constitute a part of, and are not incorporated by reference into this Offer Memorandum. Copies of this Offer Memorandum and theProspectus arealsoavailable free ofcharge attheoffices of the Settlement Agent and can be obtained by contacting the Settlement Agent at the address as stated above. Copies of thearticles of association of theOfferor areavailable onthe website ofWegener and are also available free ofcharge attheoffices oftheOfferor and can beobtained bycontacting theOfferor atthe address mentioned above.
Copies of theWegenerArticles ofAssociation and the fmancial information ofWegener relating to the annual financial statements (jaarrekemng) of Wegener for the financial year 2004 ended on 31 December 2004, the financial year 2005 ended on 31 December 2005 and the financial year 2006 ended on 31 December 2006 as adopted by the general meeting of Shareholders, which documents are incorporated by reference in, and form an integral part of, this Offer Memorandum, are available free of charge at the offices ofWegener and can be obtained by contacting Wegener at the address as stated above. This Offer Memorandum includes forward-looking statements that involve risk and uncertainty. Generally, words such as may, will,expect, intend, estimate, anticipate, believe,plan, seek, continue or similar expressions identify forward-looking statements. Although each of the Offeror and Wegener, each with respect to the statements it has provided, believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, no assurance can be given that such statements will be fulfilled or prove to be correct, and no representations are made as to the accuracy andcompleteness of such statements asof any time subsequent to thedate of this Offer Memorandum. Any such forward-looking statement must be considered together with the fact that actual events or results may vary materially from such forward-looking statements dueto,among otherthings,political, economic or legal changes in the markets and environments in which the Offeror and/or Wegener do business, competitive developments or risks inherent to the Offeror's or Wegener's business plans and uncertainties, risk and volatility in financial markets and other factors affecting the Offeror and/or Wegener. The Offeror and Wegener undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws and regulations or by any appropriate regulatory authority. ING Corporate Finance, Media Capital Partners and N M Rothschild are acting as financial advisers exclusively to theOfferor and to no oneelse inconnection with the Offer and will not regard any other person (whether or not a recipient of this Offer Memorandum) as a client in relation to the Offer and will not be responsible to anyone other than the Offeror for providing the protections afforded to the clients of ING Corporate Finance, Media Capital Partners and NM Rothschild or for providing advice in relation to the Offer. ING Corporate Finance, Media Capital Partners and N M Rothschild have given their consent to the issue of this Offer Memorandum with the references to their names in the form and context in which they appear. ABNAMRO,Catalyst and NIBC are acting asfinancial advisers exclusively toWegener and to no one elseinconnection withtheOffer and will not regard any otherperson (whether ornotarecipient of this Offer Memorandum) asaclient inrelation totheOffer and will notberesponsible toanyone otherthan Wegener for providing theprotections afforded totheclients ofABNAMRO,Catalyst and NIBC or for providing advice in relation to the Offer. ABNAMRO,Catalyst and NIBC have given and have not withdrawn their written consent to the issue of this Offer Memorandum with the references to their names in the form and context in which they appear.
3.TABLEOF CONTENTS 1.
Restrictions
1
2.
Important Information
3
3.
Table of Contents
6
4.
Definitions
5.
Explanation of the Offer, Future Governance and Indicative Timetable 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.9 5.10 5.11 5.12 5.13 5.14 5.15 5.16
Introduction Share Capital Wegener The Offer Fractions Substantiation of the Consideration Rationale for the Offer Recommendation by the Supervisory Board and Management Board Offer Conditions Acceptance Conditions,Tender Period, declaring the Offer Unconditional, Extension and Settlement Undertakings Shareholdings of the Members of Wegener Boards Financing of the Offer Consequences of the Offer Social Consequences Merger Protocol Indicative Timetable
9 15 15 15 15 15 16 17 18 18 20 22 23 24 24 27 28 28
6.
Invitation to the Shareholders 6.1 Consideration 6.2 Acceptance by Shareholders 6.3 Acceptance of Defective Tenders 6.4 Conditions 6.5 Tender Period (Aanmeldingstermijn) 6.6 Declaring the Offer Unconditional (Gestanddoening) 6.7 Extension 6.8 Subsequent Tender Period (Na-Aanmeldingstermijn) 6.9 Settlement 6.10 Liquidity and Delisting 6.11 Dividends 6.12 Announcements 6.13 Commission 6.14 Restrictions
29 29 29 31 31 31 31 32 32 32 34 34 34 34 35
7.
Fairness Opinion of NIBC
36
8.
Recommendation by The Supervisory Board and the Management Board
9.
Information regarding Wegener
40
9.1 9.2 9.3
40 40 40
Overview History and Development Operational Structure
39
9.4 9.5 9.6 9.7 9.8 9.9 9.10 9.11
Corporate Strategy and Objectives Selected Figures Share Price Development Acquisitions and Disposals Current Trading, Trends and Prospects Supervisory Board, Management Board and Employees Share Capital And Dividend Major Shareholders
41 42 44 44 45 45 50 52
10.
Information on the Offeror 10.1 Introduction 10.2 Business of Mecom 10.3 Management of Mecom 10.4 Capital and Shares 10.5 Statements concering Shareholdings Mecom Board 10.6 Previous Purchases of Shares 10.7 Historic Financial Information in respect of Mecom 10.8 Stock Exchange Listing 10.9 Mecom Interim Financials 10.10 Information on Mecom Media Holding Holland BV
53 53 53 53 54 55 55 56 56 56 57
11.
Shareholders' Meeting
12.
Statements required pursuant to theDutch Public Offer Rules
13.
Tax aspects of the Offer 13.1 Dutch Tax aspects of the Offer 13.2 UK Tax aspects of the Exchange Offer
14.
General Press Releases 14.1 Press Release 21August 2007 14.2 Press Release 16August 2007 14.3 Press Release 18July 2007 14.4 Press Release 7June 2007 14.5 Press Release 16May 2007 14.6 Press Release 8May 2007
66 66 66 67 68 68 73
15.
Nederlandse samenvatting 15.1 Restricties en belangrijke informatie 15.2 Nederlandse Definities 15.3 Uitnodiging aan deAandeelhouders 15.4 Aandelenkapitaal Wegener 15.5 Het Bod 15.6 Fracties 15.7 Onderbouwing van het Bod 15.8 Motivering van het Bod 15.9 Financiering van het Bod 15.10 Aanbeveling van de Raad van Commissarissen en de Raad van Bestuur vanWegener . . . 83 15.11 Voorwaarden 15.12 Aanmelding 15.13 Aanvaarding doorAandeelhouders 15.14 Provisie 15.15 Aandelenbezit van de Raad van Commissarissen en de Raad van Bestuur van Wegener.. 89
75 75 76 81 81 81 81 82 83 83
58 59 60 60 64
84 86 89 89
15.16 15.17 15.18 15.19 15.20 15.21 15.22 15.23 15.24 15.25
Samenvatting van de risicofactoren volgend op het Bod Juridische structuur van de samengestelde groep in navolging van het Bod Overige afspraken tussen Mecom en Wegener volgend op het Bod Toekomstige samenstelling van de Raad van Bestuur en de Raad van Commissarissen... Toekomstige samenstelling van het Bestuur van Mecom Fusie protocol Algemene Vergadering Aankondigingen Beoogd tijdschema Verkrijgbaarstelling informatie
16.
Pro Forma Financial Information 16.1 Pro Forma Ineome Statement 16.2 ProForma Statement of NetAssets
17.
Wegener Financial Statements 17.1 Wegener Consolidated Financial Statements relating to the Financial Year 2004, 2005 and 2006 17.2 Notes toWegener Consolidated Financial Statements for the Financial Year 2006 17.3 2006Company Financial Statements of Koninklijke Wegener N.V. 17.4 Notes to the Company Balance Sheet and Income Statement 17.5 Auditors' Report 17.6 Unaudited (but "Reviewed") Information over the first six months of the Financial Year 2007 17.7 Auditor's Review Report
18.
Text of theproposed amendment of WegenerArticles ofAssociation
19.
Advisers
90 91 92 92 93 93 93 93 94 95 97 98 100 102 102 108 161 162 165 166 173 174 196
4. DEFINITIONS Any reference in this Offer Memorandum todefined terms inplural form shall constitute a reference to such defined terms in singular form, and vice versa.All grammatical and otherchanges required by the useof adefinition in singular form shall bedeemed tohavebeen madeherein and theprovisions hereof shall be applied as if such changes have been made. Defined terms used inthisOffer Memorandum shall havethefollowing meaning,except for capitalised terms in Sections 7 and 15; ABN AMRO
means ABN AMRO Bank N.V., a public limited liability company (naamloze vennootschap) duly incorporated under Netherlands law, with its registered seat inAmsterdam, the Netherlands;
Acceptance Announcement Date
means the date on which the Offer isdeclared unconditional by the Offeror;
Admitted Institutions
means those institutions admitted to Euronext Amsterdam;
AIM
means the Alternative Investment Market operated by the London Stock Exchange Plc;
AFM
means the Netherlands Authority for the Financial Markets (StichtingAutoriteit Financiële Markten);
Auditor
means Emst &YoungAccountants; means the auditors' reports issued by MrP.J.T.A. van Kleef;
Auditors' Report Bte 1995
means the Dutch Securities Market Supervision Decree 1995 (Besluit toezicht effectenverkeer 1995), as amended from time to time;
Business Day
means a day on which Euronext Amsterdam isopen for trading;
Cash Offer
means the offer for the Shares by the Offeror and to be settled by Mecom Media Holding Holland BV as described in this Offer Memorandum in exchange for an amount in cash (ex dividend meaning, for theavoidance ofdoubt, that any future dividend rights associated with the Shares tendered under the Offer will be for the benefit of the Offeror) equal to EUR 17.70 for each Share validly tendered (ordefectively tendered provided thatsuch defect hasbeen waived bytheOfferor) and delivered (geleverd)underthetermsand subject to the restrictions of the Offer;
Catalyst
means Catalyst Advisors B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) duly incorporated under Netherlands law, with its registered seat in Amsterdam, the Netherlands;
Certificated Form
means recorded in the register of shares of Mecom asbeing held in certificated form;
Combined Group
means the Mecom Group and the Wegener Group together;
Commencement Date
means the date on which the Offeror shall make the Offer (het Bod uitbrengen);
Competing Offer
means a proposal for a merger of Wegener with, in the reasonable opinion of theSupervisory Board, abonafidethird party through an offer by or merger with any such party which would involve an attempt toachange ofcontrol oftherelevant company, which inthe reasonable opinion of the Supervisory Board is a more beneficial offer than the Offer, whereby the consideration per Share offered under the Competing Offer exceeds the Consideration by at least 10%, being (i) a cash consideration per Share in excess of EUR 19.47 or, alternatively and insofar applicable, (ii) a consideration per Share in exchange for shares representing a value of overEUR 19.80.The consideration per Shareof any consecutive Competing Offer (which shall include any amended Competing Offer) must exceed the most recent offered consideration per Share by at least 5%;
Consideration
means a cash amount of EUR 17.70 or, alternatively, 14.287 shares in the share capital of Mecom for each Share validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered (geleverd) under the terms and subject to the restrictions of the Offer;
CREST
meanstherelevant system(asdefined intheCRESTRegulations)in respect of which Euroclear UK isthe operator;
CREST Regulations
means the Uncertificated Securities Regulations 2001 (SI 2001 No. 01/378), as amended;
Daily Official List
means the Daily Official List (Officiële Prijscourant) of Euronext Amsterdam;
Euroclear UK
means Euroclear UK & Ireland Limited, the central securities depositary fortheUnited Kingdon,Republic ofIreland,IsleofMan, Jersey and Guernsey;
Euronext Amsterdam
means EuronextAmsterdam N.V.,or the official market segment of the stock exchange of Euronext Amsterdam N.V., as appropriate;
Exchange
means the exchange of Shares for Mecom Shares pursuant to the acceptance of the Exchange Offer;
Exchange Offer
means the offer for the Shares (ex dividend - meaning, for the avoidance of doubt, that any future dividend rights associated with the Shares tendered under the Offer will be for the benefit of the Offeror) described in this Offer Memorandum in exchange for 14.287 shares in the share capital of Mecom, (representing a value of EUR 18.00per Share asper 7May 2007),for each Share validly tendered (ordefectively tendered provided that suchdefect hasbeen
10
waived bytheOfferor) anddelivered (geleverd)under thetermsand subject to the restrictions of the Offer; Fairness Opinion
means the fairness opinion dated 28August 2007 issued by NIBC;
FinPrefs
means the issued and outstanding (depository receipts of) cumulative financing preference shares in the share capital of Wegener, with apar value of EUR 0.30 each;
FinPref Trust
means Stichting Administratiekantoor Financieringspreferente Aandelen Koninklijke Wegener;
First Public Announcement
has the meaning given to it in Section 5.5(a);
IFRS
meanstheintemational accounting standards,intemational financial reporting standards andtherelated interpretations ofthese standards issued or adopted by the Intemational Accounting Standards Board from time totime;
ING Bank
means ING Bank N.V., a public limited liability company (naamloze vennootschap) duly incorporated underNetherlands law, with its registered seat inAmsterdam, the Netherlands;
ING Corporate Finance
means the organisation and trade name used by ING Bank and certain of its subsidiaries for the conduct of intemational corporate and investment banking business;
ING Wholesale Banking Securities Services
means the organisation and trade name of ING Bank and certain of its subsidiaries for the conduct of its exchange activities;
Legal Merger
has the meaning given to it in Section 5.13.2;
Management Board
means the management board (raad van bestuur) of Wegener;
Material Adverse Change
meansanyevent,circumstance ordevelopment materially adversely affecting the business, cash flow, financial position or assets of the Wegener Group, taken as a whole;
Mecom
means Mecom Group Plc, a public limited liability company, duly incorporated and validly existing under the lawsofEngland, having its registered office at Empire House, 175 Piccadilly London WIJ 9EN, United Kingdom;
Mecom Board
means the board of directors of Mecom;
Mecom Group
means the Offeror and the Offeror's subsidiaries, excluding for the avoidance of doubt theWegener Group;
Mecom Interim Financials
The consolidated interim financial statements in respect of the first six months of 2007 of Mecom Group plc, including an auditor's review statement;
11
Mecom Media Holding Holland BV
means Mecom Media Holding Holland B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid), duly incorporated and validly existing under the laws of the Netherlands, having its seat (statutaire zetel) inAmsterdam, the Netherlands and its registered office at Prins Bemhardplein 200, 1097JBAmsterdam, the Netherlands;
Mecom Shares
means the issued and outstanding shares in the share capital of Mecom with apar value of 0.6085888 pence;
Media Capital Partners
means the trade name of Independent Capital Partners B.V., a limited liability company duly incorporated under the laws of the Netherlands, registered inAmsterdam, the Netherlands;
Merger Code
means the Merger Code 2000 (SER-besluit Fusiegedragsregeis 2000);
Merger Protocol
means the merger protocol agreed and signed by Mecom and Wegener on 16May 2007;
Merger Rules
means all applicable laws and regulations, including but not limited to applicable provisions of the Wte 1995, the Bte 1995, any mles and regulations promulgated pursuant to the Wte 1995 and the Bte 1995, the policy guidelines and instmctions of theAFM, the Dutch Works Council Act (Wet op de ondernemingsraden), the Merger Code 2000, the rules and regulations of Euronext Amsterdam, the Dutch CivilCodeortheNewMergerRules asand when applicable;
Minimum Acceptance Condition
has the meaning given to it in Section 5.8.1;
New Merger Rules
means all lawsand regulations pursuant toorinconnection with the implementation into the laws of the Netherlands of Directive 2004/25/EC of21 April 2004,including applicableprovisions ofthe Dutch Financial Supervision Act (Wet op hetfinancieel toezicht), the Bill implementing the Takeover Directive (Uitvoeringswet overnamerichtlijn), the Decree on Public Bids (Besluit openbare biedingen) and the Dutch Civil Code;
NIBC
means NIBC Bank N.V.; a public limited liability company (naamloze vennootschap) duly incorporated under Netherlands law, with itsregistered seat inThe Hague, the Netherlands;
NM Rothschild
means N M Rothschild & Sons Limited;
Offer
means the recommended offer madeby the Offeror to acquire allof the Shares on the terms of this Offer Memorandum;
Offer Conditions
means the conditions to the Offer as set out in Section 5.8;
Offer Memorandum
means this offer memorandum describing the terms and conditions of the Offer;
12
Offeror
means Mecom;
Post Offer Actions
has the meaning given to it in Section 5.13.2;
Postponed Tender Offer Closing Date
means the time and date on which the Offer expires, in case the Offeror has extended the Offer in accordance with Article 9o paragraph 5ofthe Bte 1995;
Postponed Tender Period
means the period during which the Shareholders can tender their Shares to the Offeror in case the Offeror has extended the Offer in accordance with Article 9o paragraph 5 of the Bte 1995, which period ends on the Postponed Tender Offer Closing Date;
Prospectus
means the prospectus relating toMecom, issued inconnection with the Exchange Offer, duly registered with the UK Listing Authority on 24August 2007 and passported to theAFM;
Protective Option Agreement
means the option agreement between the Protective Tmst and Wegener, pursuant to which the Protective Tmst holds an option enabling it to subscribe for such number of preferred cumulative shares at EUR 0.30 par value each in the share capital of Wegener equal to 50% of the total issued share capital of Wegener;
Protective Trust
means Stichting Preferente Aandelen Wegener;
Settlement Agent
means INGWholesale Banking Securities Services;
Settlement Date
has the meaning given to it in Section 5.9.7;
Shareholder(s)
means holder(s) of one or more Share(s);
Shareholders' Meeting
means the extraordinary general meeting of shareholders of Wegener that is held in accordance with the Merger Rules prior to theTender Offer Closing Date;
Shares
means the issued and outstanding (depository receipts of) ordinary shares in the share capital of Wegener, with a nominal value of EUR 0.30 each;
Squeeze-Out
has the meaning given to it in Section 5.13.2;
Statutory Squeeze-Out
has the meaning given to it in Section 5.13.2;
Subsequent Tender Closing Date
means the time and date on which the Subsequent Tender Period expires;
Subsequent Tender Period
means a period after the Acceptance Announcement Date during which the Shareholders that have not yet tendered their Shares under the Offer will be given the opportunity to do so in the same manner and under the same conditions as set out in this Offer Memorandum (na-aanmeldingstermijn);
13
Supervisory Board
means the supervisory board (raad van commissanssen) of Wegener;
Takeover Squeeze-Out
has the meaning given to it in Section 5.13.2;
Tender Offer Closing Date
means the time and date on which the Offer expires,being at 15:00 hours, Amsterdam time, on 4 October 2007, unless extended in accordance withArticle 9oparagraph 5of the Bte 1995;
Tender Period
means the period during which the Shareholders can tender their Shares to the Offeror, which commences on 29 August 2007 and ends on the Tender Offer Closing Date, unless extended in accordance withArticle 9o paragraph 5of the Bte 1995;
Uncertificated Form
means recorded in the register of shares of Mecom as being held in uncertificated form in CREST, and title to which is established by virtue of the CREST Regulations;
Wegener Articles ofAssociation means the articles of association (statuten) of Wegener, as most recently amended on 30December 2005; Wegener Boards
means the Supervisory Board and the Management Board together;
Wegener Group
means Wegener and its subsidiaries;
Wegener or the Company
means Koninklijke Wegener N.V., a public limited liability company (naamloze vennootschap), duly incorporated and validly existingunderthelawsoftheNetherlands,having itsseat (statutaire zetef) inApeldoom, theNetherlands and itsregistered office atLaan van Westenenk 4, 7336AZApeldoom, the Netherlands;
Wegener Trust
means StichtingAdministratiekantoor Koninklijke Wegener; and
Wte 1995
means the Dutch Securities Market Supervision Act 1995 (Wet toezicht effectenverkeer 1995), as amended from time totime.
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5. EXPLANATION OF THE OFFER, FUTURE GOVERNANCE AND INDICATIVE TIMETABLE 5.1
Introduction
On 8 May 2007, Mecom and Wegener jointly announced that they had reached agreement on the Consideration and that the expectation wasjustified that agreement could be reached on the terms and conditions of an offer by Mecom for the Shares.In afurther press release,dated 16May 2007,Mecom and Wegenerjointly announced that agreement was reached on the terms and conditions of the Offer, subject to the fulfilment of certain conditions. In a third press release, dated 7June 2007, Mecom and Wegenerjointly announced that the preparations ofthe Offer were well under way. On 18July 2007, Mecom and Wegenerjointly announced that they expected to launch the Offer mid August 2007. On 16August 2007,Mecom andWegenerjointly announced that,asaresult of anextension granted bythe AFM, the Offer Memorandum and the Prospectus would be made available on or before 28 August 2007. On 21August 2007, Mecom announced that it had increased its shareholding in Wegener from 23.7%to29.50%ofthe Shares.SeeSection 14(General PressReleases).Since 16May 2007, definitive agreement has been reached with respect to the Offer and certain terms of this agreement are reflected in this Offer Memorandum. 5.2
Share capital Wegener
At the date of this Offer Memorandum, Wegener has issued 44,848,842 Shares with a par value of EUR 0.30 each.The Shares are held by theWegenerTmst, with theexception of 427 Shares which are held bycertain individuals known byWegener.TheWegenerTmst hasissued depository receipts of the Shares held by it, which depository receipts are listed on the official market of the stock exchange of Euronext Amsterdam N.V.(EuronextAmsterdam). At the date of this Offer Memorandum Wegener has issued 8,089,718 FinPrefs with a par value of EUR 0.30 each.The FinPrefs are all held by the FinPref Tmst, which has issued depository receipts of the FinPrefs to Delta Lloyd N.V. and Beleggingsmaatschappij Voorburgwal B.V. Wegener holds 3,889,545 depository receipts of FinPrefs. AsatthedateofthisOffer Memorandum, theOfferor hasreached agreement withDeltaLloydN.V.and Beleggingsmaatschappij Voorburgwal B.V. on the sale and purchase of the depository receipts of FinPrefs as per the Settlement Date, subject to the Offer being declared unconditional by the Offeror. 5.3
The Offer
Shareholders tendering their Shares under the Offer will be paid an amount in cash of EUR 17.70 or, alternatively, 14.287 Mecom Shares, representing a value of EUR 18.00 per Share as per 7 May 2007 and a value of EUR 17.26 as per 24 August 2007 in respect of each Share validly tendered (or defectively tendered provided thatsuchdefect hasbeen waivedbytheOfferor) anddelivered (geleverd), subject to the Offer being declared unconditional. 5.4
Fractions
Insofar asthenumberofSharestendered foracceptanceanddeliveredundertheExchangeOffer would otherwise result intheissue effractions ofMecom Shares, such fractions will not beissued but instead be settled for cash through the Settlement Agent. Such payment will be in EUR based on the opening priceofoneMecom ShareonAIMontheAcceptanceAnnouncement DateandtheGBP:EUR exchange rate as determined by the European Central Bank the day before theAcceptance Announcement Date. The rounding and settlement per individual Shareholder who has tendered and delivered the Shares in exchange for Mecom Shares in accordance with the terms and conditions set forth in this Offer
15
Memorandum willbebasedonthenormalpracticeusedbyAdmittedInstitutions.Ingeneral,theentitlement to a fraction of a Mecom Share will entirely be rounded downwards (with additional payment). 5.5
Substantiation of the Consideration
The Consideration has been based on careful financial analyses, consisting, amongst others, of the following elements: (a)
the historical share price ofWegener, alsocompared with the share price performance of other comparable publicly traded companies.Comparables were drawn from European regional and national newspaper companies, including, interalia, companies such asTrinity Mirror plc and Gmppo L'Espresso. These comparables were analysed in the context of operating in differing countries and with differing product portfolio's, and being listed on different stock markets;
(b)
the historical developments and potential future developments conceming the profitability of Wegener, including potential future developments based on expected Gross Domestic Product growth intheNetherlands, thecontemplated strategy ofWegener asdetailed in section 9.4.2 of theOffer Memorandum andthe valuecreation ofthe combined group asdetailed in5.6.1 ofthe Offer Memorandum;
(c)
ananalysisoftradingandtransaction multiples basedonfinancial terms,totheextentavailable, of other publicly traded companies active in the same sector and market segments as Wegener (asoutlined in 5.5 (a))and othercomparable European regional newspaper transactions (drawn from a variety of transactions across European regional newspapers), respectively. These comparables, including, inter alia, Mecom's acquisitions of Limburg Media Group in June 2006 and Orkla Media in July 2006, were analysed in the context of their differing countries and markets of operation, performance and product portfolios;
(d)
adiscounted cash flow analysis based on historic and expected developments inthe operational and financial performance of Wegener; and
(e)
an analysis of 19 relevant Dutch public offers during the period from January 2004 to May 2007, showing a 1-day,prespeculation, averagepremium of 26percent.This sample included, by wayofexample,Unibail/Rodamco Europe,GildeBuy Out Partners/Koninklijke Nedschroef and De Lage Landen/Athlon, asthe three most recent transactions.
In addition, the Consideration wasdetermined by using publicly available information asderived from annual accounts.Analyst's reports (including reports issued by ING,ABN AMRO, Fortis Bank, Rabo Securities, Kempen & Co, SNS Securities, KBC Securities, Petercam, Kepler Equities and CA Chevreaux) were also reviewed, as were market reports, press releases and additional financial information provided by Wegener. The Cash Offer represents: (a)
a premium of 5.4% over the closing price of the Shares on 7May 2007,the last Business Day prior tothejoint press release ofWegener and Mecom, dated 8May 2007,announcing that the expectation wasjustified thatagreement couldbereached onthetermsandconditionson which Mecom would be prepared to make the Offer (theFirst Public Announcement);
(b)
a premium of approximately 18.2% over the average share price of the Shares in the three months prior to the First Public Announcement;
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(c)
a premium of 31.6% over the closing price of the Shares on 8March 2007, the day before the announcement byMecom that ithad acquired 10,594,763 Shares (approximately 23.6% ofthe Shares and 20.0% of the issued and outstanding share capital of Wegener at the date of this Offer) from Telegraaf Media Groep N.V.;and
(d)
apremium of 39.4%overtheaverage shareprice of the Shares overthe lastthree months upto and including 8March 2007,the day before the announcement by Mecom that it had acquired 10,594,763 Shares (approximately 23.6% of the Shares and 20.0% of the issued and outstanding sharecapital ofWegeneratthedateofthisOffer) from Telegraaf MediaGroepN.V.
As at 24August 2007, the Exchange Offer represents: (a)
a premium of 2.7% over the closing price of the Shares on 7May 2007,the last Business Day prior to the First Public Announcement;
(b)
a premium of approximately 15.2% over the average share price of the Shares in the three months prior to the First Public Announcement;
(c)
a premium of 28.3% over the closing price of the Shares on 8March 2007, the day before the announcement by Mecom that it had acquired 10,594,763 Shares (approximately 23.6% ofthe Shares and 20.0% of the issued and outstanding share capital of Wegener at the date of this Offer) from Telegraaf Media Groep N.V.;and
(d)
apremium of 35.9%overthe average shareprice of theShares overthe last three months upto and including 8March 2007,the day before the announcement by Mecom that it had acquired 10,594,763 Shares (approximately 23.6% of the Shares and 20.0% of the issued and outstanding sharecapitalofWegeneratthedateofthis Offer) from Telegraaf MediaGroepN.V.
As at 24August 2007, the Cash Offer values all of the Shares not yet owned by the Mecom Group at EUR 553.4 million andtheExchangeOffer valuesalloftheSharesnotyetowned bytheMecom Group at EUR 539.6 million. 5.6
Rationale for the Offer
5.6.1
The Offeror and Wegener strongly believe that a business combination between the Wegener Group and the Mecom Group would provide both short term and long term strategic, financial and other benefits to theparties, including the following benefits:
(a)
the Combined Group will create a leading pan-European regional newspaper publisher with a combined pro-forma 2006salesofEUR2.0billion andpro-forma 2006EBITDA ofEUR 197.9 million;
(b)
the Combined Group will be well placed to create value from driving top line growth and operating efficiencies; the businesses of Wegener and Mecom will cover much of the Netherlands creating opportunities for economies of scale in production processes as well as for advertisers in print and online;
(c)
the large subscriber base of publications owned by the Combined Group will offer attractive opportunities for developing new revenue streams through the sale of new publications and ancillary products;
(d)
Wegener's existing online activities can be leveraged further throughout the Combined Group; and
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(e)
the opportunity to realise significant cost savings and other synergies.
5.6.2
On 8 March 2007, Mecom agreed to acquire from Telegraaf Media Groep N.V. 10,594,763 SharesheldbyTelegraaf MediaGroepN.V.On20August 2007,Mecom agreed toacquire from BestinverGestion SGIIC 2,634,812 Shares held by Bestinver Gestion SGIIC and on 21August 2007 Mecom bought 352,240 Shares. As a result hereof, Mecom holds 13,581,815 Shares, representing approximately 30.28%of the Shares and approximately 25.66%of the issued and outstanding share capital of Wegener as per 24 August 2007. Reference is made to Section 10.6.2 and 10.6.3 (Acquisition Shares held by Bestinver Gestion SGIIC and Other transactions).
5.6.3
The Mecom Group and Wegener will consider acombination of the resources and potential of LimburgMediaGroupandWegener,creating astrong position intheDutch market for regional newspapers.Any such combination will require a further full analysis of all relevant stmctural, organisational and commercial aspects and will be subject to all applicable consultation and approval procedures.
5.6.4
The Cash Offer provides Shareholders the opportunity to realise immediate value in cash for their Shares, eliminating significant price risk related to future investment, execution uncertainty and any liquidity discount upon sale.
5.6.5
Shareholders opting for the Exchange Offer are given the opportunity to participate in the potential benefits generated by combining the business activities of Mecom and Wegener. Shareholders who are considering accepting the Exchange Offer should carefully review the Prospectus and consult a financial adviser, before making a decision to accept the Exchange Offer.
5.7
Recommendation by the Supervisory Board and Management Board
As set out in Section 8 (Recommendation by the Supervisory Board and the Management Board), the Supervisory Board andtheManagement Board,after giving dueconsideration tothe strategic, financial and social aspects of the Offer, fully support and unanimously conclude that the Offer is in the best interests of the Shareholders and all other stakeholders in Wegener and the Supervisory Board and the Management Board fully support and unanimously recommend the Offer to the Shareholders. The Supervisory Board and Management Board note that their support and recommendation of the Offer isqualified in respect of the Exchange Offer in view of the fact that they have performed limited due diligence on the Mecom Group. Their support and recommendation of the Exchange Offer is not intended topurport tobeand should inany event not be interpreted orconsidered asa recommendation to invest in Mecom Shares.Each Shareholder should consult its financial adviser and carefully review the Prospectus before making a decision to accept the Exchange Offer. The Supervisory Board and the Management Board are of the opinion that the Offer is reasonable and fair to the Shareholders. In this respect, reference is made to the Fairness Opinion rendered by NIBC, as included in Section 7 (Fairness Opinion of NIBC) of this Offer Memorandum. See Section 8 (Recommendation by the Supervisory Board and the Management Board). 5.8
Offer Conditions
Notwithstanding any other provisions of the Offer, the obligation of the Offeror to declare the Offer unconditional shall be subject to the following conditions precedent being satisfied in the reasonable judgement of the Offeror, or waived by the Offeror, on or before the Tender Offer Closing Date or the Postponed Tender Offer Closing Date, asthe case may be.
5.5.7
Such number of Shares having been tendered for acceptance on theTender Offer Closing Date orthePostponed TenderOffer ClosingDate,asthecasemaybe,thatthese,together with (i) the Shares directly or indirectly held by Wegener in its own share capital at the Tender Offer Closing Date or the Postponed Tender Offer Closing Date, as the case may be and (ii) the Sharesheld,directly orindirectly, by theMecom Groupfor itsownaccount attheTender Offer Closing Date or the Postponed Tender Offer Closing Date, as the case may be, represents at least 95% of the Shares as at the Tender Offer Closing Date or the Postponed Tender Offer Closing Date, asthe case may be (theMinimumAcceptance Condition);
5.8.2
NoMaterialAdverseChange havingoccurred between thedateofthisOffer Memorandum and the date on which all other Offer Conditions have been satisfied or waived, which Material Adverse Change is such that the Offeror cannot reasonably be expected to continue with the Offer or declare the Offer unconditional;
5.8.3
No public announcement having been made on or prior to the Tender Offer Closing Date, or, as the case may be,the Postponed Tender Offer Closing Date, indicating for the first time that a third party is preparing or announces a bona fide public offer for all Shares which qualifies as a Competing Offer and no third party has obtained the right to acquire or subscribe for, or has agreed to acquire or subscribe for, shares or depository receipts of shares in the capital of Wegener;
5.8.4
No order, stay, judgment or decree having been issued by any court, arbitral tribunal, government, governmental authority or other regulatory or administrative authority on or prior to the Tender Offer Closing Date, or, as the case may be, the Postponed Tender Offer Closing Date, (and with the exception of any competition law authorisations, rulings or orders) and being in effect, or any statute, mle, regulation, governmental order or injunction having been proposed,enacted,enforced ordeemed applicabletotheOffer, anyofwhichrestrains,prohibits ordelays orisreasonably likely torestrain, prohibit ordelay consummation oftheOffer in any material respect;
5.5.5
Wegener not having breached any provisions set out in the Merger Protocol on or prior to the Tender Offer Closing Date, or, as the case may be, the Postponed Tender Offer Closing Date, to the extent that such breach has or could reasonably be expected to have material adverse repercussions ontheOffer and, ifsuch breach hasoccurred, hasnotbeen remedied byWegener within 10(ten)daysafter receipt ofawritten noticebytheOfferor, provided thatWegener shall not be entitled to such remedy period (i) if such breach is not capable of being remedied or (ii)when the Offeror has given Wegener written notice that all other Offer Conditions have been fulfilled;
5.8.6
Subject only to the Offer becoming unconditional, the Protective Tmst having irrevocably and otherwise unconditionally renounced its rights under the Protective Option Agreement on or prior to the Tender Offer Closing Date, or, as the case may be, the Postponed Tender Offer Closing Date;
5.5.7
Subject only to the Offer becoming unconditional, the Wegener Tmst having irrevocably and otherwise unconditionally agreed to exchange the depository receipts of Shares for Shares,on or prior to the Tender Offer Closing Date, or, as the case may be, the Postponed Tender Offer Closing Date;
5.5.5
No notification having been received from the AFM on or prior to the Tender Offer Closing Date, or,asthecase may be,thePostponed Tender Offer Closing Date,that the Offer has been made in conflict with any of the stipulations of Chapter lla of the Wte, within the meaning of article 32(a) Bte 1995 in which case the securities institutions would not be permitted to
19
co-operate with the consummation of the Offer and trading in the Shares on Eurolist by Euronext not having been permanently suspended as a result of a listing measure (noteringsmaatregel) taken by Euronext Amsterdam in accordance with Article 2706/1 of Euronext Rulebook II; and 5.8.9
The general meeting of shareholders of Wegener having appointed Mr. R. van Schaik as new member of the Supervisory Board (in accordance with Section 5.13.6) and having resolved to amend the Wegener Articles of Association, conditional only upon the Offer being declared unconditional (gestand gedaan) and the settlement of the Offer having occurred.
5.5.70 The occurrence of one of the following events: (a)
the Nederiandse Mededingingsautoriteit issuing a decision in respect of the Offer constituting clearance of the proposed concentration and if such clearance is given subject to conditions or obligations, then those conditions and obligations being satisfactory to Mecom and Wegener acting reasonably, provided that Mecom and Wegener shall be obliged to accept any condition or obligation which is not material;
(b)
the Nederlandse Mededingingsautoriteit not having rendered a decision within the applicable timeperiods andundertherelevant laws,implying thatunconditional clearancehasbeen given. The proposed concentration has been notified to the Nederlandse Mededingingsautoriteit. Remaining questions of theNederlandse Mededingingsautoriteit arecurrently focussing on the activities of Wegener in the markets of free door-to-door papers in Eastern Brabant and Limburg.Theseactivitiesarenotmaterial inrelation totheOffer. Clearance bythe Nederlandse Mededingingsautoriteit isexpected to be obtained mid-September 2007.
The fulfilment of each of the Offer Conditions does not depend on the will of the Offeror as prohibited by article 9t(l)Bte 1995. The Offer Conditions are for the benefit of the Offeror and may, to the extent permitted by law, be waived by the Offeror (either in whole or in part) at any time by written notice to Wegener. The Offer Condition setout inSection 5.8.8 cannot be waived. Furthermore, theOfferor hasagreed with Wegener not to declare the Offer unconditional in the event that the number of Shares tendered under the Offer, together with (i) the Shares directly orindirectly held byWegener in itsown sharecapital at theTender Offer Closing Date or thePostponed Tender Offer Closing Date,asthe case may be and (ii)the Shares directly orindirectly held bytheMecom Groupfor itsown account attheTender Offer Closing Date or the Postponed Tender Offer Closing Date, as the case may be, represents less than 75%of the Shares. In the event that the number of Shares tendered together with (i) the Shares directly or indirectly held by Wegener in its own share capital at the Tender Offer Closing Date or the Postponed Tender Offer Closing Date, as the case may be and (ii) the Shares held by the Mecom Group, directly or indirectly, attheTender Offer Closing DateorthePostponed Tender Offer Closing Date,asthecase may be, does not represent at least 95% of the Shares but represent more than 75% of the Shares, the Offeror will extend theTender Period for a period of two weeks. 5.9
Acceptance Conditions,Tender Period, Declaring the Offer Unconditional, Extension and Settlement
5.9.7
Acceptance Conditions
The Offer shall be declared unconditional (gestanddoening) subject to the conditions precedent set out in Section 5.8 being satisfied or waived. By no later than 15:00 hours, Amsterdam time, on the fifth
20
Business Day following theTender Offer Closing DateorthePostponed Tender Offer Closing Date,as the case may be,the Offeror will announce whether the Offer isdeclared unconditional. 5.9.2
Tender Period
The Tender Period commences at 09:00 hours, Amsterdam time, on 29 August 2007, and ends on 4 October 2007 at 15:00 hours, Amsterdam time, unless extended in accordance with Article 9o paragraph 5ofthe Bte 1995. If and to the extent one or more of the Offer Conditions set out in Section 5.8 is not fulfilled by the Tender Offer Closing Date,the Offeror may extend theTender Period until all the Offer Conditions set out in Section 5.8 have been satisfied or waived, provided that this shall be no later than 31 December 2007. See also Section 6.7 (Extension). During the Postponed Tender Period, any Shares previously tendered and not withdrawn will remain subject totheOffer, subject tothe right of each Shareholder to withdraw the Shares he or she has already tendered in accordance with Article 9o paragraph 5 of the Bte 1995. If all conditions to the Offer are satisfied or, where appropriate, waived, the Offeror will accept all Shares that have been validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and not previously withdrawn in accordance with the procedures set forth in Section 6.2 (Acceptance by Shareholders). 5.9.3
Withdrawal Rights
Shares tendered on or prior to the Tender Offer Closing Date may not be withdrawn other than as permitted under the Bte 1995. 5.9.4
Declaring the Offer Unconditional (gestanddoening)
The Offer shall be subject to the fulfilment of the Offer Conditions. The Offeror reserves the right to waive the Offer Conditions, with the exception of the Offer Condition set out in Section 5.8.8. The Offeror will determine by no later than 15:00 hours,Amsterdam time, on the fifth Business Day following theTender Offer Closing Date orthe Postponed Tender Offer Closing Date, asthe case may be, such date being the Acceptance Announcement Date, whether the Offer Conditions have been fulfilled or are to be waived by the Offeror and will announce whether (i) the Offer will be declared unconditional, (ii)there isstill uncertainty astothefulfilment of any of theOffer Conditions or (iii) the Offer is terminated, as a result of the Offer Conditions not having been fulfilled or waived by the Offeror, all in accordance withArticle 9t, paragraph 4 of the Bte 1995. The announcement, if any,by theOfferor that there is still uncertainty asto the fulfilment of any of the Offer Conditions does not mean that any Shareholder will have the right to withdraw any tender of Shares or that any tendered Share shall be deemed to be automatically withdrawn. 5.9.5
Extension
The Offeror may extend the Tender Period past the Tender Offer Closing Date, in which case all references inthis Offer Memorandum to 15:00hours,Amsterdam time,on4October 2007 shall,unless thecontext requires otherwise,bemovedtothelatestdateandtimetowhich theTenderPeriod hasbeen so extended. IftheTenderPeriod isextended,sothattheobligation pursuant toArticle9toftheBte 1995toannounce whether the Offer isdeclared unconditional ispostponed, apublic announcement to thateffect shall be
21
made on the next Business Day following the Tender Offer Closing Date in accordance with the provisions ofArticle 9oparagraph 5of theBte 1995.If theOfferor extends the period during which the Offer is open, the Offer will expire at the latest time and date to which the Offeror extends the Tender Period, being the Postponed Tender Offer Closing Date. During anextension ofthe TenderPeriod, anySharepreviously tendered and notwithdrawn will remain subject to the Offer, subject to the right of each Shareholder to withdraw the Shares he or she has already tendered. 5.9.6
Subsequent Tender Period (na-aanmeldingstermijn)
On theAcceptance Announcement Date, the Offeror may announce a Subsequent Tender Period of up to fifteen (15) Business Days.A Subsequent Tender Period is an additional period of time, following the expiration of the Tender Period or the Postponed Tender Period, as the case may be,during which the Shareholders may tender their Shares not yet tendered during the Tender Period or the Postponed Tender Period, as the case may be. A Subsequent Tender Period is not an extension of the Offer in accordance withArticle 9o paragraph 5ofthe Bte 1995,which already will have been completed. Settlement in respect of the Shares tendered in the Subsequent Tender Period shall occur no later than five (5) Business Days after the end of the Subsequent Tender Period. Reference is made to Section 5.9.7 (Settlement). Shareholders who have tendered and delivered their Shares during the Subsequent Tender Period will receive the Consideration in respect of each Share validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered (geleverd) under the terms and conditions of the Offer. During the Subsequent Tender Period, neither Shareholders who tendered Shares during the Tender Period, if such Shares were accepted pursuant tothe Offer, nor Shareholders whotender Shares during a Subsequent Tender Period, shall have any right to withdraw such Shares from the Offer. 5.9.7
Settlement
IntheeventthattheOfferor announcesthattheOffer isdeclared unconditional (gestand wordtgedaan). Shareholders who have tendered and delivered their Shares to the Offeror will receive within five (5) Business Days following theAcceptanceAnnouncement Date (theSettlementDate), the Consideration in respect of each Share validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered (geleverd) under the terms and conditions of the Offer. Please refer to Section 6.9 (Settlement) for more details on the Settlement process. 5.10
Undertakings
Van der Loeff Beheer B.V., a company affiliated with Jan Houwert, the CEO of Wegener, has orally confirmed to Wegener that it will follow the recommendation of the Wegener Boards (see Section 8) and on the basis thereof will tender the Shares held by it under the Exchange Offer as described in and underthesametermsandconditions included inthisOffer Memorandum.Thisundertaking isin respect of 7,615,930 Shares with an aggregate nominal value of EUR 2,284,779, and represents approximately 16.98% of the Shares.Van der Loeff Beheer B.V. did not receive any information in connection with the Offer that isnot included in this Offer Memorandum.
22
5.11
Shareholdings of the Members ofWegener Boards
5.77.7 Information on Shares As at the date of this Offer Memorandum, no Shares are held by any member of the Boards. The members of the Management Board have a conditional right to receive a certain amount of Shares (as shown in the following table). Management Board
Number of Shares which have been awarded conditionally
Mr. J.C. Houwert Mr.E.J.F. Busweiler Mr. C.G. Boot
31,000 20,000 4,000
Total
55,000
The conditional right to receive the amount of Shares set out in the above table has been awarded on thebasisof ashareplan (aandelenplan) which appliessolelytothemembersofthe Management Board. The regulations (het reglement) governing this share plan provide that the Supervisory Board shall be entitled to amend the terms and conditions thereof in the event of (among other things) a take-over of Wegener. The Supervisory Board has resolved that, in the event the Offer is declared unconditional, the conditional right of the members of the Management Board to receive the number of Shares set out opposite their respective namesin theabovetable shall terminate and bereplaced by aconditional right to receive from Wegener an amount of EUR 17.70 per Share that has been conditionally awarded to them.The other terms and conditions of this share plan shall not be amended. If the Offer is declared unconditional, Wegener could incur a cost in connection with the execution (uitvoering) of this share plan of up to EUR 973,500. 5.77.2 Information on Share options As at the date of this Offer Memorandum, options for Shares are held by members of the Management Board, as shown in the following table: Management Board
Number of options for Shares
Mr. J.C. Houwert Mr.E.J.F. Busweiler
100,000 60,000
Total
160,000
The options for Shares have been awarded on the basis of an option agreement between Wegener and the respective holder of such option. These options for Shares have been awarded in 2003 (with an exercise price of EUR 3.90 per option) and 2004 (with an exercise price of EUR 9.09 per option), respectively. The duration of the options for Shares is a maximum period of five years following the respective grant date. The option agreement provides that the Supervisory Board may determine to shorten theexercise period in the event of (among other things) a take-over of Wegener.
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The Supervisory Board has resolved that, if the Offer isdeclared unconditional, the exercise period of theoptions for Shares (setout inthe above table) shall bethe Settlement Date.Onthe Settlement Date, Wegener shall issue tothe person exercising such option one new Share for each option for Shares that is exercised on the Settlement Date. Mr. J.C. Houwert and Mr. E.J.F. Busweiler will exercise their respective optionsfor Shares (assetoutintheabovetable)ontheSettlement Dateandtenderthe Shares acquired onthebasisthereof totheOfferor - undertheCash Offer, theExchange Offer oramix of both such offers - under the same terms and conditions as those included in this Offer Memorandum. 5.12
Financing of the Offer
The Mecom Group will fund acceptances under the Offer through a combination of secured bridge facilities, subject to customary conditions in line with the Offer, arranged by ING Bank and the Bank of Ireland and existing cash resources.The bridgefacilities will consist of (i)abasecurrency term loan facility which can be used towards funding, directly or indirectly, of the Cash Offer and (ii) a multi currency revolving credit facility which can beused, interalia, for working capital purposes. 5.13
Consequences of the Offer
5.73.7 Summary ofriskfactorsfollowing the Offer Shareholders whodo nottendertheirShares undertheOffer should carefully review this section, which describes certain risks they will be subject to if they elect not to accept the Offer. These risks are in addition to the exposure to the business of Wegener and its subsidiaries, as such business and the structure of Wegener Group may change from time to time after the Settlement Date.The following is a summary of thekey additional risks: (a)
SQUEEZE-OUT PROCEDURE: As soon as the relevant legal requirements have been satisfied, the Offeror may seek to acquire the remaining Shares through the Squeeze-Out procedure (uitkoopprocedure). For further details, reference is made to Section 5.13.2(a).
(b)
LOSS OF LIQUIDITY: As soon as the relevant legal requirements have been satisfied, the Offeror may seek to terminate the listing of Wegener on Euronext Amsterdam and to convert Wegener into a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid), which will inter alia cause all Shares to become subject to transfer restrictions. Alternatively orcumulatively, the Offeror may seek to implement aLegal Merger, which could result in Shareholders becoming shareholders in a merging entity by operation of law. This merging entity maybeaprivatelimited liability company (besloten vennootschap metbeperkte aansprakelijkheid), and the shares in its capital may not be listed or publicly traded, and may be subject to transfer restrictions. Even if no conversion or merger is implemented, the size of the free float in Shares will be substantially reduced as a result of the Offer, and as a result trading volumes and liquidity of Shares will be materially adversely affected.
(c)
REDUCED GOVERNANCE RIGHTS: In the event that Wegener or any merging entity will no longer be listed and its Shares will no longer be publicly traded, the mandatory provisions applicable to the govemance of public or listed companies will no longer apply and the rights of minority Shareholders will be limited to the statutory minimum. After completion of the Offer, the mitigated largecompany regime (verzwakt structuurregime) as provided for in article 2:155 of the Dutch Civil Code will apply to Wegener.
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(d)
CONTROLLING SHAREHOLDER: Wegener will be majority controlled by the Offeror.
(e)
TAXTREATMENT OFDISTRIBUTIONS:TheOfferor andWegener haveno insight intoand no responsibility with respect to the tax treatment of Shareholders with respect to any distributions made by Wegener or any successor entity to Wegener, which may include dividends, repayments of capital and liquidation distributions. Any dividends, repayments of capital and distributions of the sale proceeds after a sale of substantially all assets of Wegener, followed by a liquidation may raise specific tax issues for Shareholders.
(f)
DIVIDEND POLICY: The Shareholders should be aware that Wegener may not pay (cash) dividends to the Shareholders in the future.
5.73.2 Legalstructure ofthe Combined Groupfollowing the Offer The Offeror will consider, depending inter alia on the number of Shares obtained by the Offeror following completion ofthe Offer, toinitiateasqueeze-out procedure(uitkoopprocedure) in accordance with article 2:92a ofthe Dutch Civil Code(Statutory Squeeze-Out) or,subject to implementation ofthe relevant provisions intothelawsofthe Netherlands,thetakeoverbuy-out procedures inaccordance with the proposed article 2:359c of the Dutch Civil Code (Takeover Squeeze-Out and together with the Statutory Squeeze-Out, Squeeze Out). The Offeror will also consider effecting a legal merger (juridische fusie) in accordance with article 2:309 of the Dutch Civil Code (LegalMerger),between Wegener and the Offeror orany other member of the Mecom Group, with Wegener being the disappearing entity or surviving entity and the Offeror, oranyothermemberofthe Mecom Group,beingthesurvivingentityordisappearing entity,respectively. (a)
Squeeze-Out procedure In the event that the Offeror has acquired 95%or more of the issued share capital of Wegener following the Settlement Date, the Offeror, as soon as possible, intends to initiate a SqueezeOutprocedure inordertoacquiretheremaining Sharesnottenderedand notheldbythe Offeror (or any other member of the Mecom Group) or Wegener.
(b)
Legal Merger In the event that the Offeror does not acquire 95% or more of the Shares following the Settlement Date, such that it is not possible to initiate the Squeeze-Out procedure, the Offeror may by simple majority of the general meeting of Shareholders of Wegener vote to effect a Legal Merger between either the Offeror or any other member of the Mecom Group, and Wegener. IncasesuchaLegalMergeriseffected inwhichtheOfferor oranyothermemberoftheMecom Group is the surviving entity and Wegener the disappearing entity. Shareholders who have not tendered their Shares under the Offer will become, by operation of law, shareholders in the surviving entity, alongside the Offeror, or any other member of the Mecom Group, as the case may be.After aLegal Merger iseffected the Offeror may initiate a Squeeze-Out procedure, in order to obtain any shares in the surviving entity not held by the Offeror, any other member of theMecom Group, or Wegener.
(c)
Other possible measures At any time after the listing onEuronextAmsterdam has been terminated, it may bedecided to convert Wegener into a private liniited liability company (besloten vennootschap met beperkte
25
aansprakelijkheid), all inaccordance withthe lawsofthe Netherlands andtheWegenerArticles of Association. In addition, the Offeror reserves the right to submit proposals to the Shareholders in order to alter the company stmcture and the capital structure ofWegener and/or intended to achieve an optimal financial orother structuring, including further amendments totheWegenerArticlesof Association, a liquidation, a demerger (splitsing) as specified in article 2:334a of the Dutch Civil Code or a sale of all or substantially all of the assets of Wegener, which may or may not be followed by a distribution of proceeds to the Shareholders, all in accordance with the laws of the Netherlands and the Wegener Articles of Association. Also, the Offeror and Wegener reserve theright tohavetheOfferor contribute assets toWegener against the issuance of shares in the capital of Wegener, in which case the pre-emptive rights (voorkeursrecht) of other Shareholders willbeexcluded.Distributions maytaketheform ofadistribution outofreserves, an interimdividend, adividend oraliquidation distribution.Any such measures or distributions may be implemented to align the corporate, tax and financing stmcture of Wegener with the Combined Group's requirements. Finally, the Offeror reserves the right to conduct any other legal means which may be effected in accordance with the laws of the Netherlands and other applicable laws from time to time in order for the Offeror to acquire all the Shares (such legal means, together within the Legal Merger, Squeeze-Out and other possible measures specifically set out above, collectively the Post Offer Actions). Any Post Offer Actions will be structured and implemented, taking into account relevant circumstances and applicable laws and regulations. 5.73.3 Certain arrangements between Mecom and Wegener Mecom and Wegener will consider a combination of the resources and potential of Limburg Media Group and Wegener.Any such combination will require afurther full analysis of all relevant stmctural, organisational and commercial aspects and will be subject to all applicable consultation and approval procedures. 5.13.4 Other measuresfollowing the Offer (a)
Subject to the Offer being declared unconditional, amendment of the Wegener Articles of Association will beproposed atthe Shareholders' Meeting referred to in Section 11in order to align the corporate stmcture of Wegener with the Combined Group's corporate, tax and financing stmcture, tobe ineffect as soon aspossible after the Settlement Date.Thetext of the proposed amendment ofthe WegenerArticles ofAssociation isdescribed in Section 18.
(b)
As part of the amendment of the Wegener Articles of Association, Wegener will adopt the mitigated largecompany regime (verzwakt structuurregime) as provided for in article 2:155 of the Dutch Civil Code.
(c)
On or as soon as possible after the Settlement Date, the certification scheme of the bearer depository receipt scheme (certificeringsregeling) will be terminated.
(d)
The Offeror will purchase the depository receipts of FinPrefs held by Delta Lloyd N.V. and Beleggingsmaatschappij Voorburgwal B.V. as per the Settlement Date, subject to the Offer being declared unconditional by the Offeror.
5.73.5 Liquidity and Delisting ThepurchaseofSharesbytheOfferor pursuanttotheOffer, amongotherthings,willreducethenumber of Shareholders and the number of Shares that might otherwise trade publicly and may therefore adversely affect the liquidity and market value of the remaining Shares. 26
It is intended that the Company's listing of Shares on Euronext Amsterdam will be terminated as soon aspossible after the Offer being declared unconditional. Delisting may beachieved onthebasis of 95% or moreoftheShareshavingbeen acquired bytheOfferor oronthebasisofaLegalMerger.This would further adversely affect the liquidity of any Shares not tendered pursuant to the Offer. In addition, the Offeror may initiate any of the procedures as set out in Section 5.13.2(Legal Stmcture of the Combined Group following the Offer), including procedures which would result in termination of the listing of the Shares (including Shares not being tendered). Even if noconversion or merger ordelisting is implemented, the size of the free float in Shares will be substantially reduced asaresult oftheOffer, andasaresult trading volumesand liquidity of Shares will be materially adversely affected. 5.13.6 Future Composition ofthe Management Board and the Supervisory Board The Management Board will remain unchanged following the Settlement Date, with Jan Houwert continuing as Chief Executive Officer, Koos Boot as Chief Financial Officer, and Freek Busweiler responsible for the publishing activities of theWegener Dagbladen Group. Following the Settlement Date, the Supervisory Board will consist of 3 members: Mr. H.C.P. Noten, Mr.J.A.J. Vink and Mr. R. van Schaik. The profile in respect of the composition of the Supervisory Board will be as follows: (a)
theChairman oftheSupervisory Board shall beindependent (as such notion isdescribed in the Dutch corporate govemance mles) from Mecom, must be resident inthe Netherlands and shall be appointed upon the nomination of Mecom and the Management Board, actingjointly;
(b)
one member of the Supervisory Board shall be appointed upon the nomination of Mecom;
(c)
one member of the Supervisory Board shall be appointed upon the nomination of the central works council of Wegener.
The current Supervisory Board members Mr. R.W.F. van Tets and Mr. R. Pieterse will resign effective upon the Settlement Date. 5.73.7 Future Composition ofthe Mecom Board AsoftheSettlement Date,Jan Houwert willjoin theMecom Board asanexecutivedirectorand another person appointed upon nomination by the Supervisory Board will join the Mecom Board as a nonexecutive director. The Mecom Board currently comprises two executive directors, being David Montgomery and Keith Allen, and three non-executive directors, being Sir Robin Miller, John McNeil andAlasdair Locke. 5.73.5 Integrated Operational Management Structure Upon completion of the Offer and taking into account the rights of minority Shareholders,Mecom and Wegener will agree on reporting lines, business planning, strategic and material operational controls permitting theMecom Board toexercisecontrol inrespect of strategic and operational matters asof the Settlement Date. 5.14
Social Consequences
The Offeror intends to operate Wegener as an independent business and does not anticipate any direct material effects tothe interests ofWegener employees within the meaning ofArticle 9i sub xof the Bte 1995. 27
The Offeror will continue to respect applicable covenants including but not limited to (i) the employee co-determination regulations (medezeggenschap) as applied by the Wegener Group, and (ii) the arrangements entered into by the Wegener Group and the trade unions including any existing social plans and collective labour agreements. The Offeror expects that there shall be no direct negative employment consequences for theWegener Group as a whole as adirect result of the Offer. Positive advice has been obtained from the works council of Wegener in accordance with the Works CouncilsAct(Wetopdeondernemingsraden).Thesecretariat ofthe Social Economic Council (SociaalEconomische Raad) has been informed on the Offer in accordance with the SER Merger Code 2000 (SER Fusiegedragsregeis 2000). 5.15
Merger Protocol
In relation to the Offer, Wegener and Mecom have entered into a Merger Protocol on 16 May 2007. Amongst others, the Merger Protocol deals with arrangements set out in this Offer Memorandum. 5.16
Indicative Timetable
Expected Date and Time (AlltimesareAmsterdam time)
Event
09:00 hours, 28August 2007
Publication of advertisement announcing the availability of the Offer Memorandum, the Prospectus and the commencement of the Offer
09:00 hours, 29August 2007 11September 2007
Commencement of theTender Period under the Offer Publication of Mecom Interim Financials (see also Section 10.9)
10:30hours, 25 September 2007 Shareholders' Meeting, at which meeting the Offer, among other matters will be discussed 15:00hours,4 October 2007
Tender Offer Closing Date Deadline for Shareholders wishing to tender Shares, unless the Offer is extended in accordance with Article 9o paragraph 5 of the Bte 1995
No later than five (5) Business Days after theTender Offer Closing Date
Acceptance Announcement Date The date on which the Offeror shall publicly announce whether the Offer is declared unconditional (gestand wordt gedaan) in accordance withArticle 9t paragraph 4 ofthe Bte 1995
Not later than five (5) Business Days after the Acceptance Announcement Date
Settlement Date The date on which, in accordance with the terms and conditions of the Offer, the Offeror shall pay the Consideration per Share to the Shareholders who have validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered (geleverd) their Shares under the Offer
28
6.INVITATION TO THE SHAREHOLDERS Shareholders are advised to review this Offer Memorandum (including all documents incorporated by reference herein) and in particular Sections 1 and 2 (Restrictions and Important Information) thoroughly and completely and to seek independent advice where appropriate in order to reach a balancedjudgement with respect to the Offer and this Offer Memorandum. Shareholders who are considering accepting the Exchange Offer should carefully review the Prospectus, and consult a financial adviser, before making a decision toaccept theExchange Offer. With due reference to all statements, terms, conditions and restrictions included in this Offer Memorandum, Shareholders arehereby invited totendertheir SharesundertheOffer inthemanner and subject to the terms and restrictions set out below. 6.1
Consideration
Shareholders tendering their Shares under the Offer are given the option to receive cash or Mecom Shares ora mix ofcash and Mecom Shares.Foreach Sharetendered under the terms and conditions of the Offer, the Offeror offers an amount in cash equal to EUR 17.70 or, alternatively, 14.287 Mecom Shares,representing a value of EUR 18.00per Share asper 7May 2007 and a value of EUR 17.26 per Share as per 24August 2007. Insofar asthenumberofSharestenderedfor acceptanceanddeliveredundertheExchangeOffer would otherwise result in the issueof fractions of Mecom Shares, such fractions will not be issued but instead be settled for cash through the Settlement Agent. Such payment will be in EUR based on the opening priceofoneMecom ShareonAIMontheAcceptanceAnnouncement DateandtheGBP:EUR exchange rate as determined by the European Central Bank the day before theAcceptance Announcement Date. The rounding and settlement per individual Shareholder who has tendered and delivered the Shares in exchange for Mecom Shares in accordance with the terms and conditions set forth in this Offer Memorandum will be based on the normal practice used by Admitted Institutions. In general, the entitlement to a fraction of a Mecom Share will be rounded downwards entirely (with additional payment). 6.2
Acceptance by Shareholders
6.2.1
Acceptance by Shareholders held through Admitted Institutions
Shareholders who hold their Shares through an Admitted Institution are requested to make their acceptance known through their Admitted Institution no later than 15:00 hours Amsterdam time on 4 October 2007,unless theTenderPeriod isextended inaccordance with Section 6.7 (Extension).Your Admitted Institution may set an earlier deadline for communication by Shareholders in order to permit the Admitted Institution to communicate its acceptances to the Settlement Agent in a timely manner. Tender forms setting out the various options to Shareholders under the Offer will be provided by the Settlement Agent to theAdmitted Institutions. Shareholders will need to specify the number of Shares they wish to tender under the Cash Offer and the number of Shares they wish to tender under the Exchange Offer. In particular. Shareholders electing toreceive some or all of their Consideration in the form of Mecom Shares will be requested to confirm whether their Admitted Institution or they themselves hold an account with CREST through which Mecom Shares can be held, or whether they willholdtheMecom Shares inCertificated Form.CRESTisapaperless settlement system inthe United Kingdom allowing securities to betransferred from one person's CREST account to another's without the need to use share certificates or written instmments of transfer.
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TheAdmitted Institutions may tender Shares for acceptance only to the Settlement Agent and only in writing.In submitting theacceptance,theAdmitted Institutions arerequired todeclare that (i)they have the tendered Shares in their administration, (ii) each Shareholder who accepts the Offer irrevocably represents and warrants that the Shares tendered by him are being tendered in compliance with the restrictions setout inSections 1 and 2(Restrictions and Important Information) and (iii)they undertake totransfer these Shares totheOfferor on the Settlement Date,provided thattheOffer hasbeen declared unconditional (gestand gedaan). Subject to Article 9o paragraph 5 of the Bte 1995,the tendering of Shares in acceptance of the Offer shall constitute irrevocable instmctions to block any attempt to transfer the Shares tendered, so that on orprior to the Settlement Date notransfer of such Shares may beeffected (other than tothe Settlement Agent on or prior to the Settlement Date and the Shares have been accepted for purchase) and to debit the securities account in which such Shares are held on the Settlement Date in respect of all of the Shares tendered, against payment by the Settlement Agent of the Consideration per Share in respect of those Shares. Mecom Shares are traded onAIM.Application will be made for the Mecom Shares issued to Wegener shareholders inconnection with the Offer to be admitted to trading onAIM. In the event that you wish to deal in Mecom Shares, you are advised tocontact yourAdmitted Institution. 6.2.2
Acceptance byShareholders individually recorded in the shareholders' register
Shareholders individually recorded inthe shareholders' register ofWegener wishing to accept the Offer inrespect of such Shares must deliver acompleted and signed acceptance form tothe Settlement Agent in accordance with the terms and conditions of the Offer, not later than 15:00hours,Amsterdam time, on 4 October 2007, unless the Tender Period is extended in accordance with Section 6.7 (Extension). Wegener will send the acceptance forms directly to Shareholders individually recorded in the shareholders' register. The acceptance form will serve as a deed of transfer (akte van levering) with respect to the Shares referenced therein. 6.2.3
Undertakings, Representations and Warranties byShareholders holding registered Shares
Each Shareholder tendering Sharespursuant totheOffer otherthan through anAdmitted Institution, by suchtender,undertakes,representsand warrantstotheOfferor, onthedatethatsuchSharesaretendered through to and including the Settlement Date, that: (a)
the tender of any Shares constitutes an acceptance by the Shareholder of the Offer, on and subject to the terms and conditions of the Offer;
(b)
such Shareholder has full power and authority to tender, sell and deliver (leveren),and has not entered into any other agreement to tender, sell or deliver (leveren), the Shares stated to have beentenderedtoanyparty otherthan theOfferor (togetherwithallrightsattachingthereto) and, when the same are purchased by the Offeror under the Cash Offer or the Exchange Offer, the Offeror will acquire such Shares, with full title guarantee and free and clear of all third party rights and restrictions of any kind; and
(c)
such Shares arebeing tendered in compliance with the restrictions as set out in Sections 1and 2 (Restrictions and Important Information) and the securities and other applicable laws or regulations of thejurisdiction in which such Shareholder is located or of which it is a resident and no registration, approval or filing with any regulatory authority of such jurisdiction is required in connection with the tendering of such Shares.
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6.2.4
Withdrawal Rights
Shares tendered on or prior to the Tender Offer Closing Date may not be withdrawn, other than as permitted under the Bte 1995. 6.3
Acceptance of Defective Tenders
The Offeror reserves the right to accept any tender for acceptance, even if it has not been effected in such manner as set out in Section 6.2 (Acceptance by Shareholders). 6.4
Conditions
The Offer shall be declared unconditional (gestanddoening) if the conditions set out in Section 5.8 (Offer Conditions) are fulfilled or, if relevant, waived by the Offeror. 6.5
Tender Period (aanmeldingstermijn)
The Tender Period commences at 09:00 hours, Amsterdam time, on 29 August 2007, and ends on 4 October 2007 at 15:00 hours, Amsterdam time, unless extended in accordance with Article 9o paragraph 5 ofthe Bte 1995. If oneormoreof theOffer Conditions setout inSection 5.8 isnot fulfilled by theTenderOffer Closing Date,theOfferor may,from timetotime,extend theTenderPeriod untilall theOffer Conditions setout in Section 5.8 havebeen satisfied orwaived, provided thatthis shall beno laterthan 31December 2007 (thePostponedTenderPeriod).SeealsoSection 5.9.5 (Extension).DuringthePostponedTenderPeriod, any Shares previously tendered and not withdrawn will remain subject to the Offer, subject to the right of each Shareholder to withdraw the Shares he or she has already tendered in accordance with Article 9o paragraph 5 ofthe Bte 1995. If all conditions to the Offer are satisfied or, where appropriate, waived, the Offeror will accept all Shares that have been validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and not previously withdrawn in accordance with the procedures set forth in Section 6.2 (Acceptance by Shareholders). 6.6
Declaring the Offer Unconditional (gestanddoening)
The Offer shall be subject to the fulfilment of the Offer Conditions, including, but not limited to the fulfilment ofthe MinimumAcceptance Condition, as set out in Section 5.8.1.The Offeror reserves the right to waive the Offer Conditions, with the exception of the Offer Condition set out in Section 5.8.8. In the event that the number of Shares tendered together with (i) the Shares directly or indirectly held by Wegener in its own share capital at the Tender Offer Closing Date or the Postponed Tender Offer Closing Date, as the case may be and (ii) the Shares held by the Mecom Group, directly or indirectly, at theTender Offer Closing DateorthePostponed Tender Offer Closing Date,asthecase may be,does not represent at least 95%of the Shares but represent more than 75% of the Shares, the Offeror will extend theTender Period for a period of two weeks. The Offeror will determine by no later than 15:00 hours,Amsterdam time, on the fifth Business Day following theTender Offer Closing Date orthe Postponed Tender Offer Closing Date, as thecase may be, such date being the Acceptance Announcement Date, whether the Offer Conditions have been fulfilled or are to be waived by the Offeror and will announce whether (i) the Offer will be declared unconditional, (ii)there isstill uncertainty astothefulfilment of any of theOffer Conditions or (iii) the
31
Offer is terminated, as a result of the Offer Conditions not having been fulfilled or waived by the Offeror, all in accordance withArticle 9t paragraph 4 of the Bte 1995. The announcement, if any,by theOfferor that there is still uncertainty as tothe fulfilment of any of the Offer Conditions does not mean that any Shareholder will have the right to withdraw any tender of Shares or that any tendered Share shall bedeemed to be automatically withdrawn. 6.7
Extension
The Offeror may extend the Tender Period past the Tender Offer Closing Date, in which case all references inthisOffer Memorandum to 15:00hours,Amsterdam time,on4October 2007 shall, unless thecontext requiresotherwise,bemoved tothelatestdateand timetowhich theTenderPeriod hasbeen so extended. IftheTenderPeriod isextended, sothattheobligation pursuanttoArticle9toftheBte 1995toannounce whether the Offer isdeclared unconditional ispostponed, apublic announcement tothat effect shall be made on the next Business Day following the Tender Offer Closing Date in accordance with the provisions ofArticle 9oparagraph 5ofthe Bte 1995.Ifthe Offeror extends theperiod during which the Offer is open, the Offer will expire at the latest time and date to which the Offeror extends the Tender Period, being the Postponed Tender Offer Closing Date. During anextension ofthe TenderPeriod, any Sharepreviously tendered and notwithdrawn will remain subject to the Offer, subject to the right of each Shareholder to withdraw the Shares he or she has already tendered. 6.8
Subsequent Tender Period (na-aanmeldingstermijn)
On theAcceptance Announcement Date, the Offeror may announce a Subsequent Tender Period of up to fifteen (15) Business Days.A Subsequent Tender Period is an additional period of time, following the expiration of theTender Period or the Postponed Tender Period, as the case may be, during which the Shareholders may tender their Shares not yet tendered during the Tender Period or the Postponed Tender Period, as the case may be. A Subsequent Tender Period is not an extension of the Offer in accordance withArticle 9o paragraph 5of the Bte 1995,which already will have been completed. Settlement in respect of the Shares tendered in the Subsequent Tender Period shall occur no later than five Business Days after the end of the Subsequent Tender Period. Reference is made to Section 6.9 (Settlement). Shareholders who have tendered and delivered their Shares during the Subsequent Tender Period will receive the Consideration in respect of each Share validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) and delivered (geleverd) under the terms and conditions of the Offer. During the Subsequent Tender Period, neither Shareholders who tendered Shares during the Tender Period, if such Shares were accepted pursuant tothe Offer, nor Shareholders who tender Shares during a Subsequent Tender Period, shall have any right to withdraw such Shares from the Offer. 6.9
Settlement
IntheeventthattheOfferor announcesthattheOffer isdeclared unconditional (gestand wordtgedaan). Shareholders who have validly tendered (or defectively tendered provided that such defect has been waived by the Offeror) in accordance with the procedures set forth in Section 6.2 (Acceptance by Shareholders) and delivered their Shares for acceptance pursuant to the Offer will receive the
32
Consideration on the Settlement Date, being no later than five (5) Business days after the Acceptance Announcement Date. Mecom Media Holding Holland BV will acquire any Shares delivered under theCash Offer. In viewof the English law requirement for the Mecom Shares to be paid up on issuance, the Offeror will aquire any Shares delivered under the Exchange Offer. It is anticipated that the Offeror will contribute the Shares acquired under the Exchange Offer to Mecom Media Holding Holland BV promptly following Settlement in order that all Shares delivered under the Offer are held by Mecom Media Holding Holland BV. Cash Totheextent that aShareholder electsto receivetheConsideration inthe form ofcash, thecash will be paid on behalf of Mecom Media Holding Holland BV by the Settlement Agent to the Shareholder's Admitted Institution or, in case of Shareholders individually recorded in the shareholders' register of Wegener, directly to the Shareholder. Shareholders who hold their Shares through Admitted Institutions will receive the cash Consideration via the relevant Admitted Institutions, in accordance with the procedures determined by the Admitted Institutions and the SettlementAgent and, where appropriate, the provisions of the Securities GiroAct of theNetherlands.The timing ofthecrediting of such cash tothe account of each person holding their Shares through Admitted Institutions may vary depending on the account systems of the relevant Admitted Institution and, if applicable, the banks or financial intermediaries at which that person maintains a relevant account. Shareholders holding their Shares in registered form outside of Euroclear Nederland will receive the cash Consideration into the account specified in their form of acceptance. Mecom Shares The Mecom Shares will be capable of being held - and Shareholders are offered the choice to hold Mecom Shares - in Certificated Form or in Uncertificated Form under English law as set out below. Euroclear UK is the central securities depository for a number of jurisdictions, including the United Kingdom. Itoperates theCREST settlement system, allowing securities trading intheUnited Kingdom to be held in Uncertificated Form and transfers of such securities to be settled electronically. If atendering Shareholder elects to receiveMecom Shares in Uncertificated Form, therelevant Mecom Shares will, provided the Shares have otherwise been validly tendered, be delivered into CREST to an account designated by (i)thetendering Shareholder in itsform of acceptance (where applicable) or, (ii) where the tendering Shareholder holds Shares through an Admitted Institution, by the Admitted Institution through which such Shareholder holds itsShares.Inthecaseof Shareholders whohold their Sharesthrough anAdmitted Institution, in mostcases itisexpected thatthis willbetheCREST account of, or of anominee for, theAdmitted Institution through which the Shareholder holds Shares.Admitted Institutions will typically either have a CREST account or have access to a CREST account through a nominee. However, Shareholders are advised to confirm with theAdmitted Institution through which they hold their Shares whether this is the case and should be aware that it is the responsibility of Shareholders (and the relevant Admitted Institutions) wishing to receive Mecom Shares in Uncertificated Form to ensure that they have access to a CREST account to which Mecom Shares in Uncertificated Form may be validly delivered. If (i) an Admitted Institution through which a tendering Shareholder holds its Shares does not offer a CRESTaccount and such tendering Shareholder has notdesignated any otherCRESTaccount to which the Mecom Shares should bedelivered in Uncertificated Form, (ii) a tendering Shareholder indicates it
33
wishes to hold the Mecom Shares in Certificated Form, (iii) a tendering Shareholder does not hold its Shares through anAdmitted Institution and such tendering Shareholder has not designated any CREST account to which the Mecom Shares should bedelivered in Uncertificated Form, or (iv) no (or invalid) CREST account details are provided by or on behalf of a tendering Shareholder and the Settlement Agent has not otherwise been able to verify the relevant CREST account details, the Mecom Shares to which such aShareholder isentitled will,provided theShares have otherwise been validly tendered, be delivered to the relevant tendering Shareholder, or the Admitted Institution through which such Shareholder currently holds its Shares, as the case may be, in Certificated Form. 6.10
Liquidity and Delisting
ThepurchaseofSharesbytheOfferor pursuanttotheOffer, amongotherthings,willreducethe number of Shareholders and the number of Shares that might otherwise trade publicly and may therefore adversely affect the liquidity and market value of the remaining Shares. It is intended that the Company's listing of Shares on Euronext Amsterdam will be terminated as soon aspossible.Delisting may beachieved onthebasis of 95% or more ofthe Shares having been acquired bytheOfferor oronthebasisof aLegal Merger.This would further adversely affect theliquidity ofany Shares not tendered pursuant to the Offer. In addition, the Offeror may initiate any ofthe procedures as set out in Section 5.13.2(Legal Stmcture of the Combined Group following the Offer), including procedures which would result in termination of the listing of the Shares (including Shares not being tendered). See Section 5.13.5 (Liquidity and Delisting). 6.11
Dividends
The Shareholders should be aware that Wegener may not pay (cash) dividends to the Shareholders in the future. The Offeror may amend significantly Wegener's dividend policy, ceasing the payment of regularcash dividends intheforeseeable future. Dividends paid may beofaoneoff nature only and the amount of anydividends will depend on a number of factors associated with theCombined Group's tax and financial preferences from time totime. 6.12
Announcements
Announcements contemplated by the foregoing paragraphs will be issued by press release or advertisement and will be published in the Daily Official List and in at least one nationally distributed newspaper intheNetherlands (HetFinancieeleDagblad).Subject toany applicable requirements of the Merger Rules and without limiting the manner in which the Offeror may choose to make any public announcement,theOfferor willhavenoobligation tocommunicate anypublicannouncement otherthan asdescribed above. 6.13
Commission
Admitted Institutions shall receivefrom the SettlementAgent on behalf of theOfferor acommission in the amount ofEUR 0.02016 inrespect ofeach Share validly tendered (ordefectively tendered provided that such defect has been waived by the Offeror) and delivered (geleverd), up to a maximum of EUR 5,000 (five thousand Euro) per Shareholder tender. The commission must be claimed from the Offeror through the Settlement Agent within thirty days of the Settlement Date. No costs will be charged to the Shareholders bythe Offeror orbyWegener for thedelivery and payment of theShares if anAdmitted Institution is involved. Costs may be charged to Shareholders by or on behalf of a foreign institution involved in the delivery and payment of the Shares.
34
6.14
Restrictions
The Offer is being made with due observance of such statements, conditions and restrictions as are included intheOffer Memorandum.TheOfferor reservestherighttoaccept anytenderunder the Offer, which is made by or on behalf of a Shareholder, even if it has not been effected in the manner set out above.
35
7.FAIRNESS OPINION OF NIBC
niMIBC Koninklijke WegenerN.V. The Supervisory Board and Management Board Laan van Westenenk 4 7336AZ Apeldoom The Netherlands DATE 28August 2007 Dear Sirs, It isunderstood that Mecom Group Plc ("Mecom"), orafully-owned subsidiary of Mecom (combined, the "Offeror"), intends a public offer for all issued and outstanding (depositary receipts of) common shares with EUR 0.30 par value each (the "Shares", each a "Share") of Koninklijke Wegener N.V. ("Wegener") (the "Offer"). TheOfferor isunderstood to offer for each Sharetendered under the terms of the Offer, a cash amount of EUR 17.70 ex-dividend per Share (the "Cash Offer") or, alternatively, 14,287 shares in the share capital of Mecom ex-dividend per Share (the "Exchange Offer"). For the purpose of this letter the Cash Offer and the Exchange Offer shall be together referred to as the "Consideration". The 14,287 shares in the share capital of Mecom, with a par value of 0.6085888 pence each, offered as part of the Exchange Offer, shall be referred to as the "Mecom Shares". The terms and conditions of the Offer are more fully set forth in the Offer Memorandum as defined below. You have requested NIBC Bank N.V.("NIBC") to provide you with an opinion regarding the fairness, from a financial perspective, to the holders of Shares (the "Shareholders") of the Consideration (the "Fairness Opinion" or the "Opinion"). In arriving at the Opinion, NIBC has reviewed and considered, inter alia, the following information: i. ii. iii. iv. v.
vi. vii. viii. ix.
The terms and conditions of the Offer as set out in the offer memorandum, substantially in the form of the draft of 22August 2007 (the "Offer Memorandum"); Certain publicly available business and financial information relating toWegener and Mecom, such as annual reports,company presentations and press releases; Certain internal current-year financial budgets and forecasts relating to Wegener, prepared by the Management Board of Wegener; Certain internalcurrent-yearfinancial budgetsrelatingtoMecom,prepared bythe Management Board of Mecom; Discussions with members of the Management Board of Wegener regarding certain aspects of the Offer, the past and current business operations of Wegener, the financial condition and future prospects of Wegener, and certain other matters we believe necessary or appropriate to our inquiry; Historical market prices of the Shares and the shares of Mecom; Certain publicly available information of companies engaged in business we believe to be comparable toWegener and to Mecom; From a financial point of view, certain transactions we believe to be comparable to the Offer; Such other reviews and analyses as we, in our absolute discretion, deemed relevant and appropriate for thepurpose of this Opinion.
In performing our analysis, we have used such valuation methodologies as we have deemed necessary or appropriate for the purposes of this Opinion. Our view isbased on: i.
Our consideration of the information Wegener and Mecom have supplied to us todate;
36
ii. iii. iv.
Our understanding of the terms upon which the Offeror intends to declare the Offer unconditional; The Offer being declared unconditional on the basis of the terms and conditions set out in the Offer Memorandum; All governmental, regulatory or other consents and approvals necessary for the consummation of the Offer being obtained without any material adverse effect on Wegener, Mecom or the Offer.
NIBC has assumed and relied upon, without independent verification, the accuracy and completeness of data publicly available and financial and other information provided to us or otherwise reviewed by or discussed with us. We have not assumed and do not assume any liabilities and responsibilities therefore. Inaddition, wedidnotmakean independent appraisal ofanyassetsand liabilitiesofWegener orMecom, norhasNIBCbeen furnished with any such appraisals.Accordingly,NIBC does not assume any responsibility or liability therefore. We have assumed that the forecasts we received from and discussed with Wegener reflect the best currently available estimates and judgements of the Management Board ofWegener withregardtothefuture financial performance ofthe company andthat no event subsequent to the date of any such fmancial forecasts and undisclosed to NIBC has had a material effect on them.Wehave assumed and received confirmation from Wegener, represented by its Management Board, that the assumptions specified above are reasonable and to the best of its knowledge no information has been withheld from us that could have had a material effect on this Opinion. ThisOpinion focuses onthe fairness, from afinancial point of view,of theConsideration, and does not address any other issues such as the decision to recommend the Offer to the Shareholders, which are matters solely for the Supervisory Board and the Management Board of Wegener. Subsequent developments in the aforementioned conditions might affect this Opinion and the assumptions made in preparing this Opinion, with regard to which NIBC is under no obligation to update, revise or reaffirm thisOpinion. NIBC doesnotexpressan opinion astowhatthevalueofthe Mecom Shareswill bewhen issued pursuant totheOffer nor astothe (execution) price atwhich Mecom Sharesor Shares will trade at any time. NIBC has not perfomied an independent investigation as to regulatory, legal, fiscal, accounting or actuarial related aspects of the Offer and accordingly NIBC does not assume any responsibility or liability in respect thereof. The valuation of securities is inherently imprecise and is subject to uncertainties and contingencies, all of which are difficult to predict and beyond NIBC's control. The Opinion is necessarily based on fmancial, economic, market and other conditions as in effect on, and the information made available to NIBC as at the date hereof. Events occurring after the date hereof may affect this Opinion and the assumptions used inpreparing itand NIBCdoesnot assume anyobligation toupdate,reviseor reaffirm this Opinion. In addition, NIBC cannot provide any assurance that this Opinion could be repeated by the facts and circumstances in existence at any future date, and in particular on any date on which this Opinion isincluded inanoffer document orisdisclosed pursuanttoany legalorregulatory requirement. This letter and the Opinion are provided solely for the benefit of the Supervisory Board and the Management Board ofWegener in connection with the Offer. It is not provided on behalf of, and shall not confer rights or remedies upon and does not constitute a recommendation by NIBC to any Shareholder as to how such Shareholder should act or vote with respect to the Offer or any related transactions or as to whether or not any such Shareholder should tender its Shares under the Offer, nor does this Opinion address the relative merits of the Exchange Offer compared to the Cash Offer. This letter may not be reproduced, disseminated, referred to or quoted, in whole or in part, at any time and in any manner without prior written consent of NIBC.
37
In the past, NIBC and itsaffiliates haveprovided financing services toWegener and/or itsaffiliates and havereceived fees for therendering of these services.NIBC and/or itsaffiliates may,from timetotime, engage in transactions and perform services for Wegener and/or Mecom in the ordinary course of its business.Inaddition, intheordinary courseof itstrading,brokerageandfinance activities,NIBC and/or itsaffiliates mayatanytimehold longorshortpositions,and may tradeorotherwiseeffect transactions, for itsownaccount ortheaccounts ofcustomers, indebtorequity securities or senior loans of Wegener and/or its affiliates and/or Mecom and/or its affiliates. NIBC will receive a fixed consideration from Wegener for rendering this Faimess Opinion, irrespective of the Offer being declared unconditional or the consummation of the Offer. In addition Wegener has agreed to indemnify us for certain liabilities that may arise out of the rendering of this opinion. NIBC has not participated in the negotiations resulting in the Offer. On the basis of and subject to the foregoing, it is the opinion of NIBC on the date hereof that the Consideration is fair, from a financial point of view, to the Shareholders, solely in their capacity as shareholders of Wegener. This letter and NIBC's responsibilities towards the Supervisory Board and Management Board of Wegener are governed and interpreted in accordance with the laws of the Netherlands. The District Court ofAmsterdam hasexclusivejurisdiction on settlements ofdisputes that may arisefrom this letter. Very tmly yours, NIBC Bank N.V.
38
8. RECOMMENDATION BY THE SUPERVISORY BOARD AND THE MANAGEMENT BOARD The Supervisory Board and the Management Board, after giving due consideration to the strategic, financial and social aspects ofthe Offer, unanimously and fully support the Offer and conclude that the Offer is in the best interests of the Company, the Shareholders and all other stakeholders in Wegener. Throughout the process, the Supervisory Board and the Management Board have met on a frequent basis and discussed the progress of the process and key decisions that had to be taken in connection therewith. The Supervisory Board and the Management Board are of the opinion that the Offer is reasonable and fair totheShareholders. Inthis respect, reference ismadetotheFaimess Opinion rendered by NIBC as included in Section 7 (Faimess Opinion of NIBC) of this Offer Memorandum. Therefore, the Supervisory Board andtheManagement Board fully supporttheOffer andunanimously recommend the Offer to the Shareholders for acceptance. The Supervisory Board and Management Board note that their support and recommendation of the Offer isqualified in respect of the Exchange Offer in view of the fact that they have perfonned limited due diligence on the Mecom Group. Their support and recommendation of the Exchange Offer is not intended topurport tobeand should in any event not be interpreted orconsidered asa recommendation to invest in Mecom Shares. Each Shareholder should consult its financial adviser and carefully review the Prospectus before making adecision to accept the Exchange Offer. Supervisory Board
Management Board
Mr.R.W.F. van Tets
Mr. J.C. Houwert
Mr.J.A.J. Vink
Mr.E.J.F. Busweiler
Mr. R. Pieterse
Mr.C.G. Boot
Mr. H.C.P. Noten
39
9.INFORMATION REGARDING WEGENER 9.1
Overview
Wegener is the largest publisher of regional newspapers and free door-to-door papers in the Netherlands.Wegeneralsodevelops and operates intemet products and services.Furthermore,Wegener provides graphic products and services. Depository receipts of Shares are listed on Euronext Amsterdam. Wegener is located in Apeldoom, the Netherlands, has its statutory seat at Laan van Westenenk 4, 7336AZApeldoom, the Netherlands, and is registered with the Chamber of Commerce registry at no.08006602. 9.2
History and development
In November 1903, in the east-central Dutch city of Apeldoom, Johan Frederik Wegener started publishing a news and advertising paper, which would later become Apeldoomse Courant (now de Stentor). More than a century later, that small local publishing house has grown into today's leading mediagroup Koninklijke (Royal)Wegener N.V.,specializing in regional newspapers, free door-to-door newspapers and multimedia. Wegener is the largest publisher of regional daily newspapers and free door-to-door papers in the Netherlands. Every day some 845,000 copies of Wegener's seven regional dailies are delivered throughout a major portion of the country, reaching an average of 2.7 million readers daily. Wegener also produces some 200 free door-to-door newspapers and weeklies, which have a total circulation of about 7 million copies per week. In addition, Wegener develops and pursues opportunities involving intemetproducts,including websites withmillions ofvisitors.AnotherunitofWegenerprovides printed products and graphic services toWegener companies and external clients. Following the recent divestments of its magazine activities - Wegener Golf and Party Publishing - and of the group's direct marketing activities in 2006 and the divestment of Wegener Fieldmarketing early 2007, Wegener now consists of an enterprise with a portfolio of regional and local media, with the group's regional dailies and free door-to-door papers as the foundation. 9.3
Operational structure Management Board
GroupStaff unit»
Wegener daily
|
Wegener
| Wegener Free door-1 Wegener Graphic wspopersl Group
40
9.4
Corporate Strategy and Objectives
9.4.1
Vision
Wegener is an enterprise that provides news and information to consumers, primarily focused on their own living environments, and the reach of the vehicles to accomplish this is marketed to advertisers. This strategic choice inpart stemsfrom thefact that such content ishighly distinctive representing high added value with substantial durability over time.Toretain Wegener's position aspre-eminent provider of information for the regions itserves,it iscrucial toensure that the valueof the information provided is superior in the strongly increasing competitive media environment, with many such products free of charge.This is the basis for the business model for theWegener regional dailies and free door-to-door newspapers. This is to be accomplished by placing a broad, absolute focus on the printed products so that they are developed to the point that they are solidly perceived as 'best of class'. This is the only route to assure their continuity and the financial foundation needed for further product development. 9.4.2
Strategy
In addition to the existing activities, other products are developed to complement the regional dailies and the free door-to-door newspapers. A portfolio of products offering high-value regional and local content viaadiversity ofchannels,bothbroad andfinely meshed,isoffered torelevanttargetaudiences. The portfolio built in this manner assures thatWegener, with its newspapers ascore activity, also offers a broad palette of complementary regional and local output, primarily viathe intemet.This multimedia strategy has been pursued emphatically, since in the second half of the nineties.The Wegener Group's regional portals, the village squares, and the vertical instmments - JobTrack, AutoTrack, and Kleintjesmarkt (classifieds) - together with participations , such as Funda and ilocal, constitute solid examples ofthe resultsoftheseefforts. Theentrepreneurial characterofthe WegenerGroup- especially itsability toidentify, capitalizeon and integratenewactivities,along with itsefficient andeffective use of the company's resources - assures that Wegener can maintain a leadership position in the dynamic market environment in which it operates. Wegener's core competences consist of: •
gathering information, primarily regional and local, and assembling good-quality, reliable information into paid-for products that serve targets groups; and
•
offering these regional target groups to advertisers, for a fee.
Theautonomous growth opportunities for theprinted regional dailies and free door-to-door newspapers are liniited. It is consequently important to bring the results of these activities to such a level that the various initiatives necessary to further broaden theportfolio can befinanced.This means that measures shall betaken whereby theproducts aretailored tothewishesof thereaders and advertisers whoarethe Wegener Group's clients.It also requires policies aimed at reducing the unit costs of products through improved efficiency and obtaining benefits of scale growth. This applies equally to group units that provide services, such as graphic products, distribution, and ICT. The targets ofWegener's strategic policies are: •
improving and reinforcing theprofitability ofexisting printed media regional dailies, including AD NieuwsMedia, and free door-to-door newspapers;
•
reducing unit cost of products through achieving scale-growth benefits and improving efficiency;
41
pursuing expansion of daily newspapers and free door-to-door newspapers through acquisitions, partnerships,or widening theareas served- including cross-border opportunities; investing in publishing complementary media products - intemet, e-mail, mobile, audio/video - on a regional and local basis throughout the Netherlands, and capitalizing on this to occupy a prime position in the advertising marketplace; building up and strengthening an efficient and innovative organization; and giving priority to a policy aimed at improving the group's financial position. 9.5
Selected figures
9.5.7
Summary totalrevenuesper activity
EUR(m) Advertisements Wegener daily newspapers Advertisements AD NieuwsMedia3 Advertisements free d-to-d papers Subscriptions Wegener daily newspapers Subscriptions AD NieuwsMedia Graphic products Intemet Other revenue from newspaper activities Total Newspaper activities Other publishing activities Total publishing operations Direct Marketing Total Revenues
HI 2007
2006'
2005'
20052
20042
95.2 14.8 85.0 97.6 17.8 21.5 7.2 5.9 345.0
173.7 31.0 158.5 194.1 37.3 44.8 11.9 12.2 663.5
170.3 36.4 146.4 195.8 40.3 35.9 9.3 11.0 645.4
170.3 36.4 146.4 196.4 40.3 35.6 9.3 10.3 645.0
175.3 41.2 148.5 198.1 42.6 31.0 7.4 6.2 650.3
_
4.6 668.1
10.5 655.9
10.5 655.5 107.1 762.6
25.2 675.5 122.2 797.7
345.0 -
-
-
345.0
668.1
655.9
1
Aspresented in annual report 2006 Aspresented inannualreport2005.In2006,Wegenersolditsdirectmarketing(DM)activitiesandaccountedfortheresultsofthese DM activities as "discontinued operations".In the 2006annual report, the relevant figures over 2005 in relation tothe DMactivities werereclassified in order toreflect thisform of accounting for the DM activities.In the 2006 annual report the DM activities arepresented asdiscontinued operations inboth2006and 2005.In the2005annual report, theDMactivities arepresented ascontinuingoperations inboth 2005and 2004.This allowsfor apropercomparison overthedifferent years. 3 PerSeptember 1,2005,ADNieuwsMedia wasformed, towhichWegenercontributed itsdailynewspapertitlesUtrechts Nieuwsblad ('UN')and HaagseCourant('HC'). For2005thefigure iscompiled bytaking 100%of UNand HCrevenuesandadding37%ofAD NieuwsMedia revenuesfor theperiod between 1 September 2005 and 31December2005. 2
42
9.5.2
Key financial and operating data HI 2007
2006'
20051
20052
20042
Income Statement data Revenues Other Income Profit from continuing operating activities Profit/(Loss)
345.0 3.0 37.8 23.8
668.1 11.7 47.4 15.6
655.9 36.8 63.3 31.3
762.6 37.0 59.8 31.3
797.7 27.3 59.0 18.9
Cash Flow data Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Net cash flow
15.8 (12.6) (5.4) (2.2)
40.9 28.1 (72.1) (3.1)
30.4 15.1 (85.4) (39.9)
30.3 15.1 (85.3) (39.9)
71.1 26.2 (68.6) 28.7
290.2 761.5 0.38
273.0 770.9 0.35
250.6 846.3 0.30
250.6 844.1 0.30
203.3 900.7 0.23
178.3 88.8
173.6 105.2
210.4 97.4
210.4 97.7
243.6 92.5
4,069
4,337
4,723
5,524
6,098
0.52
0.31
0.69
0.69
0.42
0.43 -
0.54 0.19
0.39 0.14
0.39 0.14
0.28 0.13
EUR(m), unless marked "**"
Balance Sheet data Equity (excluding minority interest) Balance sheet total Ratio of equity to balance sheet total** Balance of interest bearing loans less cash and cash equivalents Working capital Personnel Average number of employees** Per share data Earnings per share** Earnings per share before exceptional items** Dividend** 1 Aspresented inthe2006annual report. 2 Aspresented inthe2005annual report.
43
9.6
Share price development
Below, an overview is given of the share price of Wegener in the period from 1 January 2006 to 24August 2007. 25
20
10
^ r *
I
I i
0
*
I I s I Ë I 1 i
1
"Wegener
9.7
Acquisitions and Disposals
The principal investments and disposals effected by Wegener in the three financial years preceding the date of this Offer Memorandum are set out below. 9.7.7
Acquisitions and disposals in the first six months ofthe financial year 2007
In Febmary 2007,Wegener sold the direct marketing activities of Wegener Fieldmarketing. 9.7.2
Acquisitions and disposals in thefinancial year 2006
InOctober 2006,itwasdecided tosell thedirect marketing activities ofWegener,WegenerDM.For the year 2005, the extemal revenue relating to these activities amounted to EUR 107.1 million. A loss of EUR 32.8 million was realised on the sale of Wegener's direct marketing division. The liquidation loss resulted in a tax income of EUR 34.3 million, which was recognised in the 2006 financial statements. As a result, the sale resulted in a slight gain. In addition to this, it was decided to sell Wegener's magazine activities Wegener Golf and Party Publishing. Wegener also sold its real estate in Enschede (print plant and offices). 9.7.3
Acquisitions and disposals in the financial year 2005
In 2005, Wegener contributed two regional daily newspapers, merging them with four publications owned by PCM Uitgevers, to form a joint venture named AD NieuwsMedia. The joint venture is controlled equally by Wegener and PCM Uitgevers. Wegener has a 37% economic interest in AD NieuwsMedia. Wegener consolidates its balance sheet and income statement for AD NieuwsMedia in proportion to its 37% shareholding.
44
In 2005, a number of businesses were sold by Wegener, including Wegener Suurland (municipal information services).In addition,Wegener sold real estate relating to premises in Breda (print plant& offices) andApeldoom (offices). 9.7.4
Acquisitions and disposals in thefinancial year 2004
During thefinancial year 2004,Wegener sold anumberof activities.These mainly concemed a number of non-core direct marketing companies engaged in activities in the field of data entry and fulfilment (Fedaso Morocco, Fedaso Europe, Wegener DM Services, and Magazine Mailing). In addition, Wegener Unijep (municipal information services in Belgium) and Graficus Media (graphic magazines) were sold. Furthermore, the remaining 30% interest in Interlanden B.V. was sold to Deutsche Post, which had already acquired a70% stake in 2002.No acquisitions were announced in the financial year 2004.Wegener also sold its real estate in Nijmegen (print plant and offices). 9.8
Current Trading,Trends and Prospects
At Wegener's general meeting of shareholders held on April 25, 2007, Wegener reported that the expectations voiced earlier asto thecourse of business in 2007 wereconfirmed by developments in the first quarter of 2007. For the Wegener Group's regional daily newspapers, the revenue of recmitment advertising has risen considerably, and this increase looks to continue. Advertisements for national brand products and services still present a somewhat variable picture, but regional and local advertisements arerising.This issurely tmeofWegener'sfree door-to-doornewspapers,whereadvertising revenues wereagain higher, as was the case for the whole of last year. The reception of the tabloid daily newspapers - since Febmary 2007, all Wegener dailies have been published in this compact format - by the readers' market has been good. The number of paid trial subscriptions remains far higher than expected, while the rate at which these trial subscriptions are being converted into regular subscriptions can also be termed high. Therestmcturing program forWegener's daily newspaper operations isgoing according toplan, sothat a reduction in costs is already visible. Results of thejoint venture AD NieuwsMedia (37% owned by Wegener) were also positive. All inall,Wegener Group's operating result inthefirstquarterof 2007 was substantially higher than in the same period of 2006, when in fact ithad been very disappointing. In 2007, the multimedia/online products and services will be energetically further developed, and thus are expected to require investments as well as show further growth in revenues. Influenced by the Wegener Group's multi-year printing press replacement programs, investments in fixed assets is expected to rise to approximately EUR 50 million in 2007. Theadvertising market inparticular still representsan uncertain factor. TheWegenerGroup's cost basis will decline further, thanks to the projects started in 2006 and to be completed in 2007. Barring unforeseen developments, the operating result (before exceptional items) is expected to increase again in 2007. 9.9
Supervisory Board, Management Board and Employees
Wegener isapubliccompany with limited liability incorporated under the lawsof theNetherlands.The Company has a two-tier board stmcture consisting of a Supervisory Board and a Management Board. The day-to-day management of the Company is vested in the Management Board. The Company is
45
subject to the Dutch large company mles (structuurregime). Under these mles, certain advisery, supervisory and appointment powers are vested in the Supervisory Board. 9.9.7
Supervisory Board
Authority, composition and functioning The Supervisory Board currently consists of four members. The Supervisory Board supervises the policies pursued by theManagement Board as well asthegeneral course of theCompany's business.It also provides advice to the Management Board. In performing its duties, the Supervisory Board is required to act in the Company's interests and in those of its business as a whole. Members of the Supervisory Board are generally not authorised to represent theCompany in dealing with third parties. The members of the Supervisory Board are appointed by the general meeting of Shareholders. Wegener's Articles of Association state that the number of members of the Supervisory Board will be determined bythegeneral meeting of Shareholders, withaminimum ofthree members.Members ofthe Supervisory Board are appointed upon recommendation by the Supervisory Board, which puts forward onenamepervacancy.Thegeneral meeting ofShareholders andthecentral workscouncil havetheright tomakerecommendations.Thecentral workscouncil hasenhanced recommendation rights with respect to appointment of one-third of the Supervisory Board members. Each member of the Supervisory Board is appointed for a maximum period of four years; the appointment can be renewed for another period of not morethan four years at atime and the total term islimited totwelveyears.Themembers of theSupervisory Board retireperiodically inaccordance with a rotation plan, drawn up by the Supervisory Board. According to this plan the term of Mr. Van Tets expires ultimately in 2013,theterm of Mr.Vink in 2015,the term of Mr.Pieterse in 2016 and the term of Mr. Noten in 2016. The Supervisory Board has prepared a profile in respect of its size and composition, taking intoconsideration the nature of thebusiness,itsactivities and thedesired expertise and background of Supervisory Board members. This profile can be found on Wegener's website: www.wegener.nl. The Supervisory Board has a separate Audit Committee, consisting of two of the Supervisory Board members, which is responsible for and examines, among other things the annual and half-year figures as well as impairment, the fiscal situation, the management letter, risk management, the audit of the financial statements, functioning of the extemal auditor and dividend proposals. Furthermore, the Supervisory Board has a combined Management Compensation and Succession and Appointment Committee, consisting of three of the Supervisory Board members, which is responsible for selection of new board members and examines, among other things, pensions, bonus regulations, the share plan and salaries of the Management Board. In accordance with Wegener's Articles of Association, a meeting of the Supervisory Board may be convened atany time if any of itsmembers deems necessary.The Supervisory Board must meet at least four times annually.At least once annually, the Supervisory Board must meet to discuss issues relating to its own functioning, composition and size as well as the composition and functioning of the Management Board. In addition to these formal meetings, members of the Supervisory Board must maintain regular informal contact and meet when necessary, either in person or by teleconference. Decisions of the Supervisory Board are taken by majority vote.In the event of atie vote,the chairman of the Supervisory Board hall have a deciding vote.
46
Members of the Supervisory Board The table below details information regarding each of the Supervisory Board members. Name
Year of Birth Position
Nationality
Mr. R.W.F.van Tets
1947
Chairman, MemberAudit Committee. Chairman Management Compensation and Succession andAppointment Committee
Dutch
Mr.J.A.J.Vink
1947
Member Management Compensation and
Dutch
Succession andAppointment Committee Mr. R. Pieterse
1942
Chairman Audit Committee
Dutch
Mr. H.C.P. Noten
1958
Member Management Compensation and Succession andAppointment Committee
Dutch
The term of office of any member of the Supervisory Board ends on the day of the annual general meeting of Shareholders in the year mentioned in the rotation schedule, unless such member has resigned, or has been dismissed previously. Mr. R.W.F. van Tets (1947) Chairman, Member Audit Committee, Chairman Management Compensation and Succession and Appointment Committee. Initial appointment: 2001.Present term: 2005- 2009. Additional offices: Chairman Supervisory Board Arcadis, Chairman Supervisory Board Equity Tmst, Chairman Supervisory Board Euronext Amsterdam, Chairman Supervisory Board Euronext, Member Supervisory Board NYSE Euronext, Member Supervisory Board IFF (Nederland) Holding, Member Review Board Academic Medical Center, University of Amsterdam, Chairman investment advisory committee SFB (Dutch constmction industry social fund) and Board member Corporate Express Preference SharesAdministrative Foundation. Mr. J.A.J. Vink (1947) MemberManagement Compensation andSuccession andAppointment Committee.Initial appointment: 2003. Present term: 2003- 2007. Additional offices: Chairman Supervisory Board Samas, Chairman Supervisory Board AEGON Nederland, Vice-chairman Supervisory Board VION, Member Supervisory Board Nutreco Holding, Member Supervisory Board Schuitema, Member Review Board Wageningen University and Research Center and Member Supervisory Board Cargill. Mr. R. Pieterse (1942) Chairman Audit Committee. Initial appointment: 2004.Present term: 2004- 2008. Additional offices: Chairman Supervisory Board Koninklijke Grolsch, Chairman Supervisory Board Mercurius Groep Wormerveer, Vice-chairman Supervisory Board Connexxion Holding, Member Supervisory Board Essent, Member Supervisory Board CSM, Chairman VEUO (association of securities-issuing companies), Chairman Board of Governors Govemance University, Chairman Koningsheide Foundation, Chairman Dutch Goededoelenveiling (nonprofit auction) Foundation, Board member Protection Foundation TNT and Board member European Association of Listed Companies (EALIC).
47
Mr. H.C.P. Noten (1958) MemberManagementCompensation andSuccession andAppointment Committee.Initial appointment: 2004. Present term: 2004 - 2008. Additional offices: Chairman Supervisory Board Mn-Services (organization overseeing retirement and pensions for metal industry), Chairman PvdA (Labor Party) delegation, Upper House of Dutch Parliament, Chairman ActiZ, Member Supervisory Board Smit Intemationale, Member Supervisory Board Univé, Member Supervisory Board Oranjewoud Beheer, Member Supervisory Board Roto Smeets De Boer and Member ShareAdministration Foundation Board Moes. 9.9.2
Management Board
Authority, composition and functioning The Management Board cunently consists of three members and,under the leadership of its chairman, constitutes a collegial team. Members of the Management Board are appointed or dismissed by the Supervisory Board. Jan Houwert and Freek Busweiler have been appointed by the Supervisory Board for an indefinite period and Koos Boot has been appointed for a four year term. TheWegener Articles ofAssociation state that the number of members of the Management Board will be determined by the Supervisory Board, with a minimum of one member. The Management Board is responsible for the day-to-day management. In carrying out its duties, the Management Board is guided by the interests of the Company and the enterprises associated with it. Consideration is given to the interests of all parties involved in the Company. The Management Board is required to keep the Supervisory Board informed, consult with the Supervisory Board on important matters and submit certain important decisions to the Supervisory Board for its approval, as described in the Wegener Articles of Association, which are available on Wegener's website. Furthermore, the WegenerArticles ofAssociation setforth thatcertain decisions proposed by theManagement Board are subject to the approval of the general meeting of shareholders. The Supervisory Board annually appraises the performance of themembers of theManagement Board. The remuneration policy for the Management Board is determined by the general meeting of shareholders.The remuneration of the individual members of theManagement Board isdetermined by the Supervisory Board with due observance of the Company's remuneration policy. According to the WegenerArticles ofAssociation, the Management Board as a whole is authorised to represent the Company, as isevery member of the Management Board acting alone. In 2005, a non-performance-related share option program was replaced by a performance-oriented program awarding Shares. In 2006, members of the Management Board made use of opportunities to exercise options granted under the previous plan. The chairman of the Management Board has an indirect minority holding in thecapital ofVanderLoeff Beheer B.V., which company holds 16.98%of the Shares in Wegener.
48
Members of the Management Board The table below details information regarding each of the members of the Management Board: Name
Year of Birth Position
Nationality
Mr.J.C. Houwert
1949
Chairman
Dutch
Mr. E.J.F.Busweiler
1950
Member
Dutch
Mr. C.G. Boot
1960
Member
Dutch
Mr.J . C Houwert (1949) Mr. Houwert has been chairman of the Management Board since May 1996, having served as vicechairman from 1992. From 1990 to 1992 he was managing director of Oostelijke Dagbladen Combinatie in Enschede. Before that, Mr. Houwert held various management positions in the publishing sector beginning in 1980. Mr. E.J.F. Busweiler (1950) Mr. Busweiler was employed by VNU in a variety of positions from 1978, including director of Aldipress, managing director of VNU Business Publications, and managing director of Brabant Pers BV. In 1999 he became managing director of the VNU Dagbladengroep, which was acquired by Wegener in 2000.Mr. Busweiler was appointed toWegener's Management Board inApril 2000. Mr. C.G. Boot (1960) Mr. Boot was appointed Chief Financial Officer of Wegener on April 25, 2007. Mr. Boot has been a member of the Wegener organization since 1999, serving as group controller. His service prior to joining Wegener included positions with Royal Friesland Foods and Emst &YoungAccountants. He is a Registered Accountant (CPA). None of the board members holds a directorship in any exchange-listed company other than Wegener. 9.9.3
Employees
Wegener is a commercially oriented and high quality enterprise active in the dynamic world of newspaper publishing and multimedia. Wegener is a decentralised enterprise consisting of several different business units, each very different and unique in the business it does which means that there are a lot of opportunities atWegener for young talented people. However,ageingof staff isaconcem intheWegenerGroup'spersonnel development activities.In many business units of the Wegener Group, the average age of the staff is higher than the average for the Dutch working population. This general demographic development is in part an outcome of relatively long periods of employment, while in the recent term the Lifo (last in, first out) approach applied in reorganizations has been a definite contributing factor. In light of this concem, 2006 saw a start in the development ofaspecifically age-awarepersonnel policy.In addition togeneric content applying tothe entire group, the policy must address specific circumstances.An example is the newspaper production operations, where the physical demands of the work and shift operations represent a challenge to employees. The age-aware personnel policy will be worked out further and implemented in the course of 2007.
49
An increased number of employees were involved in a variety of specific training programs during the year. The most important were associated with transition of the dailies to tabloid format. The new concept requires special skills, both for editorial activity and for advertising sales. A number of employees of the free door-to-door newspapers unit took advantage of courses provided by its educational activity, WHKAcademy, primarily aimed at improving of sales skills. As per 30 June 2007, the total number of employees at Wegener amounted to 4,069. Below a more detailed overview is given ofthe employee base. HI 2007 Wegener daily newspapers AD NieuwsMedia (37%) Multimedia, including Ilocal and Mensenlinq Door-to-door newspapers Graphic Group Group Staff, ICT and facilities services
1,904 262 79 878 710 236
Total
9.10
4,069
Share capital and dividend
9.70.7 Share capital Atthe dateof this Offer Memorandum, Wegener has issued 44,848,842 Shares and 8,089,718 Finprefs. The issued share capital at date of Offer Memorandum totalled EUR 15,881,568. The Shares are held by the Wegener Tmst, with the exception of 427 (four hundred twenty-seven) Shares.TheWegener Tmst has issued depository receipts of the Shares, which are listed on the official market of the stock exchange of EuronextAmsterdam N.V.Stock Exchange Listing. The Finprefs are all held by the Finpref Tmst, which has issued depository receipts of the Finprefs to Delta Lloyd N.V. (1,607,143 depository receipts of the Finprefs) and Beleggingsmaatschappij Voorburgwal B.V. (2,593,030 depository receipts of the Finprefs), respectively. Wegener holds 3,889,545 depository receipts of the Finprefs. Pursuant to theoption agreement between theProtection Tmst andWegener, theProtection Tmst holds an option to subscribe for such number of preferred cumulative shares at EUR 0.30 par value each in the share capital of Wegener equal to 50% of the total issued share capital of Wegener.
50
9.70.2 Stock Exchange Listing The Shares are officially listed on Euronext Amsterdam under the symbol WEG. Performance of the Shares during the past year (and comparison with AEX) 140%
'Wegener
AEX performance
1,500,000
1,000,000
500,000
bjiL
•til.lf. ... mil..
! I co
hi
üi
ILL
Jjj
i
O
9
s
Prices Falling
Prices Rising
Between 1January and 31 December 2006, an average of 96,911 Shares was traded per day. With a closing price of EUR 10.99 per Share, Wegener's market capitalisation at year-end 2006 was EUR 490,031,374. 9.70.3 Voting rights The Shareholders have the right to attend the general meeting of shareholders, to take the floor and to exercise their vote (one vote per Share). Under the current Wegener Articles of Association, Shareholders may apply totheWegenerTmst for aproxy authorizing themto vote atageneral meeting of shareholders. 9.10.4 Dividendproposal financial year 2006 For 2006, the Managing Board proposed to pay a dividend of EUR 0.19 per Share. This dividend is based on 35% of the profit attributable to the equity holders before exceptional items (after tax),
51
amounting toEUR 8.5 million intotal.Theproposal wasapproved atWegener's annual general meeting of shareholders, which was held onApril 25,2007.The dividend was paid on 9May 2007. In 2006, a dividend of EUR 0.14 per Share was distributed for 2005,amounting to EUR 6.2 million in total.The dividend for 2005 was also based on apay-out of35%. Forthe financial year 2006,theManagement Board also proposed distribution of apreference dividend on theFinPrefs of 5.33%perFinpref ofEUR 7.00,which isequivalenttoapayablepreference dividend of EUR 1.6 million. This proposal was approved by the Supervisory Board on March 5, 2007. This dividend was paid on 9May 2007. 9.11
Major Shareholders
Under Dutch law, those who acquire 5% or more of the ownership in an exchange-listed company are required to report this information to the issuer. This percentage is calculated against the total volume of Shares and the total issued share capital, both Shares and Finprefs. To assess the so-called "free float", a percentage is calculated based on holdings of Shares.At the date of this Offer Memorandum, the following entities held such Shares in the indicated percentages of the total free float: • Mecom Group
30.28%
• Van der Loeff Beheer BV
16.98%
• Tweedy Brown Company Inc.
13.65%
• Govemance for Owners LLP
11.82%
Source:The website of the Financial MarketsAuthority (www.afm.nl).
52
10.INFORMATION ON THE OFFEROR For the history of Mecom, its business activities and the main stages in the development of its legal stmcture, reference is made to Part 2 of the Prospectus. 10.1
Introduction
Mecom is one of the leading European regional newspaper publishers by circulation. The Mecom Group owns over 100 titles in five countries and publishes more than 18 million copies a week. Headquartered in London, Mecom's principal areas of operation are Denmark, Germany, the Netherlands, Norway and Poland. For the 17 months to 31 December 2006,Mecom generated £213.3 million of revenue and £20.4 million of EBITDA (before exceptional items). 10.2
Business of Mecom
InDenmark, Mecom owns one oftwonational publishers and hasabroad portfolio of daily and weekly national newspapers,includingMecom's flagship titlesBerlingske TidendeandBT,business magazines, regional and localnewspapers andanumberoffree-sheet publications,includingthenational commuter free-sheet URBAN. In Germany Mecom owns several newspapers inBerlin includingBerlinerZeitung, BerlinerKurier and the free-sheet BerlinerAbendblatt, as well as the Hamburger Morgenpost in Hamburg. In the Netherlands, Mecom is a significant regional newspaper group with a number of paid-for titles includingDagbladdeLimburgerandLimburgDagblad aswell asseveralfree sheets.Mecom alsoowns some television and online assets. In addition, the proposed acquisition of Wegener would bring a significant portfolio of regional paid-for and free sheet publications into Mecom. In Norway, Mecom owns a number of local newspaper titles including Drammens Tidende, Sunnmorsposten and HaugesundsAvisas well a portfolio of online and media interests. In Poland, Mecom owns a 51%share in Rzeczpospolita, a leading business newspaper, together with a number of regional newspaper assets including business and legal publications and online interests. 10.3
Management of Mecom
The following table lists the names, positions and ages of the Directors. Name
Age
Position
David John Montgomery
58
Executive Chairman
Richard KeithAllen
47
Finance Director
Sir Robin Miller
66
Non executive director
John McNeil
47
Non executive director
Alasdair Locke
54
Non executive director
Thebusiness addresses ofeach ofthe Directors listed above isEmpire House 175Piccadilly,WIJ 9EN, London, United Kingdom.
53
Brief biographies of the Directors are set out below: David Montgomery, Executive Chairman Since his appointment as editor of News of the World in 1985,David Montgomery has variously been Managing Director of News UK Limited, editor of the Today newspaper and a non-executive director of Satellite Television plc. Between 1992 and 1999 David Montgomery was Chief Executive of the Minor Group, where he oversaw itssubstantial restmcturing.In 2000hefounded Mecom UK inpartnership with 3i,since when he has worked on a number of acquisition opportunities throughout Europe and the UK. Keith Allen, Finance Director As Chartered Accountant, Keith Allenjoined the corporate finance division of Hambros Bank Limited in 1989, becoming adirector and head of the media team in 1997.In 1998 he left Hambros to become joint head of the newly established corporate finance division at BNPand following BNP's acquisition of Paribas in 2000 he assumed responsibility for the UK media team. Following a year as a consultant toMacLeod Phillips &CoLLP,a specialist operational and financial restmcturing practice, he became Chief Investment Officer of Mecom in 2004 and was appointed Finance Director of Mecom in June 2006. Sir Robin Miller, Senior Non-Executive Director SirRobin Millerjoined EMAPplcin 1965,joining theBoard in 1976wherehebecameChief Executive and non-executive Chairman. He isChairman of Classic Copyright Holdings Ltd (Boosey &Hawkes), Clarion Events Ltd and Mining Communications Ltd. He joined Mecom in March 2005. He is Chairman of the Nominations Committee and a member of theAudit Committee. John McNeil, Non-Executive Director John McNeil was until recently Head of European Investment Banking at Citigroup Corporate and Investment Bank.Hepreviously heldavariety of seniorpositions atCitigroup,J.Henry Schroder &Co. Limited and Wood MacKenzie & Co. Limited. John McNeil is Chairman of the Audit Committee, in which role he is considered by the Board to have recent and relevant financial experience. He is also Chairman of the Remuneration Committee and a member of the Nominations Committee. He was appointed to the Board in June 2006. Alasdair Locke,Non-Executive Director Alasdair Locke is Executive Chairman of Abbott Group plc. He has been involved in the oil and shipping industry since 1974 and has held senior executive positions within the banking industry. Alasdair Locke sits on the Audit Committee, the Remuneration Committee and the Nominations Committee. He was appointed to the Board in June 2006. 10.4
Capital and Shares
Immediately priortothepublication ofthis Offer Memorandum, theauthorised sharecapital of Mecom was £12,161,071.90, comprising 1,998,241,160 ordinary shares of 0.6085888 pence each, of which 1,462,130,274 shares were issued (all of which were fully paid or credited as fully paid). In sofar asisknown totheMecom Board, they areawareofthefollowing interests (within the meaning of Part VI of the Companies Act 1985, as amended) (other than interests held by the members of the
54
Mecom Board) which represent, or will represent,directly orindirectly, 3%or moreof the issued share capital of Mecom on 20August 2007.
Major Shareholders Invesco Perpetual Morley Fund Management JupiterAsset Management Lansdowne Partners Legal &General Investment Management M&G Investment Management F&CAsset Management
Total holding
Percentage of issued share capital
245,475,437 182,146,134 158,815,424 145,598,415 141,125,065 94,154,262 72,426,824
16.79 12.46 10.86 9.96 9.65 6.44 4.95
Save as disclosed above, in so far as is known to the Mecom Board, there is no other person who is directly or indirectly, interested in 3% or more of the issued share capital of Mecom, or of any other person who can, will or could, directly or indirectly,jointly or severally, exercise control over Mecom. 10.5
Statements concering shareholdings Mecom Board
The interests in the share capital of the Company of the Mecom Board as at 20August 2007 are as follows:
Director
Number of shares in which the Director has a direct or indirect interest
Percentage of issued share capital
5,545,616 624,395 50,000 500,000 500,000
0.37 0.041 0.0033 0.033 0.033
David Montgomery KeithAllen Sir Robin Miller Alasdair Locke John McNeil
10.6
Previous purchases of Shares
10.6.1 Acquisition Shares held by Telegraaf Media GroepN.V. On 8 March 2007, Mecom entered into a contract with Telegraaf Media Groep N.V. to acquire 10,594,763 Shares (amounting to 23.6% of the outstanding depository receipts of ordinary shares and approximately 20.0% of the issued and outstanding share capital of Wegener). The consideration payable by Mecom was EUR 15.00 per Share. In addition, Mecom agreed to make an additional cash payment to Telegraaf Media Groep N.V. of up to EUR 1.00 per Share in certain circumstances to be calculated by reference to the value of the bearer depository receipts during the 12months following completion ofthe acquisition. The acquisition completed inApril 2007. 70.6.2 Acquisition Shares held byBestinver Gestion SGIIC On 20 August 2007, Mecom entered into contract with Bestinver Gestion SGIIC, SA to acquire 2,634,812 Shares (amounting to 5.78% of the outstanding depository receipts of ordinary shares and approximately 4.98% of the issued and outstanding share capital of Wegener).
55
The consideration payable by Mecom was EUR 17.50 per Share.The total amount of the transaction involved EUR 46,109,210. 10.6.3 Other transactions On 21August 2007,Mecom bought 352,240Shares.Theaverageconsideration payable byMecom was EUR 17.50per Share. As a result hereof, Mecom holds 13,581,815 Shares,representing approximately 30.28%of the Shares and approximately 25.66% of the issued and outstanding share capital of Wegener as per 24 August 2007. 10.7
Historic Financial Information in respect of Mecom
Reference is made to Part 5of the Prospectus. 10.8
Stock Exchange Listing
The graph below illustrates Mecom's share price performance compared to appropriate 'broad equity market indeces', since admission of Mecom toAIM in March 2005. 100
•MecomGroupPLC(p)
10.9
•RelativetoFTSEAll-ShareMedia(rebased)
•Relativeto FTSEAll-Share(rebased)
Mecom Interim Financials
Pursuant to an exemption granted by the AFM, Mecom has not included in this Offer Memorandum financial information (including an auditor's review statement) in respect of the first quarter of 2007. However, Mecom will publish its consolidated interim financial statements in respect of the first six months of 2007, including an auditor's review statement (theMecom Interim Financials) prior to the date of the Shareholders' Meeting. The Mecom Interim Financials will also be made available on the websites ofMecom andWegener and,upon request of Shareholders, hard copies shall alsobe available at theWegener and Mecom registered offices and through the Settlement Agent.
56
10.10 Information on Mecom Media Holding Holland BV 10.10.1 Incorporation For tax and structuring reasons, Mecom Media Holding Holland BV, a company indirectly controlled by Mecom through its 100% subsidiaries Mecom Media Holding B.V. and Mecom Holdings Ltd, has been incorporated tocomplete thepurchase ofthe Shares undertheOffer. Mecom, however, will bethe recipient of the Shares tendered under the Exchange Offer as further detailed in Section 6.9 (Settlement).Mecom Media Holding Holland BV will beprovided with sufficient funds by the Offeror tocomply with its obligations pursuant to this Offer Memorandum. 70.70.2 Board ofmanaging directors Mecom Media Holding B.V. isthe sole managing director of Mecom Media Holding Holland BV. 70.70.3 Capitaland Shares The authorised share capital of Mecom Media Holding Holland BV amounts to EUR 90,000 and consists of 900 ordinary shares with a nominal value of EUR 100.- each. On the date of this Offer Memorandum, 180 ordinary shares have been issued and fully paid-up, which are all held by Mecom MediaHoldingB.V.Mecom Media Holding B.V.isa 100%subsidiary ofMecom HoldingsLtd., which is inturn a 100%subsidiary ofthe Offeror.
57
11. SHAREHOLDERS' MEETING The Shareholders' Meeting will be convened to be held at Apeldoom, the Netherlands at 10:30 hours, Amsterdam time on 25 September 2007, during which, among other agenda items, the Offer and the measures to implement it will be explained and discussed in compliance with the provisions of Article 9q of the Bte 1995.The information necessary for the Shareholders to adequately assess the Offer, as meant in article 9q of the Bte 1995,is included in this Offer Memorandum. Notice of the Shareholders' Meeting will be given in accordance with the Wegener Articles of Association. In addition, inter alia, the following proposals shall be put on the agenda for adoption by the Shareholders' Meeting, subject to the conditions precedent that the Offer is declared unconditional by the Offeror and that settlement of the Offer has occurred: •
Amendment of the Wegener Articles of Association in accordance with the draft included as Section 18ofthis Offer Memorandum.
•
Appointment of Mr. R.J. van Schaik as new member of the Supervisory Board.
•
Discharge of Mr. R.W.F. van Tets and Mr. R. Pieterse as members of the Supervisory Board.
58
12.STATEMENTS REQUIRED PURSUANT TO THE DUTCH PUBLIC OFFER RULES Inaddition totheotherstatements setoutinthisOffer Memorandum,theOfferor withregard to subjects (ii), (iii)and (vi) and theOfferor and theManagement Boardjointly with regard to subjects (i),(iv),(v) and (vii) hereby declare as follows: (i)
There have been consultations between Mecom and Wegener regarding the Offer, which have resulted in agreement regarding the Offer. Discussions regarding the Consideration took place between Mecom and the Supervisory Board, the Management Board and their respective representatives.
(ii)
With due observance of and without prejudice to the restrictions refened to in Sections 1and 2 (Restrictions and Important Information), the Offer concerns all Shares in the capital of Wegener and applies on an equal basis to all Shares and Shareholders.
(iii)
No transactions have taken place or will take place on the basis of concluded agreements with individuals and/or legal persons within the meaning of article 9i paragraph s and/or t and/or u of the Bte 1995,other than disclosed in this Offer Memorandum (see Sections 5.10 and 10.6).
(iv)
The information referred to in article 9p paragraph 1and 2 of the Bte 1995 has been provided to theAFM.
(v)
No exit arrangements for Supervisory Board member(s) are in place.
(vi)
The Offeror does not intend to amend its articles of association once the Offer has been declared unconditional.
(vii)
TheAFM and EuronextAmsterdam have been informed of the Offer.
59
13.TAXASPECTS OF THE OFFER 13.1
Dutch tax aspects of the Offer
73.7.7 General The following summary outlines certain Dutch tax consequences in connection with the acceptance of theOffer. The summary does notpurport topresent anycomprehensive orcomplete picture of all Dutch tax aspects that could beof relevance to aholder of Shares who may be subject to special tax treatment underanyapplicable law.Itdoesnotaddressthetaxconsequences ofaShareholderwhoisan individual and who together with his partner and/or certain other close relatives, holds or held, alone or together, directly or indirectly (x) the ownership of, (y) certain other rights, such as usufruct, over, or (z) rights to acquire (whether or not already issued), Shares representing 5% or more of the total issued and outstanding capital (ortheissuedandoutstandingcapital ofanyclassofShares)ofWegener.Italsodoes notaddressthetaxconsequences ofanyotherShareholder holdingaloneortogether withcertain related entities Shares representing an interest of at least 5%in the issued and paid up nominal sharecapital of Wegener orholds cunently an interest of less than 5%but held such interest in the past.The summary is based on the cunent law and practice of the Netherlands, which is subject to changes that could prospectively or retrospectively affect the stated tax consequences. Shareholders considering the Offer should consult their own appropriate independent professional advisers regarding the tax consequences of the Offer in theirparticular circumstances without delay. 13.1.2 Dutch taxes on income and capitalgains in connection with the acceptance ofthe Cash Offer (a)
Shareholders resident in the Netherlands: individuals
A holder of Shares, who is an individual, resident ordeemed to beresident in the Netherlands, or who has elected to betaxed asresident intheNetherlands for Dutch income tax purposes, will be subject to regular Dutch income tax on the capital gain realised upon the transfer of the Shares if: (i)
such holder of Shares has an enterprise or an interest in an enterprise, to which enterprise the Shares are attributable; and/or
(ii)
such income orcapital gain forms "abenefit from miscellaneous activities" ("resultaat uit overige werkzaamheden") which, for instance, would be the case if the activities with respect tothe Sharesexceed "normal active asset management" ("normaal, actief vermogensbeheer").
If either of the above-mentioned conditions (i)or(ii)applies,thecapital gain realized upon the transfer of the Shares will in general be subject to Dutch income tax at the progressive rates. If the above-mentioned conditions (i) and (ii) do not apply, a holder of Shares who is an individual, resident ordeemed to beresident intheNetherlands, or who has elected tobetaxed asa resident of the Netherlands, will not be subject to taxes on the capital gain in the Netherlands. Instead, the individual istaxed ataflat rateof 30%ondeemed incomefrom "savingsand investments"("sparen enbeleggen"). This deemed income amounts to 4% of the average of the individual's "yield basis" ("rendementsgrondslag"), generally, at the beginning of the calendar year and the individual's "yield basis" at the end of the calendar year (minus a tax-free threshold). Generally, the cash paid to a Shareholder upon the transfer of the Shares will be included in such Shareholder's yield basis.
60
(b)
Shareholders resident in the Netherlands: corporate entities
A holder of Shares that isresident ordeemed toberesident intheNetherlands for corporate income tax purposes, and that is: (i)
a corporation;
(ii)
another entity with a capital divided into shares;
(iii)
a cooperative (association); or
(iv)
another legal entity that has an enterprise or an interest in an enterprise to which the Shares are attributable,
but which is not: (v)
aqualifying pension fund;
(vi)
a qualifying investment fund ("fiscale beleggingsinstelling"); or
(vii)
another entity exempt from corporate income tax,
will ingeneral be subject to regularcorporate income tax,generally levied atarateof 25.5% (20%over profits up to EUR 25,000 and 23.5% over profits between EUR 25,000 and EUR 60,000) over the capital gain realised upon the transfer of the Shares, unless the participation exemption applies. (c)
Shareholders resident outside theNetherlands: individuals
A holder of Shares who is an individual, not resident or deemed to be resident of the Netherlands, and whohasnotelected tobetaxed asaresident ofthe Netherlands for Dutch income taxpurposes,will not be subject to any Dutch taxes on the capital gain realized upon the transfer ofthe Shares,unless: (i)
such holder has an enterprise oran interest in an enterprise that is,in whole or in part, carried on through a permanent establishment ("vaste inrichting") or a permanent representative ("vaste vertegenwoordiger") in the Netherlands and to which enterprise or part of an enterprise, as the case may be, the Shares are attributable; and/or
(ii)
such capital gain forms a "benefit from miscellaneous activities in the Netherlands" ("resultaat uitoverige werkzaamheden inNederland") which would for instancebethe case if the activities in the Netherlands with respect to the Shares exceed "normal active asset management" ("normaal, actief vermogensbeheer").
Ifeitherofthe above-mentioned conditions (i),or(ii)applies,thecapital gain realized upon the transfer of the Shares will in general be subject to Dutch income tax at the progressive rates. (d)
Shareholders resident outside the Netherlands: legal and other entities
Aholderof Sharesthat isalegal entity,anotherentity with acapital divided into shares,an association, a foundation or a fund or tmst, not resident or deemed to be resident in the Netherlands, will not be subject toanyDutchtaxesonthecapital gainrealiseduponthetransfer ofthe Shares,unlesssuch holder has an enterprise or an interest in an enterprise that is, in whole or in part, carried on through a permanent establishment ("vaste inrichting") or a permanent representative ("vaste
61
vertegenwoordiger") intheNetherlands andtowhich enterprise orpartofanenterprise, asthecase may be, the Shares are attributable. Such holder of Shares will in general be subject to regular corporate income tax, generally levied at a rate of 25.5% (20% over profits up to EUR 25,000 and 23.5%over profits between EUR 25,000 and EUR 60,000) over the capital gain realised upon the transfer of the Shares, unless the participation exemption applies. 13.1.3 Dutch taxes on income and capitalgains in connection with the acceptance ofthe Exchange Offer (a)
Shareholders resident in the Netherlands: individuals
A holder of Shares, who is an individual, resident ordeemed to be resident in the Netherlands, or who haselected tobe taxed as resident in theNetherlands for Dutch income tax purposes, will be subject to regular Dutch income tax onthecapital gain realised upon theExchange and any income and/or capital gain derived from the Mecom shares if: (i)
such holder of Shares has an enterprise or an interest in an enterprise, to which enterprise theSharesand after theExchange,theMecom sharesareattributable;and/or
(ii)
such income orcapital gain forms "abenefit from miscellaneous activities" ("resultaat uit overige werkzaamheden") which, for instance, would be the case if the activities with respect to the Shares and after the Exchange, the Mecom shares exceed "normal active asset management" ("normaal, actief vennogensbeheer").
If either of the above-mentioned conditions (i) or (ii) applies, the capital gain realised upon the Exchange will ingeneral besubject toDutch incometaxattheprogressiverates,unlessaroll-over relief applies. Generally, the fair market value of the Mecom shares obtained asa result of the Exchange will be taken into consideration in determining the capital gain realised as a result of the Exchange. Any income and/orcapital gainderived from theMecom sharesafter theExchange will ingeneral be subject to Dutch income tax at the progressive rates. If the above-mentioned conditions (i) and (ii) do not apply, a holder of Shares who is an individual, resident ordeemed tobe resident in theNetherlands, orwho haselected tobe taxed asaresident of the Netherlands, will not be subject to taxes on the capital gain realised upon the Exchange in the Netherlands or any income and/or capital gain derived from the Mecom shares. Instead, the individual istaxed ataflat rateof 30%ondeemed incomefrom "savingsand investments"("sparen en beleggen'). This deemed income amounts to 4% of the average of the individual's "yield basis" ("rendementsgrondslag"), generally, at the beginning of the calendar year and the individual's "yield basis" at the end of the calendar year (minus a tax-free threshold). Generally, the fair market value of theMecom sharesobtained asaresultoftheExchangewillbeincluded intheShareholder's yieldbasis. (b)
Shareholders resident in the Netherlands: corporate entities
Aholder of Sharesthat isresident ordeemed to beresident intheNetherlands for corporate income tax purposes, and that is: (i)
a corporation;
(ii)
another entity with acapital divided into shares;
(iii)
a cooperative (association); or
62
(iv)
another legal entity that has an enterprise or an interest in an enterprise to which the Shares and after the Exchange, the Mecom shares are attributable,
but which is not: (v)
aqualifying pension fund;
(vi)
a qualifying investment fund ("fiscale beleggingsinstelling"); or
(vii)
another entity exempt from corporate income tax,
will in general besubject toregularcorporate income tax,generally levied atarateof 25.5% (20%over profits up to EUR 25,000 and 23.5% over profits between EUR 25,000 and EUR 60,000) over the capital gain realised upon theExchange,unlesstheparticipation exemption oraroll-over relief applies. Generally, thefair market value of theMecom sharesobtained asaresult oftheExchange will betaken intoconsideration indeterminingthecapitalgain realised asaresult oftheExchange.Such Shareholder will also be subject to regular corporate income tax over any income and/or capital gain derived from theMecom shares obtained as a result of the Exchange, unless theparticipation exemption applies. (c)
Shareholders resident outside the Netherlands: individuals
A holder of Shares who is an individual, not resident or deemed tobe resident of the Netherlands, and whohasnotelected tobetaxed asaresident oftheNetherlands for Dutch incometaxpurposes,will not be subject to any Dutch taxes on the capital gain realised upon the Exchange and any income and/or capital gain derived from theMecom shares after the Exchange, unless: (i)
such holder has an enterprise or an interest in an enterprise that is,in whole or in part, carried on through a permanent establishment ("vaste innchting") or a permanent representative ("vaste vertegenwoordiger') in theNetherlands and to which enterprise or part of an enterprise, as the case may be, the Shares and after the Exchange, the Mecom shares are attributable; and/or
(ii)
such income or capital gain forms a "benefit from miscellaneous activities in the Netherlands" ("resultaat uit ovenge werkzaamheden in Nederland') which would for instance be the case if the activities in the Netherlands with respect to the Shares and after the Exchange, the Mecom shares exceed "normal active asset management" ("normaal, actief vermogensbeheer').
If either of the above-mentioned conditions (i), or (ii) applies, the capital gain realised upon the Exchangewill ingeneralbesubject toDutch incometaxattheprogressiverates,unlessaroll-overrelief applies. Generally, thefair market value of theMecom shares obtained asaresult of theExchange will be taken into consideration in detemiining the capital gain realised as a result of the Exchange. Any income and/orcapital gainderived from theMecom sharesafter theExchange willingeneralbe subject to Dutch income tax at the progressive rates. (d)
Shareholders resident outside the Netherlands: legal and other entities
Aholder of Sharesthat isa legal entity,anotherentity with acapital divided intoshares,an association, a foundation or a fund or tmst, not resident or deemed to be resident in the Netherlands, will not be subject toany Dutchtaxesonthecapital gain realised upon theExchangeandany incomeand/orcapital gain derived from theMecom shares obtained upon theExchange,unless such holder has an enterprise or an interest in an enterprise that is,in whole or in part, carried on through apermanent establishment ("vaste inrichting') or a permanent representative ("vaste vertegenwoordiger'") in the Netherlands and
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to which enterprise orpart of an enterprise, asthe case may be, the Shares and after the Exchange, the Mecom shares are attributable. Such holder of Shares will in general be subject to regular corporate income tax, generally levied at a rate of 25.5% (20% over profits up to EUR 25,000 and 23.5%over profits between EUR 25,000 and EUR 60,000) over the capital gain realised upon theExchange, unless the participation exemption or a roll-over relief applies.Generally, thefair market valueof theMecom shares obtained as aresult of the Exchange will be taken into consideration in determining the capital gain realised as a result of the Exchange. Such Shareholder will also be subject to regular corporate income tax over any income and/or capital gain derived from the Mecom shares obtained as a result of the Exchange, unless the participation exemption applies. 73.7.4 Other taxes and duties No Dutch registration tax, capital tax, custom duty, transfer tax, stamp duty or any other similar documentary tax or duty, other than court fees, will be payable in the Netherlands in respect of or in connection with the execution, delivery and/or enforcement by legal proceedings (including the enforcement of any foreign judgment in the Courts of theNetherlands) of any documents related to the Offer. 13.2
UK tax aspects of the Exchange Offer
Thefollowing summary describes certain UK tax consequences in connection with the acceptance of theExchange Offer 73.2.7 General Thefollowing statements are intended only asageneral guidetocertain UKtax considerations relevant to acceptance of the Exchange Offer and ownership and disposal of shares in Mecom and they do not purport to be acomplete analysis of all potential UK tax consequences.They are based on current UK legislation and the practice of HM Revenue & Customs, which may change. They do not apply to Shareholders whoare resident or ordinarily resident for tax purposes in the UK (or who haveceased to be resident or ordinarily resident within the past five years of assessment). The tax position of certain categories of Shareholders who are subject to special mles (such as persons acquiring their Mecom shares in connection with employment, dealers in securities, insurance companies and collective investment schemes) is not considered. Shareholders considering the Exchange Offer should consult their ownprofessional advisers as to the UKtaxconsequences ofthe acquisition, ownership anddisposition ofshares inMecom in lightof their particular circumstances. 73.2.2 UKtaxes on income and capitalgains in connection with the acceptance ofthe Exchange Offer Dividends Undercurrent UKtax legislation, notax isrequired tobewithheld at source from dividends paid on the Mecom shares. Capital Gains AShareholder may beliablefor UKtaxation oncapital gainsrealised on thedisposal of Mecom shares ifatthetimeofthedisposal theShareholdercarriesonatrade,profession orvocation intheUK through
64
a branch oragency,or inthecaseof acompany apermanent establishment, and such Mecom sharesare orhavebeen used, held oracquired for thepurposes of such trade,profession, vocation, branch, agency or permanent establishment. UKStamp Dutyand Stamp Duty Reserve Tax(SDRT) (i)
Acceptance of the Exchange Offer
The issue of Mecom shares direct to Shareholders pursuant to the Exchange Offer will not generally give rise to stamp duty or SDRT. (ii)
Subsequent transfers
Stampduty attherateof0.5%ofthe amountorvalueofthe consideration given (rounded uptothenext multipleofGBP5)isgenerally payableonaninstmment transferring Mecom shares.AchargetoSDRT will also arise on an unconditional agreement to transfer Mecom shares (at the rate of 0.5% of the amount or valueofthe consideration payable).However, ifwithin sixyearsofthe dateofthe agreement becoming unconditional an instmment oftransfer isexecuted pursuanttotheagreement,and stampduty ispaid on that instmment, any SDRTalready paid will berefunded (generally, but not necessarily, with interest) provided that a claim for payment is made, and any outstanding liability to SDRT will be cancelled. The liability topay stampduty or SDRT isgenerally satisfied by thepurchaser or transferee. (iii)
Mecom shares held through CREST
Paperless transfers ofordinary shareswithin CRESTwillgenerally beliabletoSDRT,ratherthan stamp duty,attherateof 0.5% oftheamount orvalueoftheconsideration. CREST isobliged tocollect SDRT on relevant transactions settled within the system. Under the CREST system, no stamp duty or SDRT will arise on a transfer of Mecom shares into the system unless such a transfer is made for a consideration in money or money's worth, in which case a liability to SDRT (usually at a rate of 0.5%) will arise. Inheritance Tax The Mecom shares will be assets situated in the UK for the purposes of UK inheritance tax.A gift of such assets by, or the death of, an individual holder of such assets may (subject to certain exemptions and reliefs) give rise to a liability to UK inheritance tax even if the holder is neither domiciled in the UK nor deemed to be domiciled there under certain mles relating to long residence or previous domicile. For inheritance tax purposes,atransfer of assets at less than full market value may be treated as a gift and particular mles apply to gifts where the donor reserves or retains some benefit. Special mles may alsoapply toclosecompanies and totmsteesof settlements whohold Mecom shares, bringing them within the charge to inheritance tax. Shareholders should consult an appropriate tax adviser if they make a gift or transfer at less than market value or intend to hold any Mecom shares through tmst arrangements.
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14. GENERAL PRESS RELEASES 14.1
Press release 21August 2007
Thisisa press release ofMecom Groupplcpursuant to theprovisions ofarticle 9bparagraph 1 ofthe Dutch Securities Trade Supervision Decree (Besluit Toezicht Effectenverkeer). This is not a public announcement that a public offer is to be made, but an announcement that Mecom Group plc has increased itsshareholding in Koninklijke WegenerN.V. London, United Kingdom - 21August 2007 MECOM INCREASES SHAREHOLDING IN WEGENER Mecom Group plc ("Mecom") announces that Mecom has increased its shareholding in Koninklijke Wegener N.V. ("Wegener") from 23.7% to 29.50% of the issued and outstanding (depository receipts of) ordinary shares inWegener ("Ordinary Shares") through purchases from Bestinver Gestion, SGIIC S.A. of a total of 2,634,812 Ordinary Shares at a price of EUR 17.50 per Ordinary Share on Monday 20August 2007. Mecom may make further purchases of Ordinary Shares. Aspreviously announced, thepublicoffer byMecom for allthe issued and outstanding Ordinary Shares will be launched on or before 28August 2007. 14.2
Press release 16August 2007
This is a joint press release of Koninklijke Wegener N.V. and Mecom Group plc pursuant to the provisionsofarticle 9bparagraph 1ofthe DutchSecurities TradeSupervision Decree (BesluitToezicht Effectenverkeer) (the "Bte'). This isnot a public announcement that a public offer is to be made. This is an announcement that the Netherlands Authority for the Financial Markets (Stichting Autoriteit FinanciëleMarkten) ("the AFM")hasat therequestofMecom GroupplcandKoninklijke WegenerNV. granted an additional extension ofthe term during whichMecom Groupplc wouldbe required tomake an offer in accordance with anicle 9gparagraph 4 ofthe Bte. Apeldoom, the Netherlands and London, United Kingdom - 16August 2007 RECOMMENDED OFFER BY MECOM FOR ALL WEGENER'S ORDINARY SHARES - UPDATE ON LAUNCH OF THE OFFER Following thejoint public announcements dated 8May 2007, 16May 2007, 7 June 2007 and 18July 2007 regarding the proposed combination of Mecom Group plc ("Mecom") and Koninklijke Wegener N.V. ("Wegener") by way of an offer by Mecom (the "Offer") for all the issued and outstanding (depository receipts of) ordinary shares in Wegener ("Ordinary Shares") at a price per Ordinary Share (ex dividend) of EUR 17.70 in cash or 14.287 Mecom shares (ex dividend), Mecom and Wegener together announce the following update on the launch of the Offer. On 18July 2007,Mecom andWegener announced thatthey expected to launch the Offer on 17August 2007. Although the offer memorandum setting out the terms and conditions of the Offer (the "Offer Memorandum") and the prospectus relating to the Mecom shares to be issued in connection with the Offer (the "Prospectus") have largely been completed, finalisation of the Prospectus, and approval and passporting of the document by the UK Listing Authority is not expected to be completed before
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28August 2007. Accordingly, Mecom and Wegener have sought, and on 16August 2007 the AFM granted, an extension to the date on which the Offer must be launched. Following the grant of such extension, the announcement on the availability of the Offer Memorandum and the Prospectus must now be made on or before 28August 2007. Further announcements relating to the Offer will be made when appropriate. 14.3
Press release 18July 2007
This is a joint press release of Koninklijke Wegener N.V. and Mecom Group plc pursuant to the provisionsofarticle9bparagraph 1ofthe DutchSecurities TradeSupervision Decree (BesluitToezicht Effectenverkeer) (the "Bte'). This is not a public announcement that a public offer is to be made, but that the NetherlandsAuthorityfor the Financial Markets (StichtingAutonteit Financiële Markten) has granted itsapproval to launching theoffer midAugust2007inaccordance witharticle 9gparagraph 4 ofthe Bte. Apeldoom, the Netherlands and London, United Kingdom - 18July 2007 EXPECTED TIME OF LAUNCH OF THE OFFER BY MECOM FOR ALL WEGENER'S ORDINARY SHARES Following thejoint public announcements dated 8May 2007, 16May 2007 and 7June 2007 regarding the combination of Mecom Group plc ("Mecom") and Koninklijke Wegener N.V.("Wegener") by way of Mecom making an offer (the "Offer") for all the issued and outstanding (depository receipts of) ordinary shares in Wegener ("Ordinary Shares") at a price per Ordinary Share (ex dividend) of EUR 17.70incash or 14.287Mecom shares (exdividend),Mecom andWegenertogether announce the following. Consistent with their previous announcements, Mecom and Wegener expect the offer memorandum containing thetermsandconditions of theOffer, aswell astheprospectus relating totheMecom shares to be issued (the "Prospectus"), to be made publicly available midAugust 2007.As communicated in the press release of 7 June 2007, dispensation of the Netherlands Authority for the Financial Markets (StichtingAutoriteitFinanciëleMarkten) ("AFM") wasrequested byMecom andWegenertoextend the six weeks period during which Mecom would be required to make the Offer, pursuant to article 9g paragraph 3ofthe Dutch Securities Trade Supervision Decree 1995 (Besluit Toezicht Effectenverkeer). On 17July 2007 such dispensation has been granted by theAFM to the effect that the Offer will have tobe madepublicly available ultimately on 17August 2007.Theextension of the term isin conformity with previous communications and relates to the expected timing of the approval of the Prospectus by theUnited Kingdom ListingAuthority.Mecom andWegenerconfirm thatthepreparations for the Offer are well under way. Further announcements will follow ascircumstances require.
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14.4
Press release 7June 2007
This is ajoint press release of Koninklijke Wegener N.V.and Mecom Group plc. This is not a public announcement thatapublic offer istobemade, butan announcementpursuant toarticle 9g paragraph 1 (a) of the Dutch Decree on the Supervision of the Secunties Trade 1995 (Besluit toezicht effectenverkeer 1995), pursuant to which Mecom is required to issue a public announcement within 30days after the initialpublic announcement of8May2007. Apeldoom, the Netherlands and London, United Kingdom - 7June 2007 MECOM AND WEGENER CONFIRM INTENDED OFFER Following the joint public announcements dated 8 May 2007 and 16 May 2007 regarding the combination of Mecom Group plc ("Mecom") and Koninklijke Wegener N.V. ("Wegener") by way of Mecom makinganoffer (the "Offer") for alltheissued andoutstanding (depository receiptsof) ordinary sharesinWegener("Ordinary Shares")atapriceofEUR 17.70perOrdinary Share(exdividend) incash or 14.287Mecom shares(exdividend),Mecom andWegenerconfirm thatthepreparations for the Offer are well under way.The Offer, however, isstill subject tothe satisfaction or waiver, asthecase may be, of certain pre-Offer conditions as mentioned in the joint announcement dated 16 May 2007. The procedures to have the pre-Offer conditions satisfied have been started and are well under way. On the basis of article 9g paragraph 3 of the Dutch Decree on the Supervision of the Securities Trade 1995 (Besluit toezicht effectenverkeer i995)("Bte"), Mecom is required to make the Offer within six weeks from today. However, in light of the ongoing preparations and timing of the approval of the prospectus relating to Mecom shares to be issued in connection with the Offer, Mecom expects the offering memorandum, containing the terms and conditions of the Offer, as well as the prospectus relating to the Mecom shares, to be made publicly available mid August 2007. Mecom will submit a request for extension to the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiële Markten) in accordance with article 9g paragraph 4 Bte in due course. Further announcements will follow ascircumstances require. 14.5
Press release 16May 2007
This is a joint press release of Koninklijke Wegener N.V. and Mecom Group plc pursuant to the provisionsofSection 9b,sub-section 1,ofthe Dutch Securities TradeSupervision Decree 1995(Besluit toezicht effectenverkeer 1995). Thisisnotapublicannouncement thata public offer istobemade, but that agreement has been reached on the terms and conditions of a public offer as setforth in this announcement. Notfor release, distribution orpublication, in whole or inpart, in the United States of America, Australia, Japan or Canada. Apeldoom, the Netherlands and London, United Kingdom - 16May 2007 MECOM AND WEGENER TO CREATE ALEADING PAN-EUROPEAN REGIONAL NEWSPAPER PUBLISHER Following the joint public announcement dated 8 May 2007, in which it was announced that an agreement had been reached on the offer price and that the expectation wasjustified that agreement would be reached on a public offer, the Boards of Mecom Group plc ("Mecom") and Koninklijke Wegener N.V. ("Wegener") are pleased to announce that an agreement has been reached on the combination of Mecom and Wegener. Mecom is prepared to make an offer (the "Offer") for all of the issued and outstanding (depository receipts of) ordinary shares in Wegener ("Ordinary Shares") for
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EUR 17.70 in cash per Ordinary Share or 14.287 Mecom ordinary shares per Ordinary Share (the "Transaction"). The Transaction with Wegener is a further step in the implementation of Mecom's strategy to build a leading pan-European regional newspaper publisher. In particular, Mecom and Wegener note the following benefits of the Transaction: •
The proposed merger between Mecom and Wegener will create a leading pan-European regional newspaper publisher with a combined pro-forma 2006 sales of EUR 1.8 billion and pro-forma 2006 EBITDA of EUR 180.3 million'. In addition, the combined group will have: a large portfolio of newspaper titles in five countries: the Netherlands, Germany, Denmark, Norway and Poland; -
a large subscriber base of around 2 million;
-
around 40 million copies published weekly; and
-
more than 11,000 full-time equivalents.
•
The combined group will be well placed to create value from driving top line growth and operating efficiencies. The businesses of Wegener and Mecom will cover much of the Netherlands creating opportunities for economies of scale in production processes as well as for advertisers in print and online.
•
The large subscriber base of publications owned by the combined group will offer attractive opportunities for developing new revenue streams through the sale of new publications and ancillary products.
•
Wegener's existing online activities can be leveraged further throughout the combined group.
•
Wegener will play an important role in the combined group.Wegener headquarters will be the center of excellence for a number of group functions, notably Print, HR, IT and Purchasing.
•
After completion of the Transaction, Mecom and Wegener will consider a combination of the resources and potential of Limburg Media Group and Wegener. Any such combination will require a further full analysis of all relevant stmctural, organisational and commercial aspects and will be subject to all applicable consultation and approval procedures.
Transaction Highlights The proposed Transaction will be implemented through apublic offer by Mecom for all of the issued and outstanding Ordinary Shares.The Offer will be on the basis of EUR 17.70 in cash (the "Cash Offer") or 14.287 Mecom ordinary shares (ex dividend) representing a value of EUR 18.00(the "ShareOffer"), perOrdinary Share(exdividend) asper7May 2007.Based on the closing price of Mecom's shares on 15 May 2007, the Share Offer represents a value of EUR 18.82 per Ordinary Share (ex dividend). Holders of Ordinary Shares will be given the option to receive cash, or Mecom ordinary shares,or a mix of the cash and shares. •
The Cash Offer represents a premium of 5.4% to the closing price of Wegener's Ordinary Shares on 7 May 2007 and a premium of approximately 18.2% to the average share price of Wegener's Ordinary Shares over the last three months up to 7May 2007.The Cash Offer also represents a premium of 31.6% tothe closing price ofWegener's Ordinary Shares on 8 March
69
2007, the day before the announcement by Mecom that it had acquired 10,594,763 Ordinary Shares (approximately 23.6% of the Ordinary Shares) from Telegraaf Media Groep N.V. In relation to the Share Offer, the above premia amount to 7.1%, 20.2% and 33.8% respectively, based on the closing price of Mecom's ordinary shares on 7May 2007. •
Based on the closing price of Mecom's ordinary shares on 15 May 2007, the Cash Offer and theShare Offer valueall ofthe issued and outstanding Wegener Ordinary Shares at EUR 793.8 million and EUR 844.1 million, respectively.
•
At the date of this announcement, Mecom holds 10,594,763 Ordinary Shares, representing approximately 23.6% of the Ordinary Shares and approximately 20.0% of the issued and outstanding share capital of Wegener.
•
TheSupervisory Board and theManagement Board ofWegener haveunanimously determined, after taking intoaccount theinterestsof all stakeholders,includingWegener's shareholders and employeesthattheproposedTransaction isinthebestinterestsofWegenerand itsstakeholders. The Supervisory Board and the Management Board of Wegener unanimously support the proposed Offer and intend to recommend the Offer to the Wegener shareholders, when made.
•
VanderLoeff BeheerB.V.,holding 17.1% ofOrdinary Shares,willfollow the recommendation oftheWegenerBoardsandonthebasisthereof accepttheShareOffer on itstermsandtheother terms and conditions of the Offer. TheChairman of the Management Board of Wegener has an indirect minority holding in thecapital of Van der Loeff Beheer B.V.
•
In addition totheabove,Wegener's intention willbeto acquire all of theoutstanding financing preference shares, which will subsequently be cancelled by Wegener.
•
The impact of the Transaction is expected to be earnings enhancing from the first full year of operation2.
•
The proposed Transaction isexpected to complete during the third quarter of 2007.
Commenting on theTransaction, Jan Houwert, CEO of Wegener, said: "For Wegener this transaction represents a very exciting development. Totakepart in a consolidation ofregionalnewspapers in continentalEurope issomething wehavealways wanted todo. That strategy can nowbeachievedandat thesame timethiswillgiveustheopportunity tofurther developour online activities." Commenting on the Transaction, David Montgomery, Executive Chairman of Mecom, said: "The combination with Wegener is consistent with our strategy of becoming a leading European regional newspaper publisher. This transaction not only increases Mecom's scale, but also adds significant depth and experience to the combined group. I lookforward to working with all of the managers and employees ofWegener, who willform a keypart ofthe combined group." Governance and organisation Mecom supportsWegener'scurrent strategy andtheOffer isnotexpected toadversely affect theexisting employment level and employment conditions of Wegener.
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TheManagement Board ofWegenerwillremain unchanged following completion ofthe Offer, withJan Houwert as Chief Executive Officer, Koos Boot as Chief Financial Officer, and Freek Busweiler responsible for the publishing activities of theWegener Dagbladen Group. It is intended that, following completion of the Offer, theWegener Supervisory Board will consist of 3 members:onemembershallbenominated byMecom;one membershallbe independent (in accordance with the Dutch corporate govemance mles) from Mecom; and one member shall be nominated by the Central Works Council of Wegener. The mitigated stmcture regime (verzwakt structuurregime) will apply toWegener following completion of the Offer. In addition to the above, Jan Houwert will join the Board of Directors of Mecom as an executive director,andtheWegenerSupervisory Board willnominateoneotherperson asanon-executive director of Mecom. Mecom will fund acceptances under the Offer through a combination of equity and debt. Subject totheOffer being declaredunconditional and Mecom holding at least95%ofWegener's issued and outstanding share capital, it is intended that, in consultation with Euronext, the listing of Ordinary Shares will be cancelled as soon as possible. It is also intended to cancel the certification scheme of Ordinary Shares (beëindigen van de certificeringsregeling). In addition, depending on the number of Ordinary Shares obtained by Mecom as a result of the Offer, Mecom expects to initiate a squeeze-out procedure as refened to in articles 2:92a or 2:201a of the Dutch Civil Code in order to acquire the remaining Ordinary Sharesheldby minority shareholders ortotakesuchotherstepstocancelthelisting and/or acquire Ordinary Shares that were not tendered under the Offer, including, without limitation, effecting a legal merger (juridische fusie). Merger Protocol Following meetings of the Mecom Board and the Wegener Supervisory Board, an agreement on the intended Offer asannounced on 8May 2007hasbeen reached.Asaresult,WegenerandMecom entered into a merger protocol (the "Merger Protocol") which was signed on May 16,2007. Further Process and Indicative Timetable The commencement of the Offer is subject to the satisfaction or waiver, as the case may be, of certain pre-Offer conditions customary for this type of transaction, including but not limited to the pre-Offer conditions set out in the following paragraph. Wegener and Mecom will, prior to the launch of the Offer, seek to obtain all necessary regulatory and competition approvals and clearances and will complete all requisite employee consultation and information processes as soon as reasonably possible with a view to receiving the required regulatory, competition and otherconsents or approvals for the Offer. When made, the Offer will be subject to customary conditions, including an acceptance threshold of 95% of Wegener's issued and outstanding share capital, approval by the Mecom shareholders of the issuance of Mecom ordinary shares for the purpose of the Offer and no material adverse change with respect to the business of Wegener having occurred. Mecom is entitled but not obliged to declare the Offer unconditional if 75% or more,but less than 95%has been tendered. Mecom may not declare the offer unconditional if less than 75% of Wegener's issued and outstanding share capital has been tendered. The offering memorandum, containing the terms and conditions of the Offer (the "Offering Memorandum"), as well astheprospectus relating totheMecom shares (the "Prospectus") tobe issued
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in connection with this Transaction, areexpected to be published in July or at the beginning of August 2007. The DutchAuthority for theFinancial Markets (AFM),EuronextAmsterdam N.V.,the Secretary of the Social andEconomicCouncil,theCentralWorksCouncil ofWegenerand therelevant tradeunions have been informed of the intended Offer. Indicative Timetable June, 2007 July/early August, 2007 Mid August, 2007 End ofAugust, 2007 September, 2007
AGM of Mecom Publication of Offering Memorandum and Prospectus EGM of Mecom EGM of Wegener Closing of the proposed Offer
Advisors ABNAMRO Bank N.V.and Catalyst Advisors are acting as financial advisors to Wegener. De Brauw Blackstone Westbroek isacting as legal advisor to Wegener. Rothschild, ING Corporate Finance and Media Capital Partners are acting as financial advisors to Mecom. Freshfields Bmckhaus Deringer is acting as legal advisor to Mecom. About Wegener Koninklijke Wegener N.V. (Royal Wegener) is a media enterprise located in Apeldoom, the Netherlands. The company is listed on the Euronext Stock Exchange.Wegener is the largest publisher of regional newspapers and free door-to-door papers in the Netherlands. Wegener also develops and operates Intemet products and services.Furthermore,Wegenerprovides graphics products and services. About Mecom Mecom is listed ontheAlternative Investment Market (AIM) in London, United Kingdom. Mecom isa leading European regional publisher with operations in Norway, Denmark, the Netherlands, Germany and Poland. Theprimary focus ofMecom's business isinregional newspapers.Inaddition Mecom operates national titles and associated media in magazines, television, radio,on-line and direct marketing. Mecom titles' are leaders in many of their respective markets. Notes: 1.
EBITDA excludes exceptional items.
2.
This statement is not intended to constitute a profit forecast and should not be interpreted to mean thatearningspersharewillnecessarily begreaterthan for therelevant preceding financial period.
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14.6
Press release 8 May 2007
Thisisajointpress releaseofKoninklijke WegenerNVandMecom Groupplcpursuant totheprovisions ofSection 9b, subsection 2.a, ofthe Dutch Securities Trade Supervision Decree 1995 (Besluit toezicht effectenverkeer). Thisisnotapublicannouncement thatapublicoffer istobemade, butthat agreement has been reached onapublic offerprice as setforth in thisannouncement. Notfor release, distribution orpublication, in whole or inpart, in the UnitedStates ofAmerica, Australia, Japan or Canada. Apeldoom, the Netherlands and London, England - 8May 2007 WEGENER AND MECOM REACH AGREEMENT ON PUBLIC OFFER PRICE OF € 17.70 IN CASH OR € 18.00 IN MECOM SHARES PER WEGENER DEPOSITORY RECEIPT The Boards of Koninklijke Wegener NV ("Wegener") and Mecom Groupplc ("Mecom") arepleased to announce that they have reached agreement on the price (the "Offer Price") and that the expectation is justified that agreement can be reached on the other terms and conditions on which Mecom would be prepared to make an offer (the "Offer") to acquire all of the outstanding Depository Receipts of Wegener. Further announcements will follow as soon as possible, or otherwise required by law. The Offer, if made, would be on the basis of € 17.70 in cash (the "Cash Offer") or 14,287 Mecom ordinary shares (ex dividend) representing a value of € 18.00 (the "Share Offer") per Wegener Depository Receipt (ex dividend) as per 7May 2007.Holders of Wegener Depository Receipts will be given the option to receivecash, orMecom ordinary shares,or a mix of the cash and shares. TheCash Offer represents apremium of 5.4 totheclosing priceof aWegenerDepository Receipt atthe close of business on 7th May 2007 and a premium of approximately 18.2per cent to the average price of aWegener Depository Receipt over the lastthree months.TheCash Offer also represents a premium of 31.6percent totheclosingpriceofaWegenerDepository Receipton8thMarch 2007,theday before the announcement by Mecom that it had acquired 10,594,763 Wegener Depository Receipts (approximately 23.7 per cent of the Wegener Depository Receipts) from Telegraaf Media Groep NV ("TMG").Inrelation totheShareOffer, theabovepercentagesamountto7.1 percent,20.2percentand 33.8 per cent respectively. The Share Offer values all of the issued Wegener Depository Receipts of Wegener at € 805.7 million and the Cash Offer values all of the issued Depository Receipts of Wegener at € 792.2 million. Atthedateofthis announcement, Mecom holds 10,594,763WegenerDepository Receipts, representing approximately 23.7percent ofthe Wegener Depository Receipts andapproximately 20.0percent ofthe issued and outstanding share capital of Wegener. ABN AMRO Bank N.V. and Catalyst Advisors act as financial advisor to Wegener. Rothschild, ING Corporate Finance and Media Capital Partners act as advisors to Mecom. About Wegener Koninklijke WegenerNV (RoyalWegener) isamediaenterprise located inApeldoom, theNetherlands. The company is listed on the Euronext Stock Exchange. Wegener is the largest publisher of regional newspapers and free door-to-door papers in the Netherlands. Wegener also develops and operates Intemet products and services. Furthermore, Wegener provides graphics products and services.
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About Mecom Mecom is listed on theAlternative Investment Market (AIM) in London, England. Mecom is a leading European regional publisher with operations in Norway, Denmark, the Netherlands, Germany, Poland, Sweden and Ukraine. Theprimary focus ofMecom's business isinregional newspapers.Inaddition Mecom operates national titles and associated media in magazines, television, radio, on-line and direct marketing. Mecom titles' are leaders in many of their respective markets. Koninklijke Wegener NV Francijn Mekking Corporate Communications +31 55 538 86 52
Mecom David Montgomery KeithAllen +44 207491 6660
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15. NEDERLANDSE SAMENVATTING Dit Hoofdstuk 15 behelst de Nederlandse samenvatting van het Biedingsbericht, dat is uitgegeven ter zake vanhetopenbaar bod uitgebracht doordeBiederopallealle uitstaande (certificaten van)gewone aandelen inhetgeplaatste kapitaal van Wegeneronderde voorwaarden enbepalingen zoals beschreven in dit Biedingsbericht. De gedefinieerde termen in dit Hoofdstuk van het Biedingsbericht hebben de betekenis die daaraan wordt gegeven in Hoofdstuk 15.2. Deze Nederlandse samenvatting maakt deel uit van het Biedingsbericht, maar vervangt dit niet. Deze Nederlandse samenvatting is niet volledig en bevat niet alle informatie die voordeAandeelhouders vanbelang isomeenafgewogen oordeel tekunnen vormen omtrent het Bod. Het lezen van deze Nederlandse samenvatting mag derhalve niet worden beschouwd als een altematief voor het bestuderen van het volledige Biedingsbericht. Aandeelhouders wordt geadviseerd het volledige Biedingsbericht zorgvuldig tebestuderen en zonodig onafhankelijk advies in te winnen teneinde een afgewogen oordeel te kunnen vormen omtrent het Bod, alsmede omtrent de beschrijving vanhetBodindezesamenvatting eninhetBiedingsbencht. Ingeval van verschillen tussen dezeNederlandse samenvatting endeEngelse tekstvanhetBiedingsbericht, prevaleertdeEngelse tekst van het Biedingsbericht. Aandeelhouders die overwegen om in te gaan op het Ruilbod dienen het Prospectus zorgvuldig te bestuderen en eenfinancieel adviseur te raadplegen alvorens te besluiten deAandelen aan te bieden onder het Ruilbod. 15.1
Restricties en belangrijke informatie
Het uitbrengen van het Bod, de verkrijgbaarstelling van het Biedingsbericht en deze Nederlandse samenvatting, en/of de verspreiding van enigeandere informatie met betrekking tot het Bod,kunnen in bepaaldejurisdicties aan zekere restricties onderhevig zijn. Zie Hoofdstukken 1 en 2 (Restrictions and Important Information) van dit Biedingsbericht. Dit Bod wordt niet, direct of indirect, gedaan in, en mag niet worden geaccepteerd vanuit enigejurisdictie waarin het doen van het Bod of de aanvaarding daarvan niet in overeenstemming is met de in diejurisdictie geldende wet- en regelgeving. Het niet in acht nemen van deze restricties kan een overtreding van de effectenwet- en regelgeving van de desbetreffende jurisdictie opleveren. De Bieder, Wegener en hun adviseurs sluiten iedere aansprakelijkheid uit terzake van overtredingen van voomoemde restricties.Aandeelhouders dienen zo nodig onverwijld onafhankelijk advies in te winnen omtrent hun positie dienaangaande. De Bieder behoudt zich hetrecht vooromdooreenAandeelhouder inhetkadervan hetBod aangeboden Aandelen teaccepteren, zelfs indienditnietgebeurt inovereenstemming metdebepalingen en voorwaarden zoals uiteengezet in het Biedingsbericht. Het Biedingsbericht bevat belangrijke informatie die men zorgvuldig dient te lezen alvorenseen besluit te nemen over het aanmelden vanAandelen onder het Bod. Zie Hoofdstukken 1 en 2 (Restrictions and Important Information) van dit Biedingsbericht. Aandeelhouders wordt aangeraden waar nodig onafhankelijk advies in te winnen. Daamaast zullen Aandeelhouders mogelijk hun belastingadviseur willen raadplegen met betrekking tot de fiscale gevolgen van het aanmelden van Aandelen onder het Bod. De informatie opgenomen indeHoofdstukken 1,2, 3,5.3,5.4,5.5,5.6,5.9,5.12, 5.13.1,5.13.2, 5.13.4, 5.13.5, 5.14, 6, 10, 12(ii), 12(iii), 12(vi) en 13 van het Biedingsbericht is uitsluitend door de Bieder verstrekt. De informatie opgenomen indeHoofdstukken 5.7,5.11,8,9, 11en 17(metuitzondering van 17.5en 17.7) van het Biedingsbericht is uitsluitend door Wegener verstrekt. De informatie opgenomen in de Hoofdstukken 4, 5.1,5.2, 5.8, 5.10, 5.13.3, 5.13.6, 5.13.7, 5.13.8, 5.15, 5.16, 12(i), 12(iv), 12(v), 12(vii), 14 en 15 van het Biedingsbericht is door de Bieder en Wegener gezamenlijk verstrekt. De informatie opgenomen in Hoofdstuk 7 is verstrekt door NIBC en is identiek aan de faimess opinie, welke door NIBC is afgegeven op dezelfde datum. De informatie opgenomen in Hoofdstuk 16is door
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deBiederenWegenergezamenlijk samengesteld enbeoordeeld (reviewed)doorEmst &YoungUK (als adviseur van de Bieder). De informatie opgenomen in Hoofdstukken 17.5 en 17.7 is verstrekt door Emst & Young Accountants en is identiek aan de originele accountantsverklaringen, welke door de heer P.J.T.A. van Kleef zijn afgegeven op dezelfde datum. Uitsluitend de Bieder en Wegener zijn verantwoordelijk voor de juistheid en volledigheid van de informatie die in het Biedingsbericht is opgenomen, elk voor de informatie die door ieder van hen is verstrekt,engezamenlijk voordeinformatie diedoorhengezamenlijk isverstrekt,metuitzondering van de informatie opgenomen in Hoofdstuken 17.5 en 17.7 waarvoor Emst & Young Accountants verantwoordelijk is, zoals is vermeld in de vorige alinea van deze paragraaf. Hoofdstuk 18 bevat de voorgestelde gewijzigde tekst van de statuten van Wegenen De Bieder en Wegener verklaren beiden, ieder ten aanzien van de informatie die door hen in het Biedingsbericht is verstrekt, dat de informatie in dit Biedingsbericht op de publicatiedatum van het Biedingsbericht naar hun beste weten in elk wezenlijk opzicht in overeenstemming is met de werkelijkheid,juist is,en dat er geen informatie achterwege isgelaten waardoor enige verklaring in het Biedingsbericht in enig wezenlijk opzicht misleidend is. Getallen in het Biedingsbericht kunnen naar boven of naar beneden zijn afgerond en dienen derhalve niet als exact te worden beschouwd. De informatie in het Biedingsbericht geeft desituatie weeropdedatum van het Biedingsbericht. Onder geen beding houden de uitgifte en verspreiding van het Biedingsbericht in dat de hierin opgenomen informatie ook nadedatum van het Biedingsberichtjuist en volledig isof dater sindsdeze datum geen wijziging is opgetreden in de in het Biedingsbericht uiteengezette informatie of in de gang van zaken bij Wegener en/of haar dochtermaatschappijen en/of aan haar gelieerde ondememingen. Het voorgaande laat echter onverlet de verplichting van zowel de Bieder als Wegener om, indien zulks van toepassing is, een publieke aankondiging te doen ingevolge artikel 9b lid 1Bte 1995, voor zover van toepassing. 15.2
Nederlandse definities
In dit Biedingsbericht zal een verwijzing naar gedefinieerde termen in het meervoud gelijk staan aan verwijzingen naar dergelijk gedefinieerde termen in het enkelvoud en vice versa.Alle grammaticale en andere veranderingen benodigd bij het gebmiken van een definitie in het enkelvoud zullen worden beschouwd te zijn gemaakt hierin en de voorwaarden hiervan zullen worden toegepast alsof zulke veranderingen zijn gemaakt. De gedefinieerde termen in dit Hoofdstuk van het Biedingsbericht hebben de volgende betekenis: Aandeelhouder(s)
houder(s) van een of meer Aandelen;
Aandelen
alle geplaatste en uitstaande (certificaten van) gewone aandelen in het kapitaal van Wegener, elk met een nominale waarde van EUR 0,30;
Aanmelding
de aanmelding van Aandelen door de Aandeelhouders ter aanvaarding van het Bod;
Aanmeldingstermijn
de periode gedurende welke de Aandeelhouders hun Aandelen kunnen aanmelden bij de Bieder, beginnend op 29 augustus 2007 om09:00uur,Nederlandsetijd eneindigend opdeUiterste Dagvan Aanmelding;
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ABNAMRO
ABN AMRO Bank N.V., een naamloze vennootschap, opgericht naar Nederlands recht, met statutaire zetel in Amsterdam, Nederland;
Accountant
Emst &Young Accountants;
AFM
de StichtingAutoriteit Financiële Markten;
AIM
de Alternative Investment Market van de London Stock Exchange;
Algemene Vergadering
de algemene vergadering van aandeelhouders van Wegener;
Bieder
Mecom;
Biedingsbericht
dit biedingsbericht (inclusief de Engelse tekst) met betrekking tot het Bod;
Biedprijs
een bedrag vanEUR 17,70incontanten of 14,287MecomAandelen voor elk Aandeel dat opjuiste wijze is aangemeld (of op onjuiste wijze,indien deBiederdeAanmeldingdesalniettemin aanvaardt)en geleverd onder de voorwaarden en bepalingen van het Bod;
Bod
het aanbevolen bod uitgebracht door de Bieder teneinde alle Aandelen te verwerven onder de voorwaarden uiteengezet in dit Biedingsbericht;
Bod in Contanten
het bod op de Aandelen beschreven in dit Biedingsbericht in mil voor een bedrag in contanten gelijk aan EUR 17,70 (ex dividend i.e. waarbij de aan de in het kader van het Bod overgedragen Aandelen verbonden toekomstige dividendrechten aan de Bieder toekomen) voorelkAandeel dat opjuiste wijze isaangemeld (of op onjuiste wijze, indien de Bieder de Aanmelding desalniettemin aanvaardt) en geleverd onder devoorwaarden en bepalingen van het Bod;
Bte 1995
het Besluit toezicht effectenverkeer 1995, zoals gewijzigd van tijd tot tijd;
BW
Burgerlijk Wetboek;
Catalyst
Catalyst Advisors B.V., een besloten vennootschap met beperkte aansprakelijkheid, opgericht naar Nederlands recht, met statutaire zetel inAmsterdam, Nederland;
Concurrerend Bod
een voorstel vooreen fusie vanWegener met een,naar het redelijke oordeel van de Raad van Commissarissen, bonafide derde partij, door middel van een bod of fusie met een dergelijke partij, inhoudende een wijziging van zeggenschap over de relevante vennootschap, welke naar het redelijk oordeel van de Raad van Commissarissen een beter bod is dan het Bod, waarbij de vergoeding per Aandeel geboden onder het Concunerend Bod de Biedprijs overtreft met ten minste 10%,zijnde (i)een vergoeding in contanten van meerdan EUR 19,47 perAandeel of, voor zover van
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toepassing, (ii) een vergoeding per Aandeel in mil voor aandelen vertegenwoordigend een waarde van meer dan EUR 19,80. De vergoeding per Aandeel van elk volgend Concurrerend Bod (inclusief een gewijzigd Concunerend Bod) dient de laatst geboden vergoeding met ten minste 5%te overstijgen; Dag van Gestanddoening
de dag waarop de Bieder aankondigt dat hij het Bod gestand doet;
Dag van Overdracht
dedagwaarop,inovereenstemming metdebepalingen vanhet Bod, deBieder de Biedprijs zal betalen aanAandeelhouders die opjuiste wijze hunAandelen hebben aangemeld (of op onjuiste wijze, indien de Bieder de Aanmelding desalniettemin aanvaardt) en geleverd onder het Bod, onderde voorwaarde dat het Bod gestand is gedaan;
Eerste Openbare Mededeling
de gezamenlijke openbare mededeling van Mecom enWegener van 8 mei 2007, waarbij werd aangekondigd dat overeenstemming was bereikt overdeBiedprijs endeverwachting gerechtvaardigd wasdat overeenstemming kon worden bereikt overde overige voorwaarden van een door Mecom uit te brengen Bod;
Euronext Amsterdam
Euronext Amsterdam N.V. of Eurolist door Euronext Amsterdam 'N.V.,afhankelijk van de context;
FinPrefs
alle geplaatste en uitstaande cumulatief financieringspreferente aandelen in het kapitaal vanWegener, elk met een nominale waarde van EUR 0,30;
Fusie Besluit
het SER-besluit Fusiegedragsregels 2000;
Fusie Protocol
het fusieprotocol tussen Mecom enWegener zoals overeengekomen en ondertekend op 16mei 2007;
Fusie Regels
alle toepasselijke wet- en regelgeving, inclusief maar niet beperkt tot de toepasselijke artikelen van de Wte 1995 en het Bte 1995, alsmede nadere regelgeving en beleidsregels afgekondigd onder de Wte 1995enhetBte 1995,beleidsregels en instmcties van deAFM, de Wet op de Ondernemingsraden, het Fusie Besluit, de reglement en overige regelgeving van Euronext Amsterdam, het Burgerlijk Wetboek of de Nieuwe Fusie Regels indien en zodra toepasselijk;
Gecertificeerde Vorm
in het register van deBieder als geregistreerde aandelen aangeduid;
ING Bank
ING Bank N.V., een naamloze vennootschap, opgericht naar Nederlands recht, met statutaire zetel inAmsterdam, Nederland;
ING Corporate Finance
de organisatie en handelsnaam die door ING Bank en bepaalde dochtermaatschappijen wordt gebmikt voor het voeren van intemationale corporate en investment banking activiteiten;
ING Wholesale Banking Securities Services
de organisatie en handelsnaam die door ING Bank en bepaalde dochtermaatschappijen wordt gebmikt voor het voeren van exchange activiteiten;
Juridische Fusie
heeft de betekenis waamaar wordt verwezen in Hoofdstuk 15.17.2;
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Mecom
Mecom Group plc, een naamloze vennootschap, opgericht naar Engels recht, met als kantooradres Empire House, 175 Picadilly London WIJ 9EN,Verenigd Koninkrijk;
Mecom Aandeel
een gewoon aandeel in het kapitaal van Mecom met een nominale waarde van 0,6085888 pence;
Mecom Groep
Mecom, met inbegrip van haar dochtermaatschappijen, maar exclusief deWegener Groep;
Mecom Interim Cijfers
de geconsolideerde halfjaarcijfers van Mecom over het boekjaar 2007;
Mecom Media Holding Holland BV
Mecom Media Holding Holland B.V., een besloten vennootschap met beperkte aansprakelijkheid, opgericht naar Nederlands recht, met statutaire zetel in Amsterdam, Nederland en kantooradres te Bemhardplein 200, 1097JBAmsterdam, Nederland;
Media Capital Partners
de handelsnaam van Independent Capital Partners B.V., een besloten vennootschap met beperkte aansprakelijkheid opgericht naar Nederlands recht, met statutaire zetel in Amsterdam, Nederland;
Na-Aanmeldingstermijn
de periode na de Dag van Gestanddoening waarin Aandeelhouders diehunAandelen nogniethebben aangemeld onderhetBoddekans wordt gegeven dit alsnog te doen, op dezelfde wijze en onder dezelfde voorwaarden als opgenomen indit Biedingsbericht;
Nieuwe Fusie Regels
alle wet en regelgeving volgend uit of in verband met de implementatie van Richtlijn 2004/25/EC van 21 april 2004 in het Nederlandse recht, inclusief toepasselijke artikelen van de Wet op het financieel Toezicht, de Uitvoeringswet ovemame richtlijn, het Besluit openbare biedingen en het Burgerlijk Wetboek;
NIBC
NIBC Bank N.V., een naamloze vennootschap met beperkte aansprakelijkheid, opgericht naar Nederlands recht, met statutaire zetel in 's Gravenhage, Nederland;
N M Rothschild
NM Rothschild &Sons Limited;
Officiële Prijscourant
Officiële Prijscourant van Euronext Amsterdam;
Omwissel- en Betaalkantoor
ING Wholesale Banking Securities Services;
Ongecertificeerde Vorm
In het aandeelhouders register van de Bieder geregistreerd als nietgeregistreerd en middels CREST verhandelbaar;
Optie-overeenkomst
de overeenkomst tussen Stichting Preferente Aandelen en Wegener opgrond waarvan StichtingPreferenteAandelen een optiehoudt tot het nemen van zoveel preferente aandelen in het kapitaal van Wegener, elk met een nominale waarde van EUR 0,30, gelijk aan 50% van het geplaatste en uitstaande aandelenkapitaal vanWegener per de datum van uitoefening van deze optie;
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Prospectus
het prospectus met betrekking tot Mecom, uitgegeven in verband met het Ruilbod, geregistreerd bij de UK Listing Authority op 24augustus 2007 en gepasporteerd aan deAFM;
Raad van Bestuur
de raad van bestuur van Wegener;
Raad van Commissarissen
de raad van commissarissen van Wegener;
Ruilbod
het bod op deAandelen (ex dividend - i.e. waarbij de aan de in het kader van het Bod overgedragen Aandelen verbonden toekomstige dividendrechten aan de Bieder toekomen) beschreven in dit Biedingsbericht in mil voor 14,287 Mecom Aandelen (vertegenwoordigend een waarde van EUR 18,00 per Aandeel op 7 mei 2007) voor elk Aandeel dat opjuiste wijze is aangemeld (of op onjuiste wijze, indien de Bieder de Aanmelding desalniettemin aanvaardt)en geleverd onder de voorwaarden enbepalingen van het Bod;
Samengestelde Groep
de combinatie van deWegener Groep en deMecom Groep;
Stichting Administratiekantoor
StichtingAdministratiekantoor Koninklijke Wegener;
Stichting FinPrefs
Stichting Administratiekantoor Financieringspreferente Aandelen Koninklijke Wegener;
Stichting Preferente Aandelen
Stichting Preferente Aandelen Wegener;
Toegelaten Instellingen
de tot EuronextAmsterdam toegelaten instellingen;
Uiterste Dag van Aanmelding
de tijd en datum tot wanneer de Aandelen onder het Bod kunnen worden aangemeld, zijnde om 15:00 uur, Nederlandse tijd op 4 oktober 2007, tenzij de Aanmeldingstermijn is verlengd met inachtneming van artikel 9o lid 5Bte 1995;
Uitkoopprocedure
heeft de betekenis waamaar wordt verwezen in Hoofdstuk 15.17.1;
Verlengde Aanmeldingstermijn
de periode gedurende welke de Aandeelhouders hun Aandelen kunnen aanmelden indien de Bieder het Bod heeft verlengd met inachtneming van artikel 9o lid 5 Bte 1995, welke periode eindigt opdeVerlengde Uiterste Dag van Aanmelding;
Verlengde Uiterste Dag van Aanmelding
de tijd en datum tot wanneer de Aandelen onder het Bod kunnen worden aangemeld, indien de Bieder het Bod heeft verlengd met inachtneming van artikel 9o lid 5 Bte 1995;
Voorwaarden
de voorwaarden uiteengezet in Hoofdstuk 15.11;
Wegener
Koninklijke Wegener N.V., een naamloze vennootschap, opgericht naar Nederlands recht met statutaire zetel inApeldoom, Nederland en kantooradres te Laan van Westenenk 4, 7336 AZ Apeldoom, Nederland;
Wegener Groep
Wegener en haar dochtermaatschappijen;
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Werkdag
een dag waarop EuronextAmsterdam open is voor handel;en
Wte 1995
de Wet toezicht effectenverkeer 1995, zoals gewijzigd van tijd tot tijd.
15.3
Uitnodiging aan de Aandeelhouders
Onder verwijzing naar de verklaringen, voorwaarden en beperkingen zoals opgenomen in Hoofdstukken 1 en 2 van het Biedingsbericht (Restrictions en Important Information) worden Aandeelhouders uitgenodigd om hun Aandelen aan te bieden op de wijze en onder de voorwaarden zoals in het Biedingsbericht beschreven. 15.4
Aandelenkapitaal Wegener
Op de dag van dit Biedingsbericht heeft Wegener 44.848.842 Aandelen en 8.089.718 FinPrefs uitgegeven meteen nominale waarde vanelkEUR0,30.Opdedag vanditBiedingsbericht bedraagt het geplaatste kapitaal van Wegener EUR 15.881.568. De Aandelen worden gehouden door de Stichting Administratiekantoor, met uitzondering van 427 Aandelen die worden gehouden door bepaalde individuen die bekend zijn bij Wegenen Stichting Administratiekantoor heeft certificaten vanAandelen diedoorhaargehouden wordenuitgegeven, welke certificaten zijn genoteerd opEuronext Amsterdam. De FinPrefs worden gehouden door Stichting FinPrefs, die 1.607.143 certificaten van Finprefs heeft uitgegeven aan Delta Lloyd N.V. en 2.593.030 certificaten van Finprefs heeft uitgegeven aan Beleggingsmaatschappij Voorburgwal B.V.Wegener houdt zelf 3.889.545 certificaten van FinPrefs. Op de dag van dit Biedingsbericht heeft de Bieder overeenstemming bereikt met Delta Lloyd N.V.en Beleggingsmaatschappij Voorburgwal B.V. over de verkoop en levering van de door hen gehouden certificaten van Finprefs perde Dag van Overdracht, onder voorwaarde dathet Bod gestand zal worden gedaan door de Bieder. Zie tevens Hoofdstuk 5.2 (Share capital Wegener). 15.5
Het Bod
De Bieder brengt het Bod uit teneinde alleAandelen te verwerven, onder deVoorwaarden en conform debepalingen enbeperkingen alsopgenomen indit Biedingsbericht.Aandeelhouders diehunAandelen aanmelden onder het Bod zullen een bedrag in contanten ontvangen van EUR 17,70 per aandeel of 14,278MecomAandelen (wat gelijk staat aan EUR 18,00peraandeel op7mei 2007) voorelkAandeel dat opjuiste wijze is aangemeld (of op onjuiste wijze, indien de Bieder deAanmelding desalniettemin aanvaardt)engeleverd onderdevoorwaarden enbepalingen vanhetBod,onder voorwaardedathetBod gestand wordt gedaan. Zie tevens Hoofdstuk 5.3 (The Offer). 15.6
Fracties
Voor zover het aantal Aandelen dat wordt aangemeld en geleverd door een Aandeelhouder onder het Ruilbod zou resulteren in de uitgifte van fracties van Mecom Aandelen, zullen geen fracties worden uitgegeven maar in plaats hiervan zal dit worden afgedaan door betaling in contanten door het Omwissel- en Betaalkantoor. Betaling van een bedrag in contanten zal worden gebaseerd op de openingskoers van een Mecom Aandeel op AIM op de Dag van Gestanddoening en de EUR:GBP
81
wisselkoers zoals bepaald door de Europese Centrale Bank de dag voor de Dag van Gestanddoening. Het afronden en de afhandeling per individuele Aandeelhouder die Aandelen heeft aangemeld en geleverd in mil voor Mecom Aandelen in overeenstemming met de voorwaarden zoals in het Biedingsbericht beschreven zal worden gedaan in overeenstemming met de gebmikelijke praktijk van de Toegelaten Instellingen. In het algemeen zullen rechten op fracties van Mecom Aandelen naar beneden worden afgerond (met additionele betaling in contanten). Zie tevens Hoofdstuk 5.4 (Fractions). 15.7
Onderbouwing van het Bod
Het Bod in Contanten vertegenwoordigt: (a)
een premie van 5,4% ten opzichte van de slotkoers van deAandelen op 7 mei 2007, de laatste Werkdag voor de Eerste Openbare Mededeling;
(b)
een premie van ongeveer 18,2% ten opzichte van de gemiddelde slotkoers van de Aandelen gedurende de laatste 3maanden tot aan de Eerste Openbare Mededeling;
(c)
een premie van 31,6%ten opzichte van de slotkoers van deAandelen op 8maart 2007,de dag voorafgaande aan de dag waarop Mecom aankondigde 10.594.763 Aandelen (vertegenwoordigend ongeveer 23,6% van de Aandelen en 20,0% van het geplaatste en uitstaande aandelenkapitaal van Wegener) van Telegraaf Media Groep N.V. te hebben verworven; en
(d)
eenpremie van 39,4%ten opzichte vandegemiddelde slotkoers vandeAandelen gedurende de laatste 3 maanden tot en met 8 maart 2007, de dag voorafgaande aan de dag waarop Mecom aankondigde 10.594.763Aandelen (vertegenwoordigend ongeveer 23,6% van deAandelen en 20,0% van het geplaatste en uitstaande aandelenkapitaal van Wegener) van Telegraaf Media Groep N.V.te hebben verworven.
Op 24 augustus 2007 vertegenwoordigt het Ruilbod: (a)
een premie van 2,7% ten opzichte van de slotkoers van deAandelen op 7 mei 2007,de laatste Werkdag voor deEerste Openbare Mededeling;
(b)
een premie van ongeveer 15,2% ten opzichte van gemiddelde slotkoers van de Aandelen gedurende de laatste 3 maanden tot aan de Eerste Openbare Mededeling;
(c)
een premie van 28,3%ten opzichte van de slotkoers vandeAandelen op 8 maart 2007, de dag voorafgaande aan de dag waarop Mecom aankondigde 10.594.763 Aandelen (vertegenwoordigend ongeveer 23,6% van de Aandelen en 20,0% van het geplaatste en uitstaande aandelenkapitaal van Wegener) van Telegraaf Media Groep N.V. te hebben verworven; en
(d)
een premie van 35,9%ten opzichte vandegemiddelde slotkoers van deAandelen gedurende de laatste 3 maanden tot en met 8 maart 2007, de dag voorafgaande aan de dag waarop Mecom aankondigde 10.594.763Aandelen (vertegenwoordigend ongeveer 23,6% van deAandelen en 20,0% van het geplaatste en uitstaande aandelenkapitaal van Wegener) van Telegraaf Media Groep N.V.te hebben verworven.
Zie tevens Hoofdstuk 5.5 (Substantiation of the Consideration).
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15.8
Motivering van het Bod
Mecom enWegener zijn van oordeel dateen combinatie tussen deMecom Groepen deWegener Groep zowel op korte als op lange termijn strategische, financiële en andere voordelen zal bieden aan de partijen, zoals: (a)
door de Samengestelde Groep ontstaat een leidende pan-Europese uitgever van regionale dagbladen met een gezamenlijke pro-forma omzet over 2006 van EUR 2,0 miljard en een gezamenlijke pro-forma EBITDA over 2006 van EUR 197,9 miljoen;
(b)
de Samengestelde Groep zal in staat zijn waarde te creëren door verdere groei en door het behalen van operationele voordelen. De ondememingen van Mecom en Wegener zullen een groot deel van Nederland bestrijken, waardoor schaalvoordelen ontstaan in het productieproces alsmede voor adverteerders zowel in print als on-line;
(c)
het groteabonneebestand vande Samengestelde Groepbiedt aantrekkelijke mogelijkheden om nieuwe inkomstenbronnen te ontwikkelen door middel van de verkoop van nieuwe en aanverwante producten;
(d)
de Samengestelde Groep zal profiteren van de huidige on-line activiteiten van Wegener; en
(e)
de mogelijkheid tot het realiseren van kostenbesparingen en andere synergieën.
Zie tevens Hoofdstuk 5.6 (Rationale for the Offer). 15.9
Financiering van het Bod
De Mecom Groep zal de gestanddoening van het Bod financieren door middel van een combinatie van eigen en vreemd vermogen. Zie tevens Hoofdstuk 5.12 (Financing ofthe Offer). 15.10 Aanbeveling van de Raad van Commissarissen en de Raad van Bestuur van Wegener Zoals vermeld in Hoofdstuk 8 (Recommendation by the Supervisory Board and the Management Board) van het Biedingsbericht zijn de Raad van Commissarissen en de Raad van Bestuur, gelet op de strategische, financiele en sociale aspecten van het Bod, unaniem van oordeel dat het Bod in het beste belang is van deAandeelhouders en andere betrokkenen bij de ondememing van Wegener, en de Raad van Commissarissen en de Raad van Bestuur steunen het Bod volledig en bevelen de Aandeelhouders unaniem aan om het Bod te accepteren. De Raad van Commissarissen en de Raad van Bestuur merken opdat de ondersteuning en aanbeveling van het Bod gekwalificeerd is ten aanzien van het Ruilbod, gegeven het feit dat Wegener een beperkt due diligence onderzoek heeft uitgevoerd op de Mecom Groep. De ondersteuning en aanbeveling van het Ruilbod isniet bedoeld en dient in ieder geval niet geïnterpreteerd of beschouwd te worden alseen aanbeveling om te investeren in Mecom Aandelen. Elke Aandeelhouder dient het advies in te winnen vaneen financiële adviseuren zorgvuldig hetProspectustebestuderen alvorenseenbeslissing te nemen om het Ruilbod te aanvaarden. DeRaad vanCommissarissen endeRaad vanBestuur zijn vanoordeeldathetBodredelijk (reasonable) en billijk (fair) isjegens deAandeelhouders. In dit verband wordt verwezen naar Hoofdstuk 7 van het Biedingsbericht (Faimess Opinion of NIBC). Zie tevens Hoofdstuk 5.7 (Recommendation by the Supervisory Board and Management Board).
83
15.11 Voorwaarden Niettegenstaande de andere bepalingen in het Biedingsbericht, geldt de verplichting van de Bieder om het Bod gestand te doen indien aan elk van de volgendeVoorwaarden naar het redelijke oordeel van de Bieder wordt voldaan, tenzij van bepaalde voorwaarden afstand wordt gedaan door de Bieder, op of voorafgaand aan deUiterste Dag vanAanmelding, danwel deVerlengde Uiterste Dag vanAanmelding. 75.77.7 Er wordt een zodanig aantal Aandelen ter aanvaarding aangemeld op de Uiterste Dag van Aanmelding, danwel deVerlengde Uiterste Dag vanAanmelding dat deze, tezamen met (i) de Aandelen direct of indirect gehouden door Wegener in haar eigen aandelenkapitaal op de Uiterste Dag van Aanmelding, danwel de Verlengde Uiterste Dag van Aanmelding en (ii) de Aandelen, direct of indirect, voor eigen rekening gehouden door de Mecom Groep op de Uiterste Dag vanAanmelding, danwel deVerlengde Uiterste Dag van Aanmelding, ten minste 95% van de Aandelen vertegenwoordigt op de Uiterste Dag van Aanmelding danwel de Verlengde Uiterste Dag vanAanmelding; 15.11.2 Er heeft zich geen materieel nadelige gebeurtenis voorgedaan in de periode tussen de datum van dit Biedingsbericht en de datum waarop alle andere Voorwaarden zijn vervuld of hiervan afstand isgedaan, welkedusdanig isdat vandeBiederredelijkerwijs niet verwacht kan worden het Bod voort te zetten of het Bod gestand te doen; 75.77.3 Er is geen publieke mededeling gedaan op of voorafgaand aan de Uiterste Dag van Aanmelding, danwel de Verlengde Uiterste Dag van Aanmelding waamit voor de eerste maal blijkt dat een derde partij voorbereidingen treft of een aankondiging doet van een bonafide openbaar bod op alleAandelen, welk bod kwalificeert als een Concunerend Bod en er is geen derde partij die een recht heeft tot verkrijging van of inschrijving op aandelen of certificaten van aandelen in het kapitaal van Wegener; 15.11.4 Er is geen bevel, schorsing, vonnis of besluit gegeven of verstrekt door een rechter, arbitragecommissie, overheid, overheidsinstantie of andere toezichthoudende of administratieve instantie van kracht op of voorafgaand aan de Uiterste Dag van Aanmelding, danwel de Verlengde Uiterste Dag van Aanmelding (en met uitzondering van mededingingsrechtelijke goedkeuringen, beslissingen of mededelingen), noch is er enige wet, regel,regeling,bevel of verbod van overheidswege van toepassing geacht ophetBod, welke op enigerlei wijze hetBod beperkt, verbiedt of vertraagt, of waarvan redelijkerwijs aannemelijk is datdezedeuitvoering van het Bod in enigemateriële zin zal beperken, verbieden of vertragen; 75.77.5 Opofvoorafgaand aandeUitersteDagvanAanmelding,danweldeVerlengdeUitersteDagvan Aanmelding, heeft Wegener geen inbreuk gepleegd op de bepalingen in het Fusie Protocol, voor zover een dergelijke inbreuk substantiële negatieve gevolgen teweegbrengt of redelijkerwijs verwacht kan worden teweeg te brengen ten aanzien van het Bod en, als een dergelijke inbreuk heeft plaatsgevonden, deze niet is hersteld door Wegener binnen 10 Werkdagen na ontvangst van een schriftelijke kennisgeving van de Bieder, met dien verstande dat Wegener niet het recht heeft op een dergelijke herstelperiode indien (i) een inbreuk niet hersteld kan worden of(ii)deBiederaanWegenereen schriftelijke kennisgeving heeft gestuurd dat alle andereVoorwaarden zijn vervuld; 15.11.6 Onder voorwaarde dat het Bod gestand wordt gedaan, zal Stichting Preferente Aandelen Wegener onhenoepelijk en voor het overige onvoorwaardelijk afstand doen van haar rechten onder de Optie-overeenkomst op of voorafgaand aan de Uiterste Dag vanAanmelding danwel deVerlengde Uiterste Dag van Aanmelding;
84
75.77.7 Onder voorwaarde dat het Bod gestand wordt gedaan, zal Stichting Administratiekantoor onhenoepelijk en voor het overige onvoorwaardelijk instemmen met inwisseling van de certificaten van Aandelen voor Aandelen, op of voorafgaand aan de Uiterste Dag van Aanmelding, danwel deVerlengde Uiterste Dag vanAanmelding; 75.77.5 Opof voorafgaand aande UitersteDag vanAanmelding danwel deVerlengde Uiterste Dagvan Aanmelding, is geen kennisgeving ontvangen van deAFM dat het Bod is gedaan in strijd met een of meerbepalingen uiteengezet insectieua Wte,indezin van artikel 32aBte 1995inwelk geval deeffecten instellingen geen medewerking aan deuitvoering en afwikkeling van het Bod zouden mogen verienen, en het handelen in Aandelen op Eurolist is niet blijvend opgeschort door Euronext Amsterdam als gevolg van een noteringsmaatregel genomen door Euronext Amsterdam in overeenstemming met artikel 2706/1 van Euronext Rulebook II; 75.77.9 De Algemene Vergadering heeft de heer R. van Schaik als nieuw lid van de Raad van Commissarissen benoemd en heeft besloten de statuten van Wegener te wijzigen, onder voorwaardedathetBodgestand wordtgedaanendeBiedervoorelkAandeeldatopjuiste wijze is aangemeld (of op onjuiste wijze indien de Bieder deAanmelding desalniettemin aanvaardt) de Biedprijs heeft betaald aan de betreffende Aandeelhouder; en 75.77.70Een van de volgende gebeurtenissen zal plaatsvinden: (a)
de Nederlandse Mededingingsautoriteit neemt een besluit ten aanzien van het Bod dat een goedkeuring van de voorgenomen concentratie inhoudt en indien aan die goedkeuring voorwaarden en verplichtingen zijn verbonden dat die voorwaarden en verplichtingen redelijkerwijs aanvaardbaar zijn voordeBieder enWegener, met dien verstande datMecom en Wegener verplicht zijn niet-materiële voorwaarden en verplichtingen te accepteren;
(b)
deNederlandse Mededingingsautoriteit heeft binnen detoepasselijke wettelijke termijnen geen besluit genomen, hetgeen inhoudt dat geen goedkeuring is vereist. De voorgenomen concentratie is gemeld aan de Nederlandse Mededingingsautoriteit. De uitstaande vragen van de Nederlandse Mededingingsautoriteit hebben betrekking op de activiteiten van Wegener in de markt van de gratis huis-aan-huis bladen in Oost-Brabant en Limburg.Dezeactiviteiten zijn niet vanmaterieel belangtenaanzien vanhetBod. Goedkeuring van de Nederlandse Mededingingsautoriteit wordt medio september 2007 verwacht.
De vervulling van de Voorwaarden hangt niet af van de wil van de Bieder zoals verboden door artikel 9t(l) van het Bte 1995. De Voorwaarden strekken ten behoeve van de Bieder en de Bieder is op elk moment gerechtigd, voor zover de wet dit toestaat, van deze Voorwaarden (geheel of gedeeltelijk) afstand te doen door middel van schriftelijke kennisgeving aan Wegenen Van de Voorwaarde in Hoofdstuk 15.11.8 kan geen afstand worden gedaan. Bovendien is de Bieder met Wegener overeengekomen dat het Bod niet gestand zal worden gedaan indien het aantal Aandelen dat ter aanvaarding isaangemeld onder het Bod, tezamen met (i)deAandelen gehouden doorWegener, direct of indirect, in haar eigen aandelen kapitaal op de Uiterste Dag van Aanmelding, danwel de Verlengde Uiterste Dag vanAanmelding en (ii) deAandelen gehouden door de Mecom Groep, direct of indirect, voor eigen rekening op de Uiterste Dag van Aanmelding, danwel de Verlengde Uiterste Dag van Aanmelding, minder dan 75%van deAandelen vertegenwoordigt. Indien het aantal Aandelen dat ter aanvaarding is aangemeld tezamen met (i) de Aandelen gehouden door Wegener, direct of indirect, in haar eigen aandelen kapitaal op de Uiterste Dag van Aanmelding, danwel de Verlengde Uiterste Dag van Aanmelding en (ii) de Aandelen gehouden door de Mecom Groep, direct of indirect, op de Uiterste Dag van Aanmelding, danwel deVerlengde Uiterste Dag van
85
Aanmelding, minder dan 95% van de Aandelen vertegenwoordigt, maar meer dan 75% van de Aandelen, zal de Bieder deAanmeldingstermijn verlengen met een periode van twee weken. 15.12 Aanmelding 75.72.7 Aanmeldingsvoorwaarden HetBod zalgestand worden gedaan onderdevoorwaardedatdeVoorwaarden uiteengezet in Hoofdstuk 15.11 zijn vervuld of daarvan afstand is gedaan. Niet later dan om 15:00 uur, Nederlandse tijd, op de vijfde Werkdag na de Uiterste Dag van Aanmelding of de Verlengde Uiterste Dag van Aanmelding, indien van toepassing, zal de Bieder aankondigen of het Bod gestand wordt gedaan. 75.72.2 Aanmeldingstermijn DeAanmeldingstermijn vangt aan op 29 augustus 2007 om 09:00 uur, Nederlandse tijd en eindigt op 4 oktober 2007 om 15:00uur,Nederlandse tijd, tenzij determijn wordt verlengd met inachtneming van artikel 9o lid 5Bte 1995. Indien aanéénof meervandeVoorwaarden uiteengezet inHoofdstuk 15.11niet isvoldaan ten tijde van de Uiterste Dag van Aanmelding, staat het de Bieder vrij om deAanmeldingstermijn één of meerdere malen te verlengen totdat aan alle Voorwaarden uiteengezet in Hoofdstuk 15.11 is voldaan of daarvan afstand is gedaan, mits dit niet later zal zijn dan op 31 december 2007. Gedurende de Verlengde Aanmeldingstermijn blijvenAandelen diereeds zijn aangemeld onderhevig aan het Bod,behoudens het recht van een Aandeelhouder om Aandelen die hij of zij reeds heeft aangemeld in te trekken met inachtneming van artikel 9o sub 5Bte 1995. Indien aan alle Voorwaarden van het Bod is voldaan of, voor zover van toepassing, daarvan afstand is gedaan, zal de Bieder alleAandelen aanvaarden die op geldige wijze zijn aangemeld (of op ongeldige wijze, indien de Bieder de Aanmelding desalniettemin aanvaardt) en niet ingetrokken, met inachtneming van de procedures zoals uiteengezet in Hoofdstuk 6.2 (Acceptance by Shareholders). 75.72.3 Intrekking Aandelen die zijn aangemeld op of voor de Uiterste Dag van Aanmelding kunnen niet worden ingetrokken, anders dan met inachtneming van artikel 9o sub 5Bte 1995. 15.12.4 Gestanddoening Het Bod wordt gedaan onder voorbehoud van vervulling van deVoorwaarden. De Bieder behoudt zich het recht voor afstand te doen van dergelijke Voorwaarden, met uitzondering van de Voorwaarde in Hoofdstuk 15.11.8. De Bieder zal niet later dan om 15:00 uur, Nederlandse tijd, op de vijfde Werkdag na de Uiterste Dag van Aanmelding danwel de Verlengde Uiterste Dag van Aanmelding, zijnde de Dag van Gestanddoening, bepalen ofaandeVoorwaarden isvoldaan ofdatdaarvan doordeBiederafstand wordt gedaan en aankondigen of (i) het Bod gestand wordt gedaan, (ii) er nog steeds onzekerheid is over de vervulling van de Voorwaarden of (iii) dat het Bod wordt ingetrokken omdat niet is voldaan aan de Voorwaarden of daarvan geen afstand is gedaan door de Bieder, alles met inachtneming van artikel 9t lid 4 Bte 1995. Indien deBieder aankondigt dat nog steeds onzekerheid bestaat overde vervulling vande Voorwaarden zalditnietbetekenen datAandeelhouders hetrechthebben omAandelen diereedszijn aangemeld onder hetBod intetrekken ofdat reedsaangemeldeAandelen automatisch geacht worden tezijn ingetrokken. Zie Hoofdstuk 5.9.4 (Declaring the Offer Unconditional). 86
75.72.5 Verlenging De Bieder kan het Bod verlengen tot na de Uiterste Dag van Aanmelding, in welk geval alle verwijzingen in dit Biedingsbericht naar 15:00 uur, Nederlandse tijd op 4 oktober 2007 worden verschoven naar de uiterste datum en tijd waamaar het Bod is verlengd, tenzij uit de context anders blijkt. Indien deAanmeldingstermijn wordt verlengd met als gevolg dat de verplichting volgend uit artikel 9t Bte 1995 tot aankondiging of het Bod al dan niet gestand wordt gedaan, wordt uitgesteld, zal dit openbaar worden aangekondigd op de eerste Werkdag na de Uiterste Dag van Aanmelding, met inachtneming van het bepaalde in artikel 9o lid 5Bte 1995. Gedurende een verlenging van de Aanmeldingstermijn blijft elk Aandeel dat is aangemeld, en niet ingetrokken, onderworpen aan het Bod, behoudens het recht van elkeAandeelhouder om deAandelen die hij of zij reeds heeft aangemeld inte trekken. 15.12.6 Na-aanmeldingstermijn Opde Dag van Gestanddoening heeft deBiederde mogelijkheid omeen Na-aanmeldingstermijn aan te kondigen van maximaal 15 Werkdagen. Een Na-Aanmeldingstermijn is een extra periode, na het aflopen van de Aanmeldingstermijn danwel de Verlengde Aanmeldingstermijn, gedurende welke Aandeelhouders alsnog Aandelen onder het Bod mogen aanmelden die nog niet zijn aangemeld. Een Na-Aanmeldingstermijn is geen verlenging van het Bod in overeenstemming met artikel 9o lid 5 Bte 1995, welke reeds zal zijn afgerond. Overdracht met betrekking tot deAandelen aangemeld gedurende de Na-Aanmeldingstermijn zal plaatsvinden binnen 5 Werkdagen na het eind van de NaAanmeldingstermijn. Aandeelhouders diehunAandelen hebben aangemeld engeleverd tijdens deAanmeldingstermijn zullen de Biedprijs ontvangen voor elk Aandeel dat opjuiste wijze is aangemeld (of op onjuiste wijze indien de Bieder deAanmelding desalniettemin aanvaardt) en geleverd, onder de voorwaarden van het Bod. Aandeelhouders die hun Aandelen gedurende de Aanmeldingstermijn hebben aangemeld en welke Aandelen onder de voorwaarden en bepalingen van het Bod zijn geaccepteerd, noch Aandeelhouders die hunAandelen hebben aangemeld gedurende deNa-Aanmeldingstermijn, hebben gedurende de NaAanmeldingstermijn enigrechtomhunAandelen intetrekken,andersdan met inachtneming van artikel 9o sub 5Bte 1995. 75.72.7 Overdracht Indien de Bieder aankondigt dat het Bod gestand wordt gedaan, zullen Aandeelhouders die hun Aandelen hebben aangemeld op de Dag van Overdracht, de Biedprijs ontvangen voor elk Aandeel dat op juiste wijze is aangemeld (of op onjuiste wijze indien de Bieder de Aanmelding desalniettemin aanvaardt). MecomMediaHoldingHollandBV zaldeAandelen onderhetBod inContanten verkrijgen. In verband met de volstortingsverplichting ten aanzien van de Mecom Aandelen, zal de Bieder de Aandelen verkrijgen onder het Ruilbod. De Bieder heeft het voomemen om deAandelen die zij verkrijgt onder het Ruilbod spoedig nadeDag van Overdracht intebrengen inhetkapitaal vanMecom Media Holding Holland BV, zodat alle Aandelen die zijn aangemeld en overgedragen in het kader van het Bod uiteindelijk door Mecom Media Holding Holland BV zullen worden gehouden.
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Cash Indien een Aandeelhouder de Biedprijs in contanten wenst te ontvangen, zal het betreffende bedrag in contanten door het Omwissel- en Betaalkantoor namens Mecom Media Holding Holland BV worden betaald aan deToegelaten Instelling of, indien het gaatomeen houder van aandelen opnaam,direct aan de betreffende Aandeelhouder. Aandeelhouders die hun Aandelen middels een Toegelaten Instelling houden, zullen de betalingen in contanten ontvangen viaderelevanteToegelaten Instelling, inovereenstemming metdeprocedures van de betreffende Toegelaten Instellingen en het Omwissel- en Betaalkantoor en, waar toepasselijk, de bepalingen van de Wet Giraal Effectenverkeer. De exacte timing van het crediteren van de betreffende Aandeelhouders kan verschillen afhankelijk van het type rekening van de Toegelaten Instelling en, indien toepasselijk, de bank en/of intermediair waarbij deze persoon een rekening aanhoudt. AandeelhoudersdiehunAandelen opnaamen nietviaEuroclearNederland houden,zullende Biedprijs in contanten ontvangen op de rekening gespecificeerd op hun aanmeldingsformulier. MecomAandelen DeMecomAandelen kunnen op basis van Engels recht worden gehouden - enAandeelhouders hebben de keuze om deze te houden - in Gecertificeerde Vorm en Ongecertificeerde Vorm, zoals verder hieronder toegelicht. Euroclear UK ishetcentraleeffecten depot vooreen aantaljurisdicties, waaronder het Verenigd Koninkrijk. Het maakt gebmik van het CREST, een systeem in het Verenigd Koninkrijk dat de elektronische handel in effecten in Ongecertificeerde Vorm mogelijk maakt. Indien een Aandeelhouder de Biedprijs in Mecom Aandelen wenst te ontvangen zullen deze Mecom Aandelen, mits de Aandelen op juiste wijze zijn aangemeld en geleverd, worden geleverd via het CREST systeem en worden overgemaakt naar een rekening (i) aangewezen door deAandeelhouder op zijn aanmeldingsformulier of (ii), indien en voor zover de Aandeelhouder zijn Aandelen via een Toegelaten Instelling houdt, aangewezen door die Toegelaten Instelling. Ten aanzien van Aandeelhouders die hunAandelen viaeen Toegelaten Instelling houden, zal in veel gevallen gelden dat ditdeCRESTrekening isvandieToegelaten Instelling (ofeen doordie instelling genomineerde partij). De meeste Toegelaten Instellingen hebben, al dan niet via een genomineerde partij, een CREST rekening.Aandeelhouders dienen evenwel zelf bij hun Toegelaten Instelling na te gaan of dit het geval isen dienen zich terealiseren dat het de verantwoordelijkheid van deAandeelhouder zelf is om, indien hij Mecom Aandelen in Ongecertificeerde Vorm wil ontvangen, ervoor te zorgen dat hij toegang heeft tot een CREST rekening. Indien (i) een Toegelaten Instelling via welke een Aandeelhouder zijn Aandelen houdt geen CREST rekeningheeft endezeAandeelhouder nietanderszinseenCRESTrekeningheeft opgegeven naar welke de Mecom Aandelen in Ongecertificeerde Vorm kunnen worden overgemaakt, (ii) een Aandeelhouder aangeeft deMecomAandelen inGecertificeerde Vormtewillen ontvangen, (iii)eenAandeelhouder zijn Aandelen niet via een Toegelaten Instelling houdt en dezeAandeelhouder niet anderszins een CREST rekening heeft opgegeven naar welke de Mecom Aandelen in Ongecertificeerde Vorm kunnen worden overgemaakt of (iv) geen (of ongeldige) CREST rekening gegevens zijn verstrekt door of namens de Aandeelhouder en het Omwissel- en Betaalkantoor niet anderszins conecte CREST gegevens heeft kunnen achterhalen, zullen de Mecom Aandelen waartoe de Aandeelhouder is gerechtigd, en mits de Aandelen op juiste wijze zijn aangemeld en geleverd, aan die Aandeelhouder of de betreffende Toegelaten Instelling in Gecertificeerde Vorm worden geleverd.
88
15.13 Aanvaarding door Aandeelhouders Aandeelhouders die Aandelen houden via een Toegelaten Instelling worden gevraagd om hun Aanmelding via hun Toegelaten Instelling bekend te maken op uiterlijk 4 oktober 2007 om 15:00 uur Nederlandse tijd, tenzij de Aanmeldingstermijn is verlengd overeenkomstige Hoofdstuk 15.12.5. Uw Toegelaten Instelling kan eeneerdere deadline vaststellen voorAanmelding doorAandeelhouders zodat dezeToegelaten Instelling voldoende tijd heeft om deAanmelding door tegeven aan het Omwissel-en Betaalkantoor. Het Omwissel- en Betaalkantoor zal aanmeldingsformulieren aan de Toegelaten Instellingen ter beschikking stellen diede verschillende opties uiteenzetten dieAandeelhouders hebben onder het Bod. Aandeelhouders zullen hetaantalAandelen dat zij willen aanmelden onder hetBod inContanten en het aantalAandelen dat zij willen aanmelden onder het Ruilbod aan moeten geven.Inhetbijzonder zal aan Aandeelhouders diekiezen vooraanmelding vanAandelen onder hetRuilbod worden gevraagd om aan te geven of zij, of hun Toegelaten Instelling, een CREST rekening hebben. De desbetreffende Toegelaten Instellingen mogen deAanmeldingen alleen indienen bij het Omwisselen Betaalkantoor en alleen in schriftelijke vorm. Bij het indienen van de Aanmeldingen dient iedere Toegelaten Instelling te verklaren dat: (i) zij de aangemelde Aandelen in hun administratie hebben opgenomen; (ii) iedere Aandeelhouder onhenoepelijk garandeert dat hij/zij zal voldoen aan alle restricties die worden genoemd in Hoofdstukken 1en 2 (Restrictions and Important Information) van het Biedingsbericht; en (iii) zij zich verplichten om de aangemelde Aandelen te leveren aan de Bieder op de Dag van Overdracht, onder voorwaarde dat het Bod gestand is gedaan. Aandeelhouders dieindividueel zijn geregistreerd inhetaandeelhoudersregister vanWegenerendiehun Aandelen willen aanmelden onder het Bod, moeten een compleet en getekend aanmeldingsformulier overhandigen aan het Omwissel- en Betaalkantoor in overeenstemming met de voorwaarden van het Bod, niet later dan 15.00 uur, Nederlandse tijd, op 4 oktober 2007, tenzij de Aanmeldingstermijn is verlengd ingevolge Hoofdstuk 6.7 (Extension). Wegener zal de aanmeldingsformulieren rechtstreeks naardehouders vanAandelen dieindividueel zijn geregistreerd inhetaandeelhoudersregister versturen. Het aanmeldingformulier zal dienen alseen akte van levering metbetrekking totdeAandelen waamaar hierin verwezen wordt. Zie Hoofdstuk 6.2.1 en 6.2.2 (Acceptance by Shareholders held through Admitted Institutions en Acceptance by Shareholders individually recorded in the shareholders' register). 15.14 Provisie Toegelaten Instellingen zullen van het Omwissel- en Betaalkantoor, handelend namens de Bieder een provisie ontvangen van EUR 0,02016 met betrekking tot elkAandeel dat opjuiste wijze is aangemeld (of op onjuiste wijze, indien de Bieder deAanmelding desalniettemin aanvaardt) en geleverd, met een maximum van EUR 5.000 per Aandeelhouder. De provisie per Aandeel moet binnen 30 dagen na de Dag van Overdracht via het Omwissel- en Betaalkantoor bij de Bieder worden geclaimd. Indien een Toegelaten Instelling bij de Aanmelding is betrokken, zal door de Bieder aan de betreffende Aandeelhouder geen kosten worden doorberekend voor het aanbieden en leveren van hun Aandelen. Extra kosten kunnen inrekening worden gebracht indien een buitenlandse instelling isbetrokken bij de levering en de betaling van de Aandelen. 15.15 Aandelenbezit van de Raad van Commissarissen en de Raad van Bestuur van Wegener Op de datum van dit Biedingsbericht worden geen Aandelen gehouden door leden van de Raad van Bestuur ofde Raad vanCommissarissen. Deleden vandeRaad vanBestuur hebben een voorwaardelijk rechtAandelen te ontvangen, als uiteengezet in onderstaande tabel:
89
Aantal Aandelen voorwaardelijk toegekend
Raad van Bestuur Mr. J.C. Houwert Mr. E.J.F. Busweiler Mr. C.G. Boot
31.000 20.000 4.000
Totaal
55.000
Zie Hoofdstuk 5.11 (Shareholdings of the Members ofWegener Boards). 15.16 Samenvatting van de risicofactoren volgend op het Bod Aandeelhouders die hun Aandelen niet aanmelden onder het Bod moeten dezeparagraaf aandachtig lezen. Dezeparagraaf beschrijft bepaalde risico's die verbonden zijn aan het niet accepteren van het Bod. Deze risico's zijn in aanvulling op de risico's die zijn verbonden aan het uitoefenen van de ondememing van Wegenerals zodanig, dit omdat de ondememing en structuur van de Wegener Groep na de Dag van Overdracht en van tijd tot tijd daama zouden kunnen veranderen. Hieronder is een samenvatting opgenomen van de belangrijkste additionele risico's: (a)
UITKOOPPROCEDURE: Zodra aan derelevante wettelijke bepalingen wordt voldaan, zou de Bieder de resterende Aandelen kunnen verkrijgen door middel van het starten van een Uitkoopprocedure. Voor verdere uitleg wordt verwezen naar Hoofdstuk 15.17 van dit Biedingsbericht.
(b)
VERLIES VAN LIQUIDITEIT: Zodra aan de relevante wettelijke bepalingen wordt voldaan, zou de Bieder de notering van Wegener aan Euronext Amsterdam kunnen beëindigen om Wegener vervolgens te converteren in een besloten vennootschap met beperkte aansprakelijkheid. Dientengevolge zullen, onder andere, alle Aandelen worden onderworpen aan een blokkeringsregeling. Ook, of bijkomend, zou de Bieder kunnen overwegen om een Juridische Fusie tot stand te brengen hetgeen er toe kan leiden datAandeelhouders van rechtswege aandeelhouder worden van de overblijvende vennootschap. De overblijvende vennootschap, in geval van een dergelijke Juridische Fusie, zou een besloten vennootschap met beperkte aansprakelijkheid kunnen zijn waarvan deaandelen niet zijn genoteerd of niet in het openbaar verhandelbaar zijn of waarvan de aandelen zijn onderworpen aan een blokkeringsregeling. Ook in het geval dat geen conversie of Juridische Fusie tot stand is gekomen, zal vanwege het Boddegrootte vandevrij verhandelbareAandelen wezenlijk worden verlaagd.Hierdoor zullen het handelsvolume en de liquiditeit van deAandelen wezenlijk worden aangetast.
(c)
BEPERKING AANDEELHOUDERSRECHTEN: Zodra Wegener of elke ander gefuseerde entiteit niet meer is genoteerd en haarAandelen ook niet meer in het openbaar kunnen worden verhandeld, zullen de bepalingen met betrekking tot ondernemingsbestuur, die van toepassing zijn op openbare of beursgenoteerde ondememingen, niet meer van toepassing zijn en dientengevolge zullen ook de rechten van minderheidsaandeelhouders beperkt worden tot het wettelijk vereiste minimum. Na gestanddoening van het Bod zal het verzwakt structuunegime als geregeld in artikel 2:155 BW van toepassing zijn opWegenen
90
(d)
MEERDERHEIDSAANDEELHOUDER: de Bieder zal meerderheidsaandeelhouder worden inWegenen
(e)
FISCALE AFWIKKELING VAN UITKERINGEN: Wegener en de Bieder hebben geen invloed en geen verantwoordelijkheid ter zake van de fiscale behandeling van Aandeelhouders met betrekking tot enige uitkering die wordt gedaan door Wegener of haar rechtsopvolgers, hetgeen kan zien op dividenden, een temggave van hetgeen op aandelen is gestort en uitkeringen in het kader van een liquidatie.
(f)
DIVIDENDBELEID: Aandeelhouders dienen zich er van bewust te zijn dat Wegener in de toekomst mogelijk geen dividend (in contanten) zal uitkeren aan haarAandeelhouders.
15.17 Juridische structuur van de Samengestelde Groep na gestanddoening van het Bod 15.17.1 Uitkoopprocedure De Bieder zal overwegen om, afhankelijk van,onder andere,het aantalAandelen dat is verkregen door deBiedernaafronding van het Bod,een uitkoopprocedure te starten indezin van artikel 2:92a BW, of, onder voorbehoud van implementatie van de relevante bepalingen uit de ovemame richtlijn in Nederlands recht, een uitkoopprocedure te starten overeenkomstig het voorgestelde artikel 2:359c BW (en samen met de uitkoopprocedure in de zin van artikel 2:92a BW de Uitkoopprocedure). IndiendeBieder, volgend opdeDagvanOverdracht, meerdan 95%vanhetgeplaatste aandelenkapitaal van Wegener heeft verkregen, is de Bieder voomemens zo snel mogelijk een Uitkoopprocedure te starten teneindederesterendeAandelen welke niet zijn aangemeld onder het Boden welke niet worden gehouden door de Bieder, een groepsmaatschappij van de Bieder, of Wegener, te kunnen verkrijgen. 15.17.2 Juridische Fusie De Bieder zal tevens overwegen om een juridische fusie in de zin van artikel 2:309 BW (Juridische Fusie) te bewerkstelligen tussen Wegener en de Bieder of een groepsmaatschappij van de Bieder, waarbij zowel Wegener als de Bieder de verdwijnende- of de overblijvende vennootschap zouden kunnen zijn. Indien de Bieder, volgend op de Dag van Overdracht, minder dan 95% van het geplaatste aandelenkapitaal van Wegener heeft verkregen en het derhalve niet mogelijk is een Uitkoopprocedure te starten, kan de Bieder met een absolute meerderheid van stemmen in deAlgemeneVergadering een Juridische Fusie bewerkstelligen tussen de Bieder, of een groepsmaatschappij van de Bieder, en Wegenen Indien een Juridische Fusie tot stand is gekomen waarbij de Bieder, of een groepsmaatschappij van de Bieder, de overblijvende vennootschap is en Wegener de verdwijnende vennootschap, zullen Aandeelhouders die hun Aandelen niet hebben aangemeld onder het Bod, van rechtswege aandeelhouders worden van de overblijvende vennootschap, naast de Bieder, een groepsmaatschappij van de Bieder, of de aandeelhouder(s) van de Bieder. Na de Juridische Fusie mag de Bieder een Uitkoopprocedure starten teneinde de aandelen te verkrijgen in de overblijvende vennootschap welke niet worden gehouden door de Bieder of een groepsmaatschappij van de Bieder. 75.77.3 Overige mogelijke maatregelen Op enig moment nadat de notering van Wegener aan Euronext Amsterdam is beëindigd, zou men kunnen besluiten dat Wegener wordt omgezet in een besloten vennootschap met beperkte aansprakelijkheid, een en ander overeenkomstig Nederlands recht en de statuten van Wegenen
91
De Bieder behoudt zich voorts het recht voor om voorstellen aan de Aandeelhouders voor te leggen welkezien opeen wijziging vandebedrijfs- en dekapitaalstructuur vanWegenerteneindeeen optimale financiële- of andere structuur terealiseren, waaronder begrepen: aanpassingen vanWegener's statuten, een liquidatie, een splitsing overeenkomstig artikel 2:334a BW of een verkoop van alle of vrijwel alle activa van Wegener, al dan niet gevolgd door een uitkering van de daarmee gepaard gaande verkoopopbrengsten aan de Aandeelhouders, een en ander overeenkomstig Nederlands recht en de statuten vanWegenenTevensbehouden deBiederenWegenerzichhetrecht vooromeen activa-inbreng te doen inWegener tegen de uitgifte van aandelen in het kapitaal van Wegener, met dien verstande dat ookde voorkeursrechten vanAandeelhouders kunnen worden uitgesloten, eenen ander overeenkomstig de op dat moment geldende wettelijke bepalingen en statuten van Wegenen Eventuele uitkeringen aan Aandeelhouders zouden kunnen plaatsvinden in de vorm van een uitkering uit de reserves, een interim dividend, een dividend, of, in geval Wegener wordt geliquideerd, een liquidatie-uitkering, hetgeen gedaan zou kunnen worden om de bedrijfsstmctuur van Wegener in lijn te brengen met de nieuwe holding en financieringsstmctuur van de Samengestelde Groep. Ten slotte behoudt de Bieder zich het recht voor om gebmik te maken van elke andere Nederlandsrechtelijke mogelijkheid omalleAandelen te verwerven (inclusief, maar nietbeperkt tot, de hiervoor genoemde Juridische Fusie en Uitkoopprocedure). Deze maatregelen zullen op een redelijkeenefficiënte manier, vanuitzowel operationeel- alsjuridisch- enbelastingtechnisch perspectief, worden gestmetureerd en geïmplementeerd, waarbij alle relevante omstandigheden, toepasselijke wetten en regels in acht zullen worden genomen. 15.18 Overige afspraken tussen Mecom en Wegener volgend op het Bod 75.75.7 Mecom en Wegener overwegen de activiteiten van Limburg Media Group en Wegener te combineren. Voordat een dergelijke combinatie kan worden gevormd, zal eerst een volledige analyse van alle relevante stmcturele, organisatorische en commerciële aspecten worden uitgevoerd en dienen de toepasselijke consultatie- en goedkeuringsprocedures te worden doorlopen. 75.75.2 Onder voorwaarde dat het Bod gestand wordt gedaan, zal tot wijziging van de statuten van Wegener kunnen worden besloten in de Algemene Vergadering. Als onderdeel van deze statutenwijziging zal Wegener instemmen met het verzwakt structuunegime als geregeld in artikel 2:155 BW. Zie ook Hoofdstuk 11(Shareholders' meeting). 75.75.3 Op of zo snel mogelijk na de Dag van Overdracht zal de certificeringregeling ten aanzien van deAandelen worden beëindigd. 15.18.4 De Bieder zal de certificaten van de Finprefs die gehouden worden door Delta Lloyd N.V.en Beleggingsmaatschappij Voorburgwal B.V kopen per de Dag van Overdracht, onder voorwaarde dat het Bod gestand zal worden gedaan door de Bieder. 15.19 Toekomstige samenstelling van de Raad van Bestuur en de Raad van Commissarissen 75.79.7 DeRaad van Bestuur blijft ongewijzigd nade Dag van Overdracht, metJan Houwert alsCEO, Koos Boot als CFO en Freek Busweiler als verantwoordelijk lid voor de Wegener Dagbladen Groep. 75.79.2 Vanaf de Dag van Overdracht zal de Raad van Commissarissen bestaan uit 3 leden: Mr.H.C.P.Noten, Mr.J.A.J. Vink en Mr. R. van Schaik. Het profiel van de samenstelling van de Raad van Commissarissen zal erals volgt uit zien:
92
(a)
de voorzitter van de Raad van Commissarissen zal onafhankelijk zijn (in overeenstemming met de Nederlandse corporate govemance code) van Mecom, ingezetene van Nederland en zal worden benoemd op voordracht van Mecom en de Raad van Bestuur gezamenlijk;
(b)
één lid van de Raad van Commissarissen zal worden benoemd op voordracht van Mecom; en
(c)
één lid van de Raad van Commissarissen zal worden benoemd op voordracht van de centrale ondememingsraad van Wegenen De huidige leden van de Raad van Commissarissen van Wegener Mr. R.W.F, van Tets en Mr. R. Pieterse zullen aftreden per de Dag van Overdracht.
15.20 Toekomstige samenstelling van het bestuur van Mecom Vanaf de Dag van Overdracht zal Jan Houwert als Executive Director tot het bestuur van Mecom toetreden en zal een nog nader door de Raad van Commissarissen aan te wijzen persoon als NonExecutive Director tot het bestuur van Mecom toetreden, welk bestuur vanaf die datum naar verwachting zal bestaan uit drie "executive directors", zijnde David Montgomery, Keith Allen en Jan Houwert en vier "Non-Executive Directors", zijnde Sir Robin Miller, John McNeil,Alasdair Locke en de nog nader door de Raad van Commissarissen aan te wijzen persoon. 15.21 Fusie Protocol In het kader van het Bod, zijn Mecom en Wegener een Fusie Protocol aangegaan op 16mei 2007.Het Fusie Protocol bevat bepaalde afspraken zoals uiteengezet in dit Biedingsbericht. 15.22 Algemene Vergadering De Algemene Vergadering zal naar verwachting plaatsvinden op 25 september 2007 om 10:30 uur, Nederlandse tijd in Apeldoom, Nederland. Tijdens deze Algemene Vergadering zal, onder andere, het Bod worden uitgelegd en besproken een en ander overeenkomstig artikel 9q Bte 1995. 15.23 Aankondigingen ledere aankondiging met betrekking tot het Bod zal geschieden door middel van een persbericht in de Officiële Prijscourant eneen publicatieinten minsteéén landelijk Nederlands dagblad (Het Financieele Dagblad). Onder voorbehoud van de wettelijke vereisten op grond van de Fusie Regels en zonder overigens openigerlei wijze de mogelijkheid vande Biederom publieke aankondigingen tedoen, ofde vorm waarin dezeworden gedaan,tebeperken, zal opdeBieder geen enkele verplichting msten omeen publieke aankondiging te verrichten anders dan zoals hierboven uiteengezet.
93
15.24 Beoogd tijdschema Verwachte datum en tijd (Alle tijden zijn vermeld in Nederlandse tijd)
Gebeurtenis
09:00 uur, 28 augustus 2007
Publicatie van het bericht met betrekking tot de verkrijgbaarstelling van Biedingsbericht, het Prospectus en de aanvang van het Bod
09:00 uur, 29 augustus 2007
Aanvang van deAanmeldingstermijn onder het Bod
11september 2007
Publicatie van de Mecom Interim Cijfers
10:30uur, 25 september 2007
De Algemene Vergadering waarin onder andere het Bod wordt besproken
15:00uur, 4 oktober 2007
Uiterste Dag van Aanmelding Uiterste datum waarop Aandeelhouders hun Aandelen kunnen aanmelden, tenzij de termijn wordt verlengd overeenkomstig het bepaalde in artikel 9o lid 5Bte 1995
Uiterlijk vijf (5)Werkdagen na de Uiterste Dag van Aanmelding
Dag van Gestanddoening De dag waarop de Bieder openbaar aankondigt of het Bod gestand wordt gedaan, overeenkomstig aritkel 9t lid 4 Bte 1995
Uiterlijk vijf Werkdagen na de Dag van Gestanddoening
Dag van Overdracht Dedag waarop, overeenkomstig de voorwaarden onder het Bod, de Bieder de Biedprijs zal betalen perAandeel aan de Aandeelhouders die op geldige wijze hun Aandelen hebben aangemeld (of op ongeldige wijze mits de Bieder de aanmelding daarvan desalniettemin aanvaardt) en geleverd onder het Bod
94
15.25 Verkrijgbaarstelling informatie Adressen: Wegener Koninklijke WegenerN.V. Laan van Westenenk 4 7336AZApeldoom Nederland De Bieder Mecom Group plc Empire House 175 Piccadilly WIJ 9EN London Verenigd Koninkrijk Het Omwissel- en Betalingskantoor ING Wholesale Banking Securities Services Van Heenvlietlaan 220 Location code BV.06.01 1083CN Amsterdam Nederland Tel:+31 (0)20 79 79 444 Fax: +31 (0)20 7979 607 E-Mail:
[email protected] Exemplaren van dit Biedingsbericht en het Prospectus zijn verkrijgbaar op de websites van Wegener (www.wegenennl) en Mecom (www.mecom.co.uk). De websites van Wegener en Mecom maken op geen enkele wijze deel uit van dit Biedingsbericht. Exemplaren van dit Biedingsbericht en het Prospectus kunnen tevens kosteloos worden verkregen ten kantore van het Omwissel- en Betalingskantoor door contact op te nemen met het Omwissel- en Betalingskantoor op bovenstaand adres. Exemplaren van de statuten van de Bieder kunnen kosteloos worden verkregen ten kantore van de Bieder door contact op te nemen met de Bieder op bovenstaand adres. Exemplaren van de statuten van Wegener, de financiële informatie van Wegener met betrekking tot de jaarrekeningen van Wegener in het boekjaar 2004,eindigend op 31december 2004,het boekjaar 2005, eindigend op31december2005enhetboekjaar 2006,eindigend op31december 2006zoals vastgesteld door de Algemene Vergadering, kunnen kosteloos worden verkregen ten kantore van Wegener door contact op te nemen met Wegener op bovenstaand adres.
95
Adviseurs Bieder Financiële adviseurs NM Rothschild &Sons Limited New Court St. Swithins Lane London EC4P 4DU Verenigd Koninkrijk
Juridische adviseurs
Accountant
Freshfields Bmckhaus Deringer Strawinskylaan 10 1077 XZAmsterdam Nederland
ING Corporate Finance Foppingadreef 7 1102 BDAmsterdam Z.O. Nederland Media Capital Partners WTC Amsterdam Tower H, 24th floor Zuidplein 202 1077 XV Amsterdam Nederland Adviseurs Wegener Financiële adviseurs
Juridische adviseurs
Accountant
ABNAMRO BankN.V. Gustav Mahlerlaan 10 1082PPAmsterdam Nederland
De Brauw Blackstone Westbroek N.V. Tripolis Burgerweeshuispad 301 1076 HR Amsterdam Nederland
Emst &Young Accountants Boogschutterstraat la 7324AE Apeldoom Nederland
CatalystAdvisors B.V. Dreeftoren Haaksbergweg 11 1101 BPAmsterdam Z.O. Nederland NIBC BANK N.V. Camegieplein 4 2501 BH 's Gravenhage Nederland
96
16.PRO FORMA FINANCIAL INFORMATION The unaudited pro forma financial information 2006 set out below has been prepared for the purposes of illustration only to illustrate the combined financials of Mecom and Wegener, including the effects of (i) the acquisition of a further approximate 75% of the issued share capital of Berliner Verlag by Mecom; (ii) the acquisition of 100%ofthe issued share capital of Wegener by Mecom; (iii) in respect of the pro forma income statement, the trading results of Limburg Media Group ('LMG') and Orkla Media Group ('OMG') for the period prior to acquisition by Mecom; (iv) the proceeds of the placing in April 2007 by Mecom; and because of its nature addresses a hypothetical situation which may not give a tme picture of the financial position of the Combined Group. It is based on the audited consolidated income statement of Mecom for the 17 month period ended 31 December 2006 and audited consolidated balance sheet of Mecom as at 31 December 2006, extracted without material adjustment from the audited financial statements as set out in the Prospectus, adjusted to reflect the items (i)to (iv) aboveas if they had occuned atthebeginning of theyearended 31December 2006 for thepro forma income statement and as at 31 December 2006for the pro forma net asset statement. Please note that, as stated above, the pro forma financial information presented below consolidates the results and net assetsof BerlinerVerlagfollowing theacquisition of afurther approximate 75%interest in BerlinerVerlagby Mecom inApril 2007.The pro forma financial information presented in thejoint press release from Mecom and Wegener dated 16May included the results and net assets of Berliner Verlag on an equity accounting basis reflecting Mecom's prior existing 15%interest.
97
16.1
Proforma income statement Adjustments
Note
Mecom Mecom Group plc Group plc 17months 5 months ended 31 ended 31 December December 2006 2005 €in €m (2) (D
LMG €m (3)
OMG €m (4)
55.9 (3.5)
812.3 (157.6)
-
147.9 (33.0)
668.1 (214.0)
1,997.4 (476.3)
-
116.7
454.1
1,521.1
(103.9)
(400.7)
(1,413.1)
Revenue Cost of sales
312.7 (68.2)
(1.3)
Gross profit
244.5
(1.3)
52.4
654.7
(235.2)
7.5
(46.6)
(634.2)
9.3
6.2
5.8
Exceptional gains Exceptional losses
16.8 (51.9)
:
1.2 (4.4)
(9.4)
Operating profit/(loss) post exceptional items
(25.8)
6.2
2.6
Finance revenues Finance costs Gains ondisposal of investment Share of results of associates
5.0 (15.4) 1.2 (0.7)
(1.2) (1.1)
Profit/(loss) before tax
(35.7)
Operating costs Operating profit/(loss) pre exceptional items
Taxation Profit/(loss) after tax
4.8 (30.9)
Pro forma Year ended 31 December Berliner Verlag Wegener 2006 €m €m €m €m (5) (6) (7)
12.8
53.4
108.0
(11.0)
11.7 (17.7)
29.7 (94.4)
11.1
1.8
47.4
43.3
1.7 (13.3)
4.0 (15.2)
0.1
17.4 (7.0) 42.8 3.4
1.0
0.5
(0.2)
26.9 (52.0) 42.8 4.1
3.8
(1.6)
67.7
1.0
(9.3)
36.0
65.1
-
(1.6)
(2.0)
-
3.2
(6.9)
(2.5)
1.0
(6.1)
29.1
62.6
(13.5)
(13.5)
(1.2)
20.5
65.7
3.8
:
Loss fortheyear on discontinued operations Profit/floss) for the year
(30.9)
3.8
-
65.7
1.0
(6.1)
15.6
49.1
Attributableto: Equity holders of theparent Minority interests
(32.2) 1.3
3.8
-
64.9 0.8
1.0
(6.1)
15.5 0.1
46.9 2.2
98
Notes: (1)
Extracted without material adjustment from theaudited income statement of theMecom Group plc for the 17 month period ended 31 December 2006, as set out in the Prospectus, converted at an exchange rate of €1.4667:£1.
(2)
Adjustment to remove the trading results of Mecom Group plc for the five month period from 1 August 2005 to 31 December 2005, extracted without material adjustment from the accounting records of Mecom Group plc.
(3)
Adjustment toincludethepre-acquisition trading resultsofLMG for theperiod from 1 January 2006 to 16 June 2006, extracted without material adjustment from the accounting records of LMG.
(4)
Adjustment toincludethepre-acquisition tradingresultsofOMGfor theperiod from 1 January 2006 to 11 October 2006, extracted without material adjustment from the accounting records of OMG.
(5)
Adjustment to remove Mecom's 15% share of the profit before tax of Berliner Verlag which wasequity accounted inMecom's financial statementsfor theperiod ended 31December 2006, as set out in the Prospectus.
(6)
Adjustment to consolidate the income statement of Berliner Verlag for the year ended 31December 2006 following Mecom's acquisition of a further approximate 75% interest in April 2007. The income statement is extracted without material adjustment from the audited income statement of Berliner Verlag for the year ended 31 December 2006, as set out in the Prospectus.
(7)
Extracted without material adjustment from the audited income statement of Wegener for the year ended 31 December 2006, as set out in Section 17of the Offer Memorandum.
(8)
No adjustment hasbeen madeto reflect the trading results of theenlarged group subsequent to 31 December 2006.
(9)
Adjustments (3) to (7) inclusive are expected to have a continuing impact on Mecom.
99
16.2
Pro forma statement of net assets Adjustments
Note Fixed assets Tangible assets Intangible assets Other financial assets Investments
Current assets Trade and other receivables Inventories Cash at bank and in hand
Derivative financial instruments AFS assets
Mecom Group plc as at 31 December 2006 €m (1)
Berliner Verlag Wegener €m €m €m (2) (3) (4)
252.6 899.1 34.0 65.9
(13.2)
39.2 187.7 13.4 5.3
1,251.6
(13.2)
245.6
94.2 540.6 31.7 4.5 671.0
185.0 9.1 124.5
16.0 2.1 8.2
84.4 3.2 5.5
4.6
-
6.9
Other €m
547.0
826.7 (163.0) (159.0) (438.0) (5.4) -
285.4 14.4 199.5
26.3
100.0
61.3
307.2
-
39.6
253.2
(13.3)
16.0
-
(13.3)
(153.2)
74.6
Total assets lesscurrent liabilities
1,267.6
(13.2)
232.3
517.8
621.6
Creditors - amounts falling due after more than one year
731.4
90.9
198.5
Provisions for liabilities and charges
6.8
98.6
46.0
90.0 (138.3) 146.2 .
Net assets
529.4
42.8
273.3
523.7
(13.2)
100
386.0 2,174.4 79.1 62.5 2,702.0
-
Net current assets/Qiabilities)
(5)
547.0
323.2 Creditors- amounts falling due within one year
Pro forma as at 31 December 2006 €m
(6) (7) (8) (9) (10)
4.6 6.9 510.8
(10)
586.7 (75.9) 2,626.1
(9) (10) (10)
1,118.7
151.4 1,356.0
Notes: (1)
Extracted without material adjustment from theaudited balance sheet oftheMecom Group plc asat31December 2006,assetout intheProspectus,converted atanexchangerateof €1.4842: £1.
(2)
Adjustment toremoveMecom's 15%interest inBerlinerVerlagwhich wasequity accounted in the group financial statements as at 31 December 2006,as set out in the Prospectus.
(3)
Adjustment to consolidate the net assets of BerlinerVerlag as at 31 December 2006 following Mecom's acquisition of a further approximate 75%interest inApril 2007.The balance sheet is extracted without material adjustment from the audited balance sheet of Berliner Verlag as at 31 December 2006,as set out in the Prospectus.
(4)
Extracted without material adjustment from the audited balance sheet of the Wegener as at 31 December 2006, as set out in Section 17of the Offer Memorandum.
(5)
Adjustment toreflect thegoodwill arising ontheacquisition of approximately 75%of Berliner Verlag and all of the issued share capital of Wegener. Goodwill represents the consideration paid of €163 million (£109.8 million) for approximately 75% of Berliner and €159 million (£107.1 million) and €528 million (£355.7 million) respectively for 23.9% and 76.1% of Wegener less the net assets acquired of €29.5 million (£19.9 million) and €273.2 million (£184.1 million) respectively.
(6)
Adjustment toreflect the proceeds of theplacing inApril 2007 of €846 million (£570 million) net of expenses of €19.3 million (£13 million).
(7)
Adjustment to reflect the consideration payable on acquisition of approximately 75% of BerlinerVerlag for €163 million (£109.8 million) inApril 2007,converted at anexchange rate of €1.4842:£1.
(8)
Adjustment to reflect the consideration payable on acquisition of a 23.9% interest in Wegener for €159 million (£107.1 million) inApril 2007,converted atanexchangerateof€1.4842:£1.
(9)
Adjustment to reflect the maximum cash consideration payable for the remaining shares in Wegener of €528 million (£355.7 million) (including transaction related expenses of €17 million (£11.5 million)) represented by cash of €438 million (£295.1 million) and the drawdown ofthe bridgingfacility of€90 million (£60.6million),converted atanexchange rate of €1.4842:£1.
(10)
Adjustment to reflect the repayment of the existing net debt of Wegener of €146.2 million (£98.5 million) (comprising €13.3 million (£9.0 million) of short term liabilities and €138.3 million (£93.2 million) of long term liabilities, net of €5.4 million (£3.7 million) of cash) funded by a further drawdown of the bridging facility.
(11)
No adjustment has been madeto reflect the trading results of theCombined Group subsequent to 31 December 2006.
101
17. WEGENER FINANCIAL STATEMENTS 17.1
Wegener consolidated financial statements relating tothefinancial year 2004,2005and 2006
77.7.7 Consolidatedbalancesheet (a)
Assets
AtDecember 31, before proposed appropriation of profit (in thousands ofeuros) Non-current assets Intangible assets Property, plant and equipment Investments in associates Deferred tax assets Interest rate swaps Other financial assets
Current assets Inventories Taxes Trade and other receivables Cash and cash equivalents
Assets classified as held for sale
Paragraph
2006'
17.2.6 17.2.7 17.2.8 17.2.13 17.2.17 17.2.9
1
20042
540,590 94,224 4,514 25,823 1,093 4,789
578,653 133,104 4,659 3,671
578,653 133,104 4,659 3,671
-
-
3,782
1,948
671,033
723,869
722,035
545,694 169,352 6,729
2,113 723,888
17.2.10
84,351 5,470
4,157 8,091 101,739 8,421
93,026
122,408
122,103
176,819
846,277
844,138
900,707
3,205
-
17.2.31
4,157 8,091 101,434 8,421
6,403 14,145 107,773 48,498
6,832 770,891
2
20052
2005'
aspresented in 2006annual report aspresented in2005 annual report
102
(b)
Equity and liabilities
(in thousands ofeuros) Total equity Equity attributable to equity holders of Koninklijke Wegener NV Minority interests
Non-current liabilities Pensions Deferred tax liabilities Provisions Cumulative financing preference shares Interest-bearing loans Interest rate swaps
Current liabilities Pensions Provisions Cumulative financing preference shares Subordinated convertible debentures Interest-bearing loans Interest rate swaps Trade payables Tax Other current liabilities
Liabilities for assets classified as held for sale
Paragraph
2006'
2005'
20052
20042
17.2.11
273,001 295
250,631 1,113
250,631 1,113
203,308 2,145
273,296
251,744
251,744
205,453
34,048 3,229 45,967 161,177 -
53,019 17,074 38,841 201,273 2,164
51,185 17,074 38,841 201,273 2,164
61,425 9,656 34,725 56,393 188,509 -
244,421
312,371
310,537
350,708
6,171 29,895 17,932 1,566 34,361 893 157,513
8,088 13,914 27,227 17,562 3,984 46,295 270 164,822
7,782 13,914 27,227 17,562 3,984 46,295 270 164,823
6,610 13,536 90,000 13,582 44,793 278 175,747
248,331
282,162
281,857
344,546
846,277
844,138
900,707
17.2.12 17.2.13 17.2.14 17.2.15 17.2.17
17.2.16 17.2.12 17.2.14
17.2.17
17.2.31
4,843 770,891
1 2
aspresented in 2006annualreport aspresented in 2005annual report
103
77.7.2 Consolidatedincomestatement 2006'
2005'
20052
20042
668,055 11,694
655,852 36,820
762,605 37,009
797,690 27,266
679,749
692,672
799,614
824,956
17.2.22
70,039
63,957
65,965
66,278
17.2.23 17.2.24 17.2.25
143,884 275,124 4,322
130,900 286,355 3,686
153,854 339,526 9,105
159,690 350,146 8,592
17.2.26
18,923 -. 120,028
22,960 121,466
25,557 145,764
29,953 18,624 132,677
632,320
629,324
739,771
765,960
47,429
63,348
59,843
58,996
(201) 3,993 (15,259)
1,747 649 (23,336)
1,747 438 (26,763)
968 801 (33,098)
(11,467)
(20,940)
(24,578)
(31,329)
35,962
42,408
35,265
27,667
(6,854)
(3,442)
(3,978)
(8,738)
29,108
38,966
31,287
18,929
(13,494)
(7,679)
-
-
Profit for the year
15,614
31,287
31,287
18,929
Attributable to: - equity holders of Koninklijke Wegener NV - minority interests
15,525 89
30,729 558
30,729 558
18,745 184
15,614
31,287
31,287
18,929
0.31
0.69
0.69
0.42
0.62
0.87
0.31
0.69
0.69
0.42
0.62
0.87
(in thousands ofeuros) Continuing operating activities Revenue Other income
Paragraph
17.2.20 17.2.21
Revenue and other income Raw materials and stores Work subcontracted and other extemal charges Staff costs Amortisation of intangible assets Depreciation of property, plant and equipment Impairment of goodwill Other operating expenses
17.2.27
Operating expenses Profit from continuing operating activities Share of profit of associates Finance revenue Finance costs
17.2.28 17.2.29
Profit from continuing operating activities before tax Tax
17.2.30
Profit for the year from continuing operating activities Discontinued operating activities Loss for the year on discontinued operating activities after tax
17.2.31
Earnings per share (in euros) • basic, for profit for the year attributable to holders of ordinary shares Koninklijke Wegener NV • basic, for profit from continuing operating activities attributable to holders of ordinary shares Koninklijke Wegener NV • diluted, for profit for the year attributable to holders of ordinary shares Koninklijke Wegener NV • diluted, for profit from continuing operating activities attributable to holders of ordinary shares Koninklijke Wegener NV 1 aspresented in2006annual report 2 aspresented in2005annual report 104
77.7.3 Consolidatedcashflow statement (in thousands of euros)
notes
Cash flows from operating activities Revenue and other income from continuing operating activities Total expense of continuing operating activities Profit from continuing operating activities Operating loss on discontinued operating activities Adjustments for: - gains on sale of non-current assets - amortisation of intangible assets - depreciation of property, plant and equipment - changes in working capital - changes in provisions Cash flows from operations
2006
2005
679,749 632,320
692,672 629,324
47,429 (34,161)
63,348 (3,504)
21,092 8,315 20,926 (7,281) (987)
(34,158) 9,105 25,557 (429) (8,330)
55,333
330 954
Dividend received from associates Finance revenue received Finance costs paid Tax received/paid
(16,457)
730
Net cash flows from operating activities
17.2.36
Cash flows from investing activities Acquisition of group companies Sale of group companies Sale of associates Capital contribution to associates Purchase of intangible assets Purchase of property, plant and equipment Sale of property, plant and equipment
40,890
(2,830) 35,869
Net cash flows used in investing activities
17.2.36
Cash flows from financing activities Issue of ordinary shares Repayment of cumulative financing preference shares Higher/lower use ofcredit facility interest-bearing loans Repayment of subordinated convertible debentures Dividends paid toequity holders of Koninklijke Wegener NV Dividends paid by group companies to minority interests
Net cash flows Net foreign exchange difference 17.2.36
30,425
-
(9,852) (7,231) 30,097
28,076
15,135
-
-
(6,220) (197)
10,493 (90,000) (5,771) (160)
(72,094)
(85,438)
(3,128)
(39,878)
177
Changes in cash and cash equivalents
438 (22,400) (581)
(386) (10,686) (6,876) 12,985
-
17.2.36
1,379
(18,064) 14,469 5,716
2,194 (27,227) (40,644)
Net cash flows used in financing activities
51,589
(199)
(2,951)
(40,077)
At January 1
8,421
48,498
At December 31
5,470
8,421
105
77.7.4 Consolidatedstatementofchanges inequity Before proposed appropriation of profit (in thousands ofeuros)
2006 At January 1,2006 Exchange differences Value changes in effective hedging interest rate swaps Transfer to income statement Total income and expense for the year recognised directly in equity Profit for the current year Total income and expense Issue of ordinary shares *) Share plan of Management Board Appropriation of profit for previous year Dividends paid on ordinary shares for 2005 In connection with divestmen of group companies Dividends paid by group companies At December 31,2006 This relates to: - ordinary shares - cumulative financing preference shares At December 31,2006
Equity attributable to equity holders of Koninklijke Wegener NV
Issued share Share capital premium 14,577
162,226
Currency translation reserve
Gains and losses arising from :ash flow Retained Profit for hedges earnings the year (127)
(9,885) (673)
53,111
30,729
897
Total 250,631 (673)
Minority interests 1,113
897 10,558
10,558
Total equity 251,744 (673) 897 10,558
-
-
9,885
897
-
15,525
10,782 15,525
89
10,782 15,614
_ 60
_ 2,134
9,885
897
_
15,525
26,307 2,194
89
26,396 2,194
89 30,729
89
89
-
-
(6,220)
(6,220)
(30,729)
(6,220)
-
(710)
(710)
-
(197)
(197)
14,637
164,360
-
770
77,709
15,525
273,001
13,377
136,219
-
770
77,709
15,525
243,600
1,260
28,141
14,637
164,360
29,401 770
-
77,709
15,525
273,001
*) In relation totheexercising of option rights200,000(depository receipts for) ordinary shareshavebeen issued.
106
295
273,296
Equity attributable toequity holders of Koninklijke WegenerNV
(in thousands of euros)
2005
At January 1,2005 First time adoption IAS 39and IFRS 2 atJanuary 1,2005 At January 1,2005 (adjusted) Exchange differences Valuechanges in effective hedging interest rate swaps
Gainsand losses Currency arising transfrom Issued Share lation cash flow Retained Profit for capital premium reserve hedges earnings theyear 13,317
134,085
At December 31, 2005 This relatesto: - ordinary shares - cumulative financing preference shares At December 31,2005
18,745 203,308
(6,290)
13,317
134,085
(9,189) (696)
40,060
(696)
1,260
(127)
-
(127)
(823) 30,729
558
(823) 31,287
30,729
29,906
558
30,464
29,401
29,401
77
77
77 18,745
(18,745)
(5,771)
(5,771)
14,577
162,226
(9,885)
(127)
53,111
30,729 250,631
13,317
134,085
(9,885)
(127)
53,111
30,729 221,230
1,260
28,141
14,577
162,226
29,401 (127)
107
53,111
(127)
30,729
28,141
(9,885)
(6,290)
18,745 197,018 2,145 199,163 (696) (696)
(127)
(696)
Total equity
2,145 205,453
(6,290)
(127)
Total income andexpense for the year recognised directly in equity Profit for thecurrent year Total income andexpense Changes toconditions for cumulative financing preference shares Share planof Management Board Appropriation of profit for previous year Dividends paid on ordinary shares for 2004 Changes in interest in group companies Dividends paid by group companies
46,350
(9,189)
Minority Total interests
30,729
250,631
(5,771) (1,430)
(1,430)
(160)
(160)
1,113 251,744
17.2
Notes to Wegener consolidated financial statements for the financial year 2006
77.2.7 General The 2006 consolidated financial statements of Koninklijke Wegener NV were approved by the Supervisory Board at its meeting ofMarch 5,2007.A press release was issued about theannual figures for the year 2006, before start of business on March 6,2007. Koninklijke Wegener NV has its registered office inApeldoom, the Netherlands; the shares are listed on Euronext Amsterdam. The activities of Koninklijke Wegener NV and its group companies include publishing regional newspapers and free door-to-door newspapers, developing and exploiting intemet products, and providing graphic products and services. These activities are carried out in the Netherlands. Furthermore, up until July 2006 special intemet magazines were published, and up until mid-October 2006 direct marketing services and products were also offered in the Netherlands, United Kingdom, Belgium, France, and Scandinavia. The 2006 financial statements have been adopted by the Shareholders at the General Meeting of Shareholders onApril 25,2007. In the balance sheet at year-end 2005 a receivable from personnel under a pension plan was offset against the pension liabilities. This receivable (year-end 2005:EUR 2.1 million) has been reclassified in the comparative figures under financial assets, with the short-term portion being recognised under current assets. 77.2.2 Basis of consolidation Thegroupcompanies in which Koninklijke WegenerNV hasadirect orindirect interest andcontrol are included intheconsolidation. Theassetsand liabilities andthe income and expenseareincluded in full. The minority interests in the equity and profit are shown separately. The financial statements of the group companies are prepared for the same reporting year and based on the same accounting policies as those of Koninklijke Wegener NV. Joint ventures are consolidated proportionately using the same accounting policies as used by Koninklijke Wegener NV. A joint venture is deemed to exist if the participants in acollaboration agreement havejoint control over the resulting activities. All intra-group balances,transactions,income and expenses and profits and losses resulting from intragroup transactions that are recognised in assets are eliminated in full. The results of acquired group companies are consolidated as of the acquisition date, being the date on which formal control was acquired of the party being taken over. Consolidation is continued until the date on which formal control ceases to exist. A list of consolidated group companies and associates is included at the end of the notes to these consolidated financial statements. Koninklijke Wegener NV has directly or indirectly issued declarations of joint and several liability for most of its Dutch group companies in accordance with Section 403 of Part 9 of Book 2 of the Netherlands Civil Code.The list includes the group companies for which such declarations of liability have been issued.
108
77.2.3 Acountingpolicies General The fmancial statements have been drawn up in accordance with the Intemational Financial Reporting Standards (IFRS) as approved by the European Union. The financial statements have been prepared under the historical cost convention, with the exception of interest rate swaps, which are eanied at fair value in the balance sheet. The financial year coincides with the calendar year. The consolidated financial statements have been drawn up in euros, and all amounts have been rounded off to the nearest thousand unless stated otherwise. As of the 2005 financial year, the consolidated financial statements have been drawn up based on Intemational Financial Reporting Standards. The financial statements were previously drawn up in accordance with Dutch reporting requirements. Wegener applied a "first time adoption" as of January 1,2004 for all applicable IFRS mles, with the exception of IAS 39 and IFRS 2,for which a "first time adoption" has been applied as of January 1,2005. Effect of new financial reporting standards The following standards and interpretations entered into effect as of January 1,2006: IFRS 6Exploration for and Evaluation of Mineral Resources IAS 19(Amendment) Employee Benefits IAS 21 (Amendment) Net Investment in a Foreign Operation IAS 39 (Amendment) The FairValue Option IAS 39 and IFRS 4 (Amendment) Financial Guarantee Contracts IFRIC 4 Determining whether anAnangement contains a Lease IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds IFRIC 6, Liabilities arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment The above standards and interpretations have no consequences for the financial statements of Koninklijke Wegener NV.Moreover, IFRIC 4 had been applied previously. Wegener decided against an early implementation of the new standards, amendments to standards, and new interpretations for which the application was mandatory for financial years beginning on or after January 1,2007 or subsequent years.
109
The following standards and interpretations have been published but do not yet apply to the 2006 financial statements: IFRS 7 Financial Instmments - Disclosures IFRS 8Operating Segments IAS 1(Amendment) Presentation of Financial Statements - Capital Disclosures IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies IFRIC 8Scope of IFRS 2 IFRIC 9 Reassessment of Embedded Derivatives Application of the above standards and interpretations will mean that in the financial statements for 2007 and subsequent years more disclosure will beprovided on financial instmments in particular. Significant accounting judgements and estimates When applying Wegener's accounting policies, the management has made judgements, which have important consequences for the amounts recognised in the financial statements and the notes thereto. Furthermore, in some areas estimates have been made about future developments which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities in any following financial year.When forming thesejudgements and makingtheestimates refened to,use was also made of the opinions and advice of (extemal) experts in the relevant areas.Thesejudgements and estimatesareexplained inmoredetailbelow.Formoredetailsabouthowtheitemsrefened toareshown in the financial statements, please see the notes to the financial statements. Judgements Goodwill (former) VNUDagbladen group Wegener took over the VNU Dagbladen group in 2000. The activities of the VNU Dagbladen group primarily related to the publishing of regional newspapers, free door-to-door newspapers, and related graphic production. These activities have since been extensively integrated with the same type of activities conducted byWegener.The integration process started immediately in2000in orderto realise maximum synergies through economies of scale.The integration took place across all levels: merging of titles, graphic production, and organisations, including the reorganization of management and the centralisation of the back offices. Asaresult,thegoodwill can nolongerbeattributed totheoriginalcash-generating units,andthe whole newspaper organisation of Wegener is now seen as one single cash-generating unit. The process of integration and organisational change is also cunently being pursued, with product standardisation and centralisation of management andjoint responsibilities being implemented further. The graphic production will also be integrated further at a smaller number of locations. Cumulativefinancingpreference shares At the end of 2005,a restmcturing of the cumulative financing preference shares took place. Based on the above, it was concluded that as of year-end 2005 they represented equity. Before the restmcturing was formalised, thecumulative financing preference shares were presented as loan capital under IFRS.
110
Wegener General Pension Fund (APW) Based on total regulations and agreements relating toWegener General Pension Fund (APW), as well as on the basis of communication with all those involved about the rights and obligations in relation to pensions, Wegener isof the opinion that this constitutes a (collective) defined contribution scheme. Estimates Impairment ofgoodwill At least once per year Wegener determines whether goodwill has been impaired. This requires an estimation ofthe valueinuseofthe cash-generating unitstowhich thegoodwill isallocated. Estimating the value in use requiresWegener to make anestimate of theexpected future cash flows from the cashgenerating unitandalsotochoose asuitablediscount rateinordertocalculatethepresent valueof those cash flows. Impairment ofpublishing rightsADNieuwsMedia BV Wegener assesses at least once a year whether the publishing rights AD NieuwsMedia are subject to impairment. This requires anestimate of the valuein useofADNieuwsMedia. Toestimate the valuein useWegenerhastomakeanestimateofADNieuwsMedia's expected future cashflows,and atthesame time establish an appropriate discount rate in order to calculate the present value of these cash flows. Early retirement transition scheme At a sector level, early retirement schemes are operated in which Wegener also participates. Since the end of 2005,transition plans have been in effect whereby only those persons bom before 1950are still eligible for early retirement. The early retirement scheme is financed on the basis of a group pay-asyou-go system with all the participant companies paying contributions annually for all the early retirement benefit payments.Wegenerhasformed provisionsfor thepresent valueofthe expected future early retirement commitments (employer's contribution), which will have to be paid during the transition period. These estimates may be affected by changes in contributions. Provisionsfor reorganizations In 2006,provisions were formed for new reorganizations, inparticular attheregional daily newspapers and the graphics group. The new reorganizations at the regional daily newspapers are connected with the transition to tabloid format and the realignment of the organisation. This reorganization is already well under way and will continue in 2007. At the graphics group, the reorganization relates to the integration of the printing plants inNoord-Brabant plus the investment in new printing presses in Best, which means less staff will berequired.This reorganization isexpected totakeplace in2008and2009. At year-end 2006 there were effective severance commitments to groups of employees. However, individual agreements have not yet been reached with all the employees involved, partly due to the reorganizations continuing in the coming years.Based on the cunent redundancy plan and agreements with trade unions and works council about this as well as the size of the group of staff affected, and based on the rate of implementation of the reorganization, estimates were made of the level of the commitments at year-end. These estimates can be affected positively or negatively by developments other than those expected at year-end, such as the actual level of staff turnover and theextent to which use is made of certain voluntary redundancy schemes.
Ill
Foreign currency The consolidated financial statements are presented in euros, which is the group's functional and presentation cunency. All the companies operate in the euro zone, with the exception of Wegener DM UK and Wegener DM Scandinavia, which have pounds sterling and Swedish and Danish Crowns as their respective functional currencies. Transactions in foreign cunencies are translated into euros at the exchange rates applicable on the transaction date. The cash flows generated by the settlement of transactions are translated at the exchangerateapplicable onthedateof settlement.Theexchangeratedifferences resulting from this are taken to the income statement. Monetary assets and liabilities (resulting from unsettled transactions) in foreign cunency are translated at the exchange rates applicable on the balance sheet date. Exchange differences arising from this are also taken tothe income statement. The balance sheets of group companies reporting in foreign cunencies are translated at the exchange rates on the balance sheet date. Cunency translation differences arising from the recalculation of the equity of these companies, and of the long-term loans for the financing of these group companies, are taken toequity (cunency translation reserve).Such long-term loans willnot berepaid inthe foreseeable future. If a foreign group company is sold, the cumulative cunency translation differences are taken to the income statement. The income statements of group companies reporting in foreign cunencies are translated at the weighted average exchange rates for the financial year. The translation differences arising during consolidation from different translations of balance sheets and income statements are also taken to equity. The Wegener DM division was sold in October 2006. This meant among other things that at year-end 2006there werenolongeranygroupcompaniesthatused Swedish orDanish Crownsastheir functional cunency. The sale of Wegener DM UK in October 2006 was an asset/liability transaction. The (now shell) UK companies involved were still part of Wegener at year-end 2006 and are expected to be liquidated in 2007. As a result of the sale of the Wegener DM division, the balance of the cunency translation reserve has been transfened to the income statement. AD NieuwsMedia joint venture AD NieuwsMedia is ajoint venture ofWegener and PCM Uitgevers.Thejoint venture was formed on September 1,2005.Wegener has a shareholding in thejoint venture of 37%,PCM Uitgevers of 63%. The control of the company is shared on a 50/50 basis. A shareholders' agreement has been concluded with PCM Uitgevers in relation to the joint venture. Among other things, it is agreed that there will in principle be a full distribution of profits. Joint decision-making isnecessary to declare the actual dividend. Furthermore, it was agreed that the shareholders will finance the start-up costs incurred by the joint venture up to acertain maximum. This financing willonly take place insofar asthejoint venturecannot finance itsactivities from its own resources, and will be provided by both shareholders in proportion to their shareholding. Further agreements willbemaderelatingtothereduction ofthe availablefacility; thefacility endson December 31, 2009. At year-end 2006, the financing obligation of Wegener was limited to a maximum of EUR 16.7 million.
112
The first measurement of the interest in thejoint venture in 2005 was at fair value.The purchase price of 37% of the joint venture is allocated to the relevant assets, with publishing rights being shown separately under intangible assets. Defened tax liabilities due to grossing up of assets contributed are also taken into account when allocating the purchase price. The difference between the provisions for deferred tax liabilities (at non-discounted value) and the present value of the tax effects included in the allocation is recognised as goodwill. The measurement ofthe fair valueof thejoint venture isbased on the stand-alone situation at September 1,2005, without taking into account any future synergies within thejoint venture. The goodwill and publishing rights will not be amortised. An annual assessment is made to see whether the carrying amount of the goodwill and the publishing rights are in line with the net realisable value given the actual and expected result developments of the relevant activities. If the value determined inthis way isexpected to be lower than thecarrying amount, then the carrying amount is written down and charged to the income statement. All the assets and liabilities and the income and expense of thejoint venture are allocated proportionally, at 37%,in the consolidation. ilocal Holding BVjoint venture ilocal Holding isajoint venture ofWegener andYellow Bear Holding BV.Thejoint venture was set up on July 1,2006.Wegener has an interest in thejoint venture of 49%,Yellow Bear Holding of 51%. A shareholders' agreement has been concluded withYellow Bear Holding in relation to thejoint venture. Among other things, it is agreed that there will be joint control with regard to all important developments and decisions relating to the joint venture. Furthermore, it was agreed that both shareholders will stand surety for the financing of thejoint venture in proportion to their shareholding up to acertain maximum limit. It was also agreed with Yellow Bear Holding that Wegener will acquire 2% of the shares in ilocal Holding from Yellow Bear Holding in 2009. The price will depend on the performance of the joint venture at that time. The first measurement of the interest in thejoint venture in 2006 was at fair value.The purchase price for 49%of thejoint venture was allocated tothe relevant assets.Since a new company isinvolved, any surplus value paid will be recognised entirely as goodwill. The goodwill will not be amortised. An annual assessment will be made to see whether the carrying amount of the goodwill is in line with the net realisable value given the actual and expected results of the relevant activities. If the value determined in this way isexpected to be lower than the carrying amount, then the carrying amount is written down and charged to the income statement. All the assets and liabilities and the income and expense of the joint venture are allocated proportionally, for 49%,in the consolidation. In the notes to the financial statements there is a summary of information relating to the balance sheet, income statement, and cash flows ofthe totaljoint ventures (paragraph 17.2.18).
113
Non-current assets Intangible assets The intangible assets consist of: •
goodwill
•
AD NieuwsMedia publishing rights (see above)
•
software
•
direct marketing databases
Goodwill represents the surplus value paid on the date of acquisition of group companies, joint ventures, and associates on top of the fair value of the acquired assets and liabilities and contingent liabilities, increased by the expenses involved in an acquisition. An annual assessment is made to see whether the carrying amount of the goodwill is in line with the value of the activities for which the goodwill hasbeen paid, in lightof theactual andexpected resultdevelopments ofthose activities.If the valuedetermined inthiswayisexpected tobelowerthanthecarryingamount,then thecarrying amount is written down and charged to the income statement. The goodwill for Wegener DM UK was paid by a UK group company, and was recognised in pounds sterling. A translation was carried out annually based on the exchange rate applicable at the balance sheet date. The goodwill paid between January 1, 1999 and January 1, 2004 was valued at acquisition value and amortised straight-line over the economic life, or valued at net realisable value if lower. The expected economic life was calculated differently depending on the nature of the acquired associate or business activity.The goodwill paid for VNU Dagbladen is amortised over 30 years, for Wegener DM UK over 20years, and for the other acquired companies between 3to 10years. The carrying amount of the goodwill determined in this way at December 31,2003 is carried to the opening balance sheet under the IFRS accounting policies asofJanuary 1,2004.Goodwill paid before January 1, 1999 wastaken to equity. The AD NieuwsMedia publishing rights comprise the total intangible assets in relation to titles, subscription bases,editorial formats and their implementation, as well as advertising contracts, which, in the opinion of Wegener, are inseparable. The cost of the publication rights acquired with the establishment of the AD NieuwsMedia joint venture represents the fair value at the acquisition date. These publication rights have an indefinite economic life. An assessment is carried out each year to determine if there has been any impairment of goodwill in relation to (the cash flows of) AD NieuwsMedia. Furthermore, an annual assessment is also made to see if the economic life of the publishing rights is still unlimited. Any impairment of goodwill is charged to the income statement. If theeconomic life can bedetermined, then straight-line amortisation taken to the income statement will take place overthe remaining economic life of the asset. Software is valued at cost and amortised straight-line over its economic life, or valued at the net realisable value if lower.The core applications for the newspaper activities (systems for advertisement management, print production, and news editing) are amortised in 7 years. All other software is amortised in 3to 5 years.The remaining economic life is assessed and adjusted where necessary each year.
114
Direct marketing databases related to investments for the collection of direct marketing survey data. These databases were valued at cost and amortised using the declining balance method over their expected economic lives,orvalued at the net realisable value if lower.The databases were amortised in 2 years. In the first month in which the collected survey data was entered into the databases, and thus available-for-sale, 50% was amortised. The remaining 50% was amortised straight-line over the subsequent 23 months. This pattem reflected the sales situation, particularly because the demand for newly collected data isthe greatest among clients. Property, plant and equipment Property, plant and equipment are stated at cost, excluding the costs of day-to-day servicing, less accumulated depreciation andaccumulated impairment losses.Depreciation iscalculated on a straightline basis over the expected useful lives of the relevant assets. The following depreciation rates apply: Buildings Plant and equipment: - rotary newspaper presses - other plant and equipment Other fixed operating assets
2 1/2-
10%per annum
6 2/3%per annum 10 20% per annum 10 - 33 1/3% per annum
Assets in thecourse of constmction are carried at cost. The carrying values of the property, plant, and equipment are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable. The residual value of the property, plant, and equipment, the expected useful lives, and the valuation methods are reviewed, and adjusted if necessary, at the end of each financial year. Only for investments in rotary newspaper presses and printing plants are the finance costs during constmction included inthecost price.These finance costsareallocated based on the specific sourceof finance (for example, finance lease for the relevant object) or on a capitalisation rate to be applied in line with the weighted average finance costs applicable to the loans of the company. Investments in associates Associatesarecompanies inwhichWegenerhasasignificant influence onthecommercial and financial policy.Associates are not groupcompanies orjoint ventures,and arenot consolidated. The valuation is carried out in accordance with theequity method. In this,the investment is initially carried atcost, and then adjusted totakeintoaccount thechange ofthe interest ofWegener inthenet assetsofthe associate after the takeover.The interest ofWegener in the net profit of the associate isrecognised in the income statement. Deferred tax assets Defened tax assets are in principle recognised for all temporary differences available for set-off, tax facilities, or carry-forward tax losses, but only insofar as a settlement or utilisation can probably be realised. The carrying amount is assessed at the balance sheet date, and reduced if the settlement or utilisation cannot bewholly orpartially realised.Non-recognised defened taxassetsarereviewed atthe balance sheet date, and only recognised to the extent it is probable that a settlement or utilisation can
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be realised. Defened tax assets are measured at the tax rates that areexpected to apply to the period in which the asset isrealised in accordance with thetax rates set by law and the applicable tax legislation. Other financial assets Other financial assets relates to loans to associates, shares in other companies in which Wegener exercises no significant influence on the commercial and financial policy, and receivables from personnel underspecific pension plans.The shareholdings inothercompanies arenotgroupcompanies, joint ventures, or investments in associates, and are not consolidated. The loans to associates are carried at amortised cost using the effective interest method, less any provisions deemed necessary. The shares in othercompanies are valued atfair value,which isbased onthefinancial statements of the relevant companies. Thechanges in fair value are allocated to the income statement. The receivables from personnel under pension plans relate to the PGB-PCM pension plan of AD NieuwsMedia and the conditional supplementary pension plan for a certain group of employees of Wegener bom in 1950 or later. Both plans are explained in more detail under "Pensions". These receivables are measured at the agreed employee's share in the relevant pension commitments. Current assets Inventories Theinventories of raw materials and stores are valued atcost (using theFifo principle) orthe realisable value if lower. Trade and other receivables Trade receivables are carried at original invoice amount less a provision for doubtful debts. Other receivables are valued at amortised cost using the effective interest method. Cash and cash equivalents Cash and cash equivalents in the balance sheet consists of cash at banks and cash in hand. Impairment of financial assets If there isobjective evidence that an impairment losson loans and receivables carried at amortised cost has incuned, the amount of the loss is measured as the difference between the asset's carrying amount andthepresent valueofestimated future cashflows,discounted atthefinancial asset'soriginal effective interest rate.The asset's carrying amount will be lowered by the amount of the loss, and the loss will be recognised in the income statement. Equity In the financial statements, the balance sheet ispresented before the proposed profit distribution. Cumulativefinancingpreference shares The Management Board (with the approval of the Supervisory Board) may decide to reserve the profit before a preference dividend ispaid.The payment of dividends on ordinary shares will only take place
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after the dividend onthecumulative financing preference shares has been paid. If in any yearthe profit isnot sufficient topay thedividend on thecumulative financing preference shares,ortoadd such tothe dividend reserves linked to the cumulative financing preference shares, the deficit can be made up for in the following financial years (accumulation provision).A payment is owed on a dividend reserve in subsequent financial years equal to the dividend percentage on the cumulative financing preference shares.The above anangement was agreed at the end of 2005. Under this arrangement, the cumulative financing preference shares qualify as equity at December 31, 2005. The cumulative financing preference shares are initially carried at the fair value of the consideration received less the directly attributable transaction costs. Pensions Wegener has pension commitments under several schemes: Wegener General Pension Fund (APW) Graphic Sector Pension Fund (PGB) early retirement and pre-pension plans supplementary conditional commitments contributions towards health insurance during the pension foreign pension plans several individual pension plans The arrangement agreed with theAPW qualifies as a (collective) defined contribution plan. The PGB applies for (the majority of) the staff of Wegener Grafische Groep. Wegener has, as in the previous year,requested further information for thepurposeofpreparing theIFRSfinancial statements, but this information cannot be released (according to the PGB). In the opinion of the PGB, the scheme qualifies as a defined contribution plan, the companies participating in itareonly required topay apremiumfixedinadvance,and thereisnoobligation totopup anydeficits, nor isthere any entitlement toany accmed buffers. Furthermore, according tothePGB, there are no objective criteria for allocating Wegener's share even if indeed there was adefined benefit obligation, which in addition would also involve disproportionately high costs. There isno financing agreement between Wegener and thePGB.Wegener has not received any figures from thePGB,on thebasis of which a reliable estimate could be made ofWegener's share in the assets and liabilities of the PGB.As a result of the above, the paid pension contributions have been taken to the income statement. According to Wegener, if information had been received from PGB,this would not have any material impact on the income statement. A separate PGB-PCM pension plan ismn by PGB for the employees of PCM Uitgevers, which is also open to former PCM employees of AD NieuwsMedia. In 2006 it was agreed that this plan would also apply toformer Wegeneremployees ofADNieuwsMedia. In relation tothetransfer of thepensions,an agreement hasbeen reached withPGBthatthedifference incoverbetween thepensions added from the PCM pension fund and Wegener General Fund and the higher extent of cover of the PGB will be payable byADNieuwsMedia toPGB.This liability isrecognised inthebalance sheet, and willbe paid
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for viaafixedsurchargeonthepension contributions tobepaid inthefuture. Itisexpected totakeeight yearsto pay off thisdebt; ifthepension entitlement changes,therepayment will takeplace accordingly over more or less years as appropriate. The debt to the PGB refened to is based on the relevant total pension contributions payable by the employer and the employees. The share of these contributions payable by all employees is recognised as a receivable in the balance sheet. It is expected that this receivable will almost certainly be realised (other financial assets). Theearly retirement andpre-pension plansinvolvedefined benefit pension plans for current and former employees bom before 1950. Wegener has formed a provision for the present value of the future commitments, which will be paid up to and including 2014. This was calculated based on the annual accmal of active employees who will still be entitled to benefit from the transition schemes over the coming years (until 2012).Thesecostsareallocated totheperiod in which theemployees were actively working. Costs for surplus schemes and the costs of pension accmal during the early retirement period are determined using the projected unit credit method. Commitments havebeen madetoafixedgroupofemployeesunder which asupplementary pension will begranted iftheemployees related are still employed byWegener attheir retirement date.This scheme only applies to the group of employees bom in or after 1950,who were employed byWegener at yearend 2005, and who were subject to the Grafimedia collective labour agreement at the time. The contributions are paid by the employee and the employer. The contributions of the employees are transferred to a fund administered separately. The relevant plan qualifies as a defined conditional pension plan. The share of the contributions payable by all employees is recognised as a receivable in the balance sheet. It is expected that this receivable will almost certainly be realised (other financial assets). Commitments were made to certain groups of employees relating to contributions towards health insurancecontributions during retirement. Inconnection withthe introduction ofthe standard insurance cover for healthcare expenses on January 1,2006,and therelated new regulations relating to employee and employer contributions, the existing commitments have been adjusted accordingly. These adjustments mean that for active employees the scheme has been abolished, and for inactive (retired) employees the scheme will gradually be phased out over several years. The (remaining) provision formed for this is calculated using the projected unit credit method. Thepension plans abroad related to individual defined contribution plans,with theexception of France. In France, a government scheme entitles the employee to a one-off payment from the employer on retirement. The provision formed for this was determined actuarially using the projected unit credit method. There are non-reinsured pension commitments for a very limited number of individual cunent and former employees. A provision has been formed for the cost of this determined actuarially using the projected unit credit method. The discount rate used for the actuarial provisions refened to above is derived from the interest rate iBoxx 10years+ Annual AA allstock index (applicable for the eurozone); at the end of 2006 this was 4.6% (2005:4.0%). Deferred tax liabilities Aprovision for defened tax liabilities isformed onthebasisofthetemporary differences atthe balance sheet date between the taxable carrying amount of assets and liabilities, and their carrying amount as recognised in these financial statements. Defened tax liabilities are in principle recognised for all
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taxable temporary differences. Defened tax liabilities are measured atthe tax rates that are expected to apply for the period in which the liability is settled, based on the cunent or future tax rates set by law or under applicable tax legislation. Defened tax assets and liabilities are netted if a legally enforceable right exists to set off cunent tax assetsagainstcunent tax liabilities,andthedeferred taxesrelatetothesametaxableentity andthe same taxation authority. Provisions Provisions are formed ifWegener has acunent (legal orconstmctive) obligation asa result of an event in the past.Aprovision will only beformed insofar asareliable estimate can be madeof theamount of theobligation,and ifitislikely that suchanobligation willalsoactually havetobepaid.If itisexpected that (apart of) a provision might be reimbursed, the reimbursement isrecognised as a separate asset as long as the receipt of the reimbursement is a reasonable certainty. This type of reimbursement might, for example, be possible under an insurance contract. The expense associated with a provision is presented in the income statement less any reimbursement. Iftheeffect ofthetimevalueof money issignificant, theprovisionsarediscounted totheirpresent value using acunent pre-tax discount rate.The increase in adiscounted provision due to the passage of time is recognised as a finance cost in the income statement. Interest-bearing loans All loans are initially recognised at the fair value of the consideration received less the directly attributable transaction costs. After initial recognition, interest-bearing loans and bonowings are subsequently measured at amortised cost using the effective interest method. Finance leases Finance leases, which transfer to Wegener substantially all the risks and benefits non-recurring to ownership of the leased item, are capitalised at the inception of the lease at the fair value of the leased property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rateof interest ontheremaining balanceofthe liability.Financechargesaretakendirectly totheincome statement. Leased assets aredepreciated overthe shorter of theestimated useful life of theasset orthe lease term, if there is no reasonable certainty that Wegener will obtain ownership at theend of the lease term. Derecognition of financial assets and liabilities in the balance sheet Afinancial asset isderecognised ifWegener isno longerentitled tothecashflowsfrom this asset. If no cash flows are received, but there is acontinuing involvement in the asset, this istaken into account in the valuation. Afinancial liability isderecognised when theobligation undertheliability isdischarged (oriscancelled or expires). Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability.The difference in the respective carrying amounts is recognised in the income statement.
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Remuneration linked to shares Share Plan Since2005,anshareplan hasbeen inplacefor membersoftheManagement Board, whereby depository receipts for Koninklijke WegenerNVordinary sharesareconditionally granted tothem andcan become unconditional after three years. Payment will be in the form of shares.The initial recognition is based on the fair value. The measurement of the value of the conditionally granted depository receipts for shares takes into account the market price of the underlying instmments on the date of awarding, a discount on this market price for expected dividend payments (based on the historical dividend yield), and an estimate of the number of shares that will finally become unconditional based on the set objectives and the projected Economic ValueAdded ®.This estimate isreviewed annually. The costs are recognised in the income statement under staff costs; the conditional obligation (for the issue of shares) at the end of the year is recognised in the equity under retained earnings. Option Plan Up to 2004, an option plan existed for members of the Management Board, whereby they could be granted options on depository receipts for Koninklijke Wegener NV shares. The option rights granted up until 2004 are unconditional, and in principle can beexercised at any time. A "first time adoption" as of January 1,2005 applies for the relevant IFRS 2 standard. The application of this standard therefore does solely affect the share plan. Derivative financial instruments Wegener uses interest rate swaps to hedge interest rate risks. Such derivative financial instmments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Interest rate swaps are carried as assets if the fair value is positive, and as liabilities ifthefair valueisnegative.The fair valueof interest rate swaps is determined by reference to market values for similar instmments. Thechanges infair valueofeffective hedging interest rateswapsaretaken toequity (cash flow hedging reserve).Anygainsorlossesarisingfrom changesinthefair valueofderivativesthatdonotornolonger hedge theriskseffectively arerecognised directly inthe income statement (finance revenue and finance costs respectively). 17.2.4 Income and expenses recognition Revenuerelates tothenet turnover ofgoods supplied orleased tothird parties,netofanydiscounts and VAT.Revenue is recognised to the extent that it is probable that the economic benefits will flow to Wegener and the revenue can be measured reliably. Revenue isrecognised for each revenue category as follows: • advertisements indaily newspapers,free door-to-door newspapers, weeklies,and -magazines:on the date they are placed; • intemet advertisements: relating to the period in which the advertisement is published • subscriptions to daily newspapers and weeklies, intemet sites and magazines: for the period the subscriptions relateto;
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• municipal information services: on the date of supply; • direct marketing: on the date of supply. Other income relates to profit realised on the sale of companies or associates, and on the sale of plant, property, and equipment. Government grants are recognised at fair value if there is a reasonable certainty that the grants will be received, and if the criteria and other conditional terms for the awarding of the grants have been satisfied. Subsidies in relation to costs are systematically recognised as income in the same period as that in which the relevant costs are recognised. In the event of grants in relation to property, the fair valueofthegrants will bededucted from thecarrying valueof theproperty,and an item of income will be recognised in the income statement pro rata the useful life of the relevant property. Theprofits ofassociatesrelatetotheproportional part oftheprofit fortheyearusingtheequity method. Finance revenue and costs arerecognised based on theeffective interest revenue and costs respectively, including attributable transaction costs. Dividends on the shares in other companies included under other financial assets are recognised when Wegener's right to receive the payment is established. The tax expense is calculated based on the profit before tax, taking into account non-deductible impairment of goodwill, the associates exemption, and other tax facilities. Furthermore, changes to defened tax assets and liabilities resulting from changes in the tax rates applicable to them are also taken into account. 17.2.5 Segment reporting In these financial statements, a distinction is made between continuing operating activities and discontinued operating activities. Discontinued operating activities relate to direct marketing activities of theWegener DM division and Wegener Fieldmarketing. The direct marketing activities comprised a complete business segment. Following the discontinuation of these activities, only the publishing activities business segment remains. The direct marketing activities were carried out within several European countries.The publishing activities were only carried out in the Netherlands. As part of the publishing activities, daily newspapers and free door-to-door papers are published and printed, and multimedia products and services are provided. In addition, there are internal suppliers in thefieldof ICTand facility support services. Uptoand including July 2006,special interest magazines werealso published. Given the nature of the products, theproduction processes, thetype of clients and thedistribution channels, a similar rate of retum and risk profile applies to all publishing activities. In light of the above, no separate business segments or geographical segments can bedistinguished. In these fmancial statements, however, specific notes are included relating to the discontinued operating activities. The comparative figures over 2005 have been adjusted for the noted distinction between continuing operating activities and discontinued operating activities.
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17.2.6 Intangible assets Publishing rights
Total 2006
Goodwill
Cost Accumulated amortisation
741,065 (201,444)
20,028
52,601 (37,031)
21,325 (17,891)
835,019 (256,366)
539,621
20,028
15,570
3,434
578,653
539,621 190 2,653 (36,624) 239
20,028
15,570 6,646
3,434 3,850
(1,879) 2 (5,256) (130)
(4,294) 69 (3,059)
578,653 10,686 2,653 (42,797) 310 (8,315) (600)
Carrying amount at January 1,2006 Change in carrying amount: AtJanuary 1 Investments Acquired group companies Group companies sold Exchange differences Amortisation Classified as held for sale
(470)
Software
DM databases
2006
At December 31
505,609
20,028
14,953
-
540,590
Cost Accumulated amortisation
581,471 (75,862)
20,028
45,553 (30,600)
-
647,052 (106,462)
Carrying amount at December 31, 2006
505,609
20,028
14,953
-
540,590
2005
Goodwill
Publishingrights
Software
DM databases
Total 2005
Cost Accumulated amortisation
739,743 (213,443)
Carrying amount atJanuary 1,2005 Change in carrying amount: At January 1 Investments Acquired group companies Group companies sold Exchange differences Amortisation At December 31 Cost Accumulated amortisation Carrying amount at December 31,2005
526,300
526,300 527 12,534
-
50,175 (33,528)
16,227 (13,480)
806,145 (260,451)
16,647
2,747
545,694
16,647 4,375
2,747 4,950
(666) 5 (4,791)
51 (4,314)
545,694 9,852 32,562 (666) 316 (9,105)
20,028
260 539,621
20,028
15,570
3,434
578,653
741,065 (201,444)
20,028
52,601 (37,031)
21,325 (17,891)
835,019 (256,366)
3,434
578,653
539,621
20,028
122
15,570
The carrying amount of goodwill at December 31, by activity, consisted of: 2006 Publishing activities Direct marketing
505,609 -
2005 502,922 36,699
505,609
539,621
The major portion of the goodwill for publishing activities, amounting to EUR 492.4 million at both year-end 2006 and year-end 2005 relates to the acquisition of the former VNU Dagbladen group in 2000.As explained above,the activities of the former VNU Dagbladen group are integrated within the total Wegener newspaper activities in such a way asto create a single cash-generating unit. The net realisable value of the newspaper activities is based on the value in use, which is calculated using cash flow projections for the period up to 2009. These cash flow projections are based on the budget for 2007,thestrategic plan 2007-2009,andrecent long-termprojections.Apre-taxdiscount rate of 10.0%(2005: 10.6%)isused.Thecashflowsafter 2009areextrapolated withoutusing agrowthrate. The increase in goodwill relating to publishing activities relates to the goodwill paid on the acquisition of49%ofthe shares inthejoint ventureilocal Holding.Thenetrealisablevalueofthe goodwill isbased on the value in use, which is calculated using cash flow projections for the period up to and including 2009.These cash flow projections are based on the budget for 2007 and recent long-term projections, using apre-tax discount rateof 10%.The cash flows after 2009 areextrapolated without taking growth into account. The goodwill for direct marketing relates to the goodwill paid on the acquisition of the various group companies. The publishing rights item solely relate to the interest inAD NieuwsMedia. The net realisable valueof the publishing activities is measured using the same financial parameters as for the calculation of the goodwill for publishing activities.These cash flow projections are based on thebudget for 2007 ofAD NieuwsMedia and recent long-term projections.
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77.2.7 Property,plantand equipment Plant Land and and buildings equipment
2006 Cost Accumulated depreciation Carrying amount at January 1
2006
Change in carrying amount: At January 1 Acquired group companies Additions Group companies sold Disposals Depreciation Realised projects under constmction Exchange differences Classified as held for sale At December 31 Cost Accumulated depreciation Carrying amount at December 31, 2006
Other
In the course of constmction
Total 2006
98,501 (41,808)
214,067 (158,796)
116,674 (96,163)
629
429,871 (296,767)
56,693
55,271
20,511
629
133,104
56,693
55,271
20,511 128 3,192 (4,346) (2,167) (6,486) 438 7 (401)
629
133,104 128 6,876 (12,684) (11,901) (20,926)
6
2,386 (560) (71) (10,737) 62 15
35,930
46,366
10,876
1,052
94,224
67,210 (31,280)
214,726 (168,360)
82,568 (71,692)
1,052
365,556 (271,332)
35,930
46,366
10,876
1,052
94,224
(7,577) (9,489) (3,703)
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1,298 (201) (174) (500)
-
28 (401)
2005 Cost Accumulated depreciation Carrying amount atJanuary 1,2005 Change in carrying amount: At January 1 Additions Group companies sold Disposals Depreciation Realised projects under constmction Exchange differences At December 31
Cost Accumulated depreciation Carrying amount at December 31, 2005
Plant Land and and buildings equipment
Other
In the course of constmction
Total 2005
129,729 (54,904)
228,334 (161,615)
127,530 (102,161)
2,439
488,032 (318,680)
74,825
66,719
25,369
2,439
169,352
74,825 232 (195) (14,245) (4,494) 557 13
66,719 31 (93) (410) (12,681) 1,687 18
25,369 2,497 (2,778) (251) (8,382) 4,037 19
2,439 4,471
169,352 7,231 (3,066) (14,906) (25,557)
56,693
55,271
20,511
629
133,104
98,501 (41,808)
214,067 (158,796)
116,674 (96,163)
629
429,871 (296,767)
56,693
55,271
20,511
629
133,104
(6,281) 50
No additions were made to rotary newspaper presses or printing plants during 2006; consequently, no capitalised finance costs are included, as was the case in 2005. Property, plant, and equipment includes assets financed with a finance lease. The carrying amount of the relevant assets at the balance sheet date was:
Buildings Plant and equipment Other
2006
2005
24,355
7,744 28,541 155
24,355
36,440
The legal ownership of the relevant asset remains with the lessor until the end of the lease agreement. Atthat point, Wegener has the right, but not the obligation, to acquire the asset. Theproperty,plant, andequipment relatestoalargeextent toprinting plants,rotary newspaper presses, and ICT equipment. Office buildings are often leased. In light of the specific character of the property, plant, and equipment, it is estimated that the fair value does not differ significantly from the carrying amount.
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77.2.5 Investments in associates
At January 1 Plus: share in net profits capital contributions Less: dividend received sale of associates other changes At December 31
2006
2005
4,659 (201) 386
6,729 1,747
4,844 330
8,476 1,379 2,327 111
4,514
4,659
The associates sold in 2005 are Meteo Consult BV and GBB de Nieuwsbrengers CV en BV. The following summarised financial information can be given on the associates recognised in the balance sheet(total amounts for allcombined associates,based ontheproprietary rights held asof yearend): 2006
2005
Total assets Liabilities
8,384 3,870
8,073 3,414
Revenue Net profit
7,617 (201)
6,826 1,747
2006
2005
1,734
1,915
17.2.9 Other financial assets Loans to associates
AtJanuary 1 Add: fair value adjustment granted/capital contributions
69
Less: other changes At December 31
1,734 864
1,984 250
870
1,734
The loans to associates have remaining terms of between 7 and 17years, and bear interest at between 3.2% and 4.4%.No security has been given for these loans.
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Shares in other companies
At January 1 Add: fair value adjustment Acquired
2006
2005
214
198 16
214 16
214
Less: other changes At December 31
198
214
2006
2005
At January 1 Add: new scheme agreed
1,834 2,129
1,834
3,963 242
1,834
Less: income At December 31
3,721
1,834
2006
2005
2,361 844
2,883 1,274
3,205
4,157
Receivables from personnel under pension plans
77.2.70 Current assets Inventories
Rotary newsprint Other
Other inventories mostly relate to graphic materials such as ink and plates. Trade and other receivables 2006 Trade receivables Prepaid pension premiums Receivables from associates Other receivables, prepayments and accmed income
69,390 967 121 13,873 84,351
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2005 82,620 1,003 18,116 101,739
Trade receivables are recognised net of a provision for doubtful debts.An amount of EUR 0.4 million was added to this provision and charged to the income statement (2005:EUR 0.9 million). Cash and cash equivalents
Cash at bank Cash in hand
2006
2005
5,406 64
8,333 88
5,470
8,421
77.2.77 Equity At year-end 2006,the authorised share capital consisted of: • 65,000,000 ordinary shares with a nominal value of EUR 0.30 • 80,000,000 preference shares with a nominal value of EUR 0.30 • 15,000,000 cumulative financing preference shares with a nominal value of EUR 0.30 No preference shares have been issued. Cumulative financing preference shares In relation to cumulative financing preference shares, the following is of importance. Voting rights on cumulative financing preference shares areexercised in accordance with the fair value of the capital contribution in relation to the value of the ordinary shares in the capital of Koninklijke Wegener NV, whereby no more than one vote per cumulative financing preference share can be cast. The value ofthe ordinary shares will be calculated annually at December 31 as the arithmetic average ofthe sharepricefortheprevioustwenty stockexchangetradingdays.The valuecalculated accordingly amounted to EUR 10.62per ordinary share at year-end 2006. Based on a capital contribution of EUR 7.00 per cumulative financing preference share, the voting rights attached to these latter shares areequal to 65.9%of ordinary shares. Consequently, the voting rights satisfy therelevant provision of the Netherlands Corporate Govemance Code. The Management Board (with the approval of the Supervisory Board) may decide to reserve the profit before a preference dividend is paid out. The payment of dividends on ordinary shares will only take placeafter thedividend onthecumulativefinancing preference shareshasbeen paid.If inany particular year theprofit is not sufficient to pay the dividend on thecumulative financing preference shares,or to add such to thedividend reserves relating to thecumulative financing preference shares,thedeficit can bemade upinthefollowing financial years (accumulation provision).Apayment isowed on adividend reserve in subsequent financial years equal to the dividend percentage on the cumulative financing preference shares. From January 1, 2006 to December 31,2010, a coupon rate of 5.33% of the issue price of EUR 7.00 (2005: 6.84%) will apply.
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In the event of apublic offer for theordinary shares,theManagement Board will put the withdrawal of cumulative financing preference shares on the agenda of theAnnual General Meeting of Shareholders. The above-mentioned agreements were reached on December 6, 2005. Before that date, cumulative financing preference shares were presented as loan capital under prevailing IFRS. On December 6, 2005 it was also agreed that on January 2, 2006, 3,889,545 cumulative financing preference shareswould bepurchased attheoriginal issuepriceofEUR 7.00 pershare.This transaction was carried out in accordance with the agreements and represents a total amount of EUR 27,226,815. The amount refened to was recognised in the balance sheet at 31 December 2005 under cunent liabilities. On initial issuein 2001,8,089,718 cumulative financing preference shares were issued at an issue price of EUR 7.00 and a nominal value of EUR 0.30 per share. Depository receipts have been issued for all cumulative financing preference shares.Movements during the financial year were as follows: Numberof shares Balance at January 1,2006 Purchase at January 2,2006 Balance at December 31,2006
Issued share capital
Share premium
Cunent liabilities 27,227 (27,227)
8,089,718 (3,889,545)
1,260
28,141
4,200,173
1,260
28,141
In 2005,nochanges occurred in the number of cumulative financing preference shares. The above-mentioned 3,889,545 depository receipts for cumulative financing preference shares were purchased onJanuary 2, 2006,but have not been cancelled since then.The relevant depository receipts aretherefore held by Koninklijke WegenerNV. The preference dividend was recognised in 2005 in the income statement as finance costs, and as deferred finance costs in the balance sheet under cunent liabilities. Thedepository receipts forcumulativefinancing preference sharesarenotlistedonany stockexchange. Ordinary shares In April 2006, 200,000 ordinary shares were issued in connection with the exercising of options by former and cunent members of the Management Board. Changes during the financial year were as follows: Number Issued of shares share capital
Share premium
Balance at January 1,2006 Issue inApril 2006
44,388,842 200,000
13,317 60
134,085 2,134
Balance at December 31,2006
44,588,842
13,377
136,219
No changes took place in the number of ordinary shares in2005. The nominal value of the ordinary shares at year-end 2006 amounted to EUR 13,376,653. Depository receipts for shares had been issued for an amount of EUR 13,376,525.
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In2006,dividend of EUR 6.2 million wasdistributed on ordinary shares (2005:EUR 5.8 million).This represents EUR 0.14 per ordinary share (2005:EUR 0.13). A share plan has been introduced for the members of the Management Board starting in 2005. Depository receipts for shares are granted conditionally on an annual basis, and after three years can become unconditional. The number of depository receipts that become unconditional depends on the Economic ValueAdded ® ' achieved by Wegener over a period of three years.A minimum objective and a target objective are applied for this. The number of depository receipts granted that become unconditional depends on the extent to which the agreed EVA ® objective is achieved. A minimum objective and atarget objective are used for this.If the minimum objective is realised, then 50% of the shares are granted; ifunder the minimum, noshares aregranted.If thetarget objective isachieved, then 100% are granted, and in the case of exceptional performance 150% of the number of shares may be granted. The grant becomes unconditional after three years. The vested depository receipts must be held by a board member for a period of at least two consecutive years. The annual conditional grant of depository receipts for shares isequal to 25%of the basic salary of the chairman and 20% of the basic salary for the other members of the Management Board. In addition, a one-time extra conditional grant was also made in2005. The total number of depository receipts for shares conditionally granted was: J.C. Houwert In 2005 In 2006
E.J.F. Busweiler
J. Wegstapel
Total
15,000 8,000
10,000 5,000
10,000 5,000
35,000 18,000
23,000
15,000
15,000
53,000
Up until 2004,an option plan had been in placefor the members of the Management Board. Each year, afixednumberofoptionrightsondepository receiptsfor KoninklijkeWegenerNVshareswere granted. The Supervisory Board decided each year conceming the granting of the option rights. An option gave anentitlement toonedepository receipt for an ordinary share.These annually granted rights had aterm of five years.Options were granted at an exercise price of approximately 6-9% above the stock market price at the time of the grant.The tax due on them was charged directly to the company. The outstanding option rights were not hedged; shares were issued when the options were exercised. There is noother option scheme within Wegener.As an exception to the above-mentioned practice, the taxdueon options granted in2003waspaid by theoption holdersthemselves.Theexerciseprice of the options wasequal to the listed share price at the time of the grant.
1EVA®isaregistered trademark of Stem Stewart &Co.
130
At year-end 2006,theposition with regard tooutstanding options wasas follows:
J.C. Houwert At January 1,2006 Changes in2006: - expired - exercised
2001
2002
2003
2004
50,000
50,000
50,000
50,000
-
50,000
50,000
50,000
150,000
30,000
30,000
30,000
30,000
120,000
(30,000) 30,000
30,000
30,000
90,000
30,000
30,000
30,000
30,000
120,000
(30,000)
At December 31,2006 S.G.vander Heijden (as ofJanuary 1,2005 ex-board member) At January 1,2006 Changes in2006: - expired - exercised
(30,000)
-
At December 31,2006 J.Wegstapel (as of March 15, 2007 ex-board member) At January 1,2006 Changes in2006: - expired - exercised
30,000 (30,000)
(30,000) 30,000
30,000
30,000
30,000
30,000
30,000
120,000 (60,000)
30,000
30,000
90,000
(30,000)
At December 31, 2006 P.Nientker (as of July 1,2003ex-board member) At January 1,2006 Changes in2006: - expired - exercised
200,000 (50,000)
(50,000)
At December 31, 2006 E.J.F. Busweiler At January 1,2006 Changes in2006: - expired - exercised
Total
30,000
30,000
60,000
60,000
(30,000)
(30,000)
At December 31, 2006
-
30,000
-
-
30,000
Total option rights At December 31, 2006
-
140,000
140,000
140,000
420,000
Exercise price in euros Expiry date
11.13 05/03/06
10.04 05/02/07
3.90 05/02/08
9.09 04/29/09
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Reserves The equity attributable to equity holders of Koninklijke Wegener NV consists of the issued share capital, reserves, and the profit for the cunent year. The share premium account is the difference between the issue price and the nominal value of issued shares. The transaction costs for the issue of shares were charged to the share premium account. The cunency translation reservecomprises exchange differences arising during thetranslation of the equity and non-cunent loans of group companies reporting in foreign cunencies, detailed in the notes on the accounting principles, under "foreign cunency". Thecash flow hedging reserve consists ofthe changes infair valueofeffective hedginginterest swaps,detailed inthenotesontheaccounting principles,under "derivative financial instmments". Retained earnings relate to the balance of profits achieved in the past that was not distributed to shareholders, costs of the Management Board share plan, and goodwill being written off to the extent it was paid before January 1, 1999,as detailed in the accounting policies, under "intangible assets". The profits for the year are at the free disposal of the shareholders of Koninklijke Wegener NV. The policy relating todividends on cumulative financing preference shares isdetailed in the above notes on these shares and in the notes under the section "Dividends paid and proposed". 77.2.72 Pensions
PGB-PCM pension plan ofAD NieuwsMedia Early retirement and (pre -)pension plans Personal schemes
At January 1 Plus: carried to the income statement interest
2006
2005
5,142 34,436 641
6,419 54,018 670
40,219
61,107
2006
2005
61,107 7,839 2,082
68,035 7,630 2,731
71,028
78,396
7,581 846 385
7,009
5,407
9,313
Less: withdrawals change in discount rate divested group companies early retirement commitments released to the income statement release of commitments for health insurance contributions during retirement to the income statement
16,590
At December 31
40,219
132
967
61,107
Non-cunent Cunent
2006
2005
34,048 6,171
53,019 8,088
40,219
61,107
Of the non-cunent portion, EUR 15.7 million relates to the period after five years (year-end 2005: EUR 29.7 million). For detail on the Graphic Sector Pension Fund (PGB), including the PGB-PCM scheme that is applicable for AD NieuwsMedia, refer to the notes to the accounting principles, under "Pensions". As to the Wegener General Pension Fund (APW) a new pension plan was agreed that was introduced onJanuary 1,2005.The financing agreements relating tothis plan between thecompany pension fund, APW, and the employer, Koninklijke Wegener NV, are valid for a period of 5 years.The new pension plan means there is now a collective defined contribution plan. During the term of the agreement, the employer and the employee will pay in total a fixed contribution of originally 24% of the pension entitlement per year to the pension fund. With the resources that the pension fund has (such as contribution revenue, investment eamings and capital), the pension plan is mn on the basis of collective solidarity. Pension entitlements are accmed on the basis of the conditional average salary system, with indexation of the accmed entitlements and indexation of pensions in payment. However, these pension entitlements are only accmed and indexed if the pension fund has sufficient funds available, and under certain circumstances the entitlements already accmed could even becut back. The fixed pension contribution of 24% was agreed in light of the collective labour agreement on pensions applicable at the time, which included a maximum pension contribution of 24%.With regard to the pension provisions under the collective labour agreement, adiscussion was ongoing between the relevant partiesrelating tothesurvivingdependants' pension.In2006,finalagreements were concluded onthis matter, under whichthe survivingdependant's pension plan wereexpanded. Based on theabove, contributions were raised to 25.7%retroactively as of January 1,2005. Wegener madeanestimate ofthecosts ofthepension accmal of activeparticipants,taking into account a supplement for future collection and administrative expenses, risk of employment disability contribution exemption, solvency surcharges, longer life risk, and future indexation of the pension accmal insofar asthis cannot be financed from theexpected surplus interest. It wasestablished that the paid pension contributions do not cover the financing of (increases in) conditional entitlements or benefits which are attributable to the period of employment already served, and therefore entail conections over that past period. No agreement was reached between Wegener and the company pension fund for the period following theterm offiveyears when thefinancing agreements expire.This meansthatWegener,at theend of the five-year term, is not liable to supplement any shortfalls, and that Wegener will also not be entitled to repayment of any surplus accmed. Before the new pension plan came into effect, there were already specific contractual agreements about thefinancing ofthepension plan with theGeneral Pension Fund. Theseagreements specified thatthe maximum payablecontribution would be limited to24%(employer and employeesjointly).This maximum contribution was also paid by Wegener. Wegener had no other enforceable contractual obligations for further financing of the General Pension Fund. The arrangement agreed with theAPW qualifies as a (collective) defined contribution plan.
133
An early retirement transition plan on apay-as-you-go basis is in place for staff bom before 1950 and employed by Wegener Graphics Group, the newspaper publishers (with the exception of newspaper joumalists, who are covered by a separate plan), Wegener ICT/M, and the head office. This plan is administered by the FWG (Fonds Werktijdvermindering Oudere Werknemers in de Grafische Bedrijven), part of the Graphic Sector Pension Fund. The existing benefits are financed by the annual contributions. Employees bom onorafter January 1, 1950arenolongereligiblefor anearly retirement or pre-pension plan. For this group of employees, an optional early retirement date applies. This new plan was introduced in 2006. The above-mentioned early retirement transition plans are subject to a maximum salary limit for the purpose of early retirement benefits. These early retirement schemes have a maximum income limit on which early retirement pension benefits arepaid.Forcertain groups of employees with higher incomes, Wegener has made a commitment to supplement the sector early retirement pension plan (supplementary pension). Provisions have been formed for these commitments. The release of early retirement commitments relates totheearly retirement excess scheme and pension charges during the early retirement period. Due to the change in the early retirement schemes, part of these commitments has been released. The release of commitments for health insurance contributions during retirement is due to the introduction of the standard health insurance cover (see the relevant notes in paragraph 17.2.3). 77.2.73 Deferred tax liabilities 2006 AtJanuary 1 First time adoption IAS 39 and IFRS 2 at January 1,2005 Lower tax rate Acquired group companies Group companies sold In connection with publishing rights AD NieuwsMedia Taken to the income statement (continuing operating activities) Taken to the income statement (discontinued operating activities) Taken to equity
13,403 (1,626) (417) 930 -
9,656 (2,760) (1,127) 269 598 9,210
(992)
(2,385)
(34,274) 382
Recognised as deferred tax assets At December 31
134
2005
(58)
(22,594) 25,823
13,403 3,671
3,229
17,074
The provision relates to:
2006
Writedown for tax Property, purposes of group InvenIntangible plant and assets equipment companies tones
At January 1,2006 Lower tax rate Acquired group companies Group companies sold Taken to the income statement Taken to equity
8,510 (1,054)
Other assets and liabilities 1,510 130
16,220 1,070 (10,835) (3,482) (2,006) (88) 1,080 388
Total
(3,671) 382 (417)
13,403 (1,626) (417) 930
(22,117)
(35,266) 382
930
391
(381) (14,214) (363) 2,160
7,456
At December 31,2006
2005
4,081 (458)
Capitalised carryforward losses
3,242
619
(7,595)
(2,703)
(742) 382 2,210
(25,823) (22,594)
WriteCapidown talised for tax Other carryProperty, purposes assets and forward Intangible plant and of group Invenassets equipment companies tories PensionsProvisions liabilities losses Total
At January 1,2005 First time adoption IAS 39en IFRS 2 at January 1,2005 Lower tax rate Acquired group companies Group companies sold In connection with publishing rights AD NieuwsMedia Taken to the income statement Taken to equity At December 31,2005
5,700
(700)
(44)
22,389
1,489
(669)
(33)
(15,490)
(6,642)
304 430
6 (161)
2,860
(650)
9,656
(2,760) 9 598
9,210
9,210 (1,575)
(5,500)
(386)
3,921
3,315
1,459
(3,619) (58)
8,510
(2,760) (1,127) 269 598
4,081
16,220
1,070
(10,835)
(3,482)
1,510
(3,671)
(2,385) (58) 13,403
17.2.14 Provisions 2006
2005
Reorganizations Anniversary and leaving benefits
36,303 9,664
29,616 9,225
Recognised under non-current liabilities
45,967
38,841
135
Reorganizations 2006 AtJanuary 1 Plus: carried to the income statement Interest acquired group companies
42,854 50,887 1,139 -
Less: withdrawals released to the income statement change in discount rate At December 31
Non-cunent Cunent
2005 39,563 21,551 1,236 851
94,880 21,672 6,910 439
63,201 20,347
65,859
42,854
2006
2005
36,303 29,556
29,616 13,238
65,859
42,854
Of the non-cunent portion, EUR 3.8 million relates to the period after five years (2005: EUR 9.7 million).The provision for reorganizations relates to the costs in relation to the agreed social plans.In particular, it includes the cost of redundancy schemes, outplacement, supplementary unemployment benefits, and senior staff benefits. The costs of senior staff benefits comprise the continued payment of salary until the age of 60,and the payment of supplementary benefits in addition to existing (transition) benefits for early retirement and pre-pension between the age of 60 and65. Other provisions have been formed for the non-occupation of leased real estate for the remaining term of leasecontracts,taking intoaccounttherevenuesfrom subletting.Thereleasetotheincome statement isdue to an excess addition inthefirsthalf of 2006. In the second half of 2006 itbecame apparent that the natural staff tumover was higher than originally estimated. (See also the notes on provisions for reorganizations in paragraph 17.2.3).The provision is shown at present value, using a discount rate of 4.6 % (2005:4.0%), based on the interest-rate iBoxx 10years+Annual AA allstock index (applicable for the eurozone). Provision for anniversary and leaving benefits A one-time payment is made to employees reaching an anniversary year (certain number of years of service) or in the event of (early) retirement. The calculation of this takes into account the possibility that some employees will remain with the company based on historical averages. The provision is shown atpresent value,using adiscount rateof4.6 %(2005:4.0%),based on the interest rate iBoxx 10 years+Annual AA allstock index (applicable for theeurozone).
136
At January 1 Plus: carried to the income statement Interest acquired group companies
2006
2005
9,901 1,142 331 -
8,698 1,313 396 595
Less: withdrawals change in discount rate
11,374 824 547
11,002 1,101
At December 31
10,003
9,901
2006
2005
9,664 339
9,225 676
10,003
9,901
Non-current part Cunent part
Of the non-current portion, at year-end 2006 EUR 6.3 million related to the period after five years (year-end 2005:EUR 5.8 million). 77.2.75 Long-term interest-bearing loans
Loans by credit institutions Finance lease liabilities
2006
2005
138,287 22,890
164,124 37,149
161,177
201,273
Loans by credit institutions Creditfacility Thecredit facility relatestoageneral facility ofEUR 300million established in2005,of whichEUR 55 million isa seasonal credit facility. The facility isdecreased annually by EUR 15million, starting asof December 31, 2006.The credit period isfiveyears.In 2006,anadditional decrease inthecredit facility of EUR 20million wasreported inconnection with thesale ofWegener DM (of which EUR 10million represented a decrease in the seasonal credit facility). At the end of this period, the remaining debt of EUR 175million (exclusive seasonal credit facility) mustbepaid off. The facility wastaken upentirely in euros at year-end 2006. The interest rate is based on Euribor, increased by a certain mark-up. The interest rate mark-up is calculated in accordance with an agreed tariff system, where the mark-up is linked to the ratio of net interest-bearing debtstooperating profits (conected for exceptional items,depreciation, andchangesin pension commitments). No collateral has been provided for the facility. Such collateral cannot be provided to third parties without the permission of the financing parties (negative pledge).
137
At year-end 2006,the average effective interest rate was4.9% (year-end 2005:4.1%). The status of available and utilised credit was: 2006 Available credit at year-end Utilised credit at year-end
265,000 148,109
2005 300,000 167,081
The figure for utilised credit includes thecash and cash equivalents still available that havebeen offset. 2006
2005
At December 31 The repayments falling due in the coming year recognised under cunent liabilities and amounting to
138,287
164,124
Non-cunent liabilities at December 31
138,287
164,124
As explained above,the facility is reduced annually. Insofar as the balance of the loans under the bank facility described aboveexceedsthecredit limit attheend ofthe following year,theexcess amount will be presented as non-cunent liabilities. Finance lease liabilities These liabilities relate to the finance lease agreements for rotary newspaper presses, including peripheral equipment in The Hague and Apeldoom, computer-to-plate equipment, and real estate in Bmssels at year-end 2005. Thefinance leasecontract for the realestate inBmssels was inconnection withWegener DM Belgium. The finance lease contracts for rotary newspaper presses mn until 2009 (peripheral equipment) and 2010(printingpresses)respectively.Theliabiliyispaidoff with annuity.Attheendofthecontract term, Wegener will be entitled (but not obliged) to purchase all of the plant and equipment for the residual value at that time.The interest has been fixed for the term of the contract at 6.2%. The other lease contracts mn until 2009 at the latest. The average interest is 5.0%. 2006
2005
At December 31 The repayment commitments for the coming year are recognised under the current liabilities and amount to
27,431
41,697
4,541
4,548
Non-cunent liabilities at December 31
22,890
37,149
The repayment commitments after five years amount to EUR 3.4 million (2005: 11.8 million).
138
The minimum lease payments andtheir present valueareas follows: 2006
2005
Minimum payments
Present value
Minimum payments
Present Value
6,297 17,841
6,156 15,910
7,030 25,372 13,638
6,893 22,711 8,732
24,138 2,072
22,066
46,040 7,704
38,336
Less:discount Presentvalue
22,066
22,066
38,336
38,336
< 1year > 1yearand<5years >5years
17.2.16 Current liabilities Provisions 2006
2005
Reorganizations Anniversary andleaving benefits
29,556 339
13,238 676
Recognised under current liabilities
29,895
13,914
Please seethenotes inparagraph 17.2.14. Cumulative financing preference shares Foranexplanation ofthecumulative financing preference shares,please seethenotes onequity. Current interest-bearing liabilities 2006 Long-term loan repayment liabilities tocredit institutions Long-term finance lease liabilities Loans ofthird parties Bank credit facilities
4,541 13,391 17,932
Loans ofthird parties included debts (loan notes) toformer shareholders ofWegener DMUK. The termsandconditionsforthe short-term bank overdraft facilities arethesameasthose forthe loans from thecredit institutions.
139
2005
4,548 3,832 9.182 17,562
Other current liabilities 2006 Accmed staff costs Payable to staff Other tax and social security costs Prepaid subscriptions Payable to associates Payable pension contributions Other payable costs and accmed liabilities
42,472 2,658 16,976 57,627 502 660 36,618
2005 50,240 3,390 15,180 58,507 349 1,346 35,810
157,513
164,822
The payable staff costs include payable holiday allowance,paid leave,and profit-sharing. The payables to staff relate to commitments agreed with staff for the contribution savings scheme and employee savings scheme (former VNU Dagbladen). The schemes were modified in 2001 and new savings are now paid intoaccounts heldbythird parties.The interest is2.65%(2005:2.95%).Payable to associates relates to trade debts. 77.2.77 Financial instruments General The principal financial instmments of Wegener include bank loans and overdrafts, finance lease agreements, and cash and cash equivalents.The most important purpose of the financial instmments is tofinance thebusiness operations ofWegener.Wegener hasvariousother financial assetsand liabilities, such as trade receivables and trade payables to suppliers, which arise directly from its operations. Wegener uses interest rate swaps to hedge the risk of cash flow fluctuations due to changes in market interest rates. There are no other derivatives. Wegener does not use or issue financial instmments for trading purposes. The most important risks arising from financial instmments are interest risks. The policy is to hedge interest risks by taking out interest instmments. Interest rate risk The interest rate risk in relation to interest-bearing loans is explained in the notes to non-current liabilities.The loans from credit institutions have a variable interest rate.Interest rate swaps have been concluded for an amount of EUR 100 million (year-end 2005: EUR 149.8 million), whereby variable interest isreceived and fixed interest ispaid.The interest for this portion of the loans istherefore fixed. The term of the interest rate swaps is in line with the expected financing requirement. The interest rate swapswereconcluded entirely ineuros atyear-end 2006.The above-mentioned interest-rate swaps will mature in 2007. In 2005 and 2006, new interest rate swaps were concluded that commence in 2007.These interest rate swaps wereconcluded ineuros for atotal amount ofEUR 60million (year-end 2005:EUR 40million).
140
At year-end, the position with regard to interest rate swaps was: 2006 Amount 2003-2006 2000-2007 2003-2007 2004-2007 (ended in 2006) Total
2005
Average interest rate
-
-
75,000 25,000
5.9% 4.3%
-
-
100,000
Amount 25,000 75,000 25,000 24,806
4.1% 3.5%
20,000 40,000
Total
60,000
40,000
2006
2005
100,000
25,000 124,806
100,000
149,806
40,000
The size of the interest rate swaps concluded in the past was linked to the original financing requirements. Through refinancing and accelerated repayments (primarily out of revenues from divestments), the direct relationship between the concluded interest rate swaps and the outstanding financial debt no longerexists.The interest rate swaps aretherefore non-effective hedging.The interest rateswapsconcluded in 2005 and 2006 (2007-2012 and 2007-2010respectively) arebased on expected cash flow developments and the related repayment of interest-bearing loans.These interest rate swaps are effective hedges. Foreign currency risk There were hardly any transactions in cunencies other than those in which the company reports. Following the sale of Wegener DM, there were only a few shell companies in the United Kingdom at year-end 2006.These companies areexpected tobe liquidated in 2007. Credit risk Wegener has procedures and guidelines in place to limit credit risks for each contract party or market. These procedures, and the spread across so many customers, limit Wegener's exposure to risks associated with credit concentrations and market risks. Furthermore, subscriptions to newspapers are payable in advance. Fair value The fair valueof the loans from credit institutions isequal tothecarrying amount asthey are subject to variable interest rates. The fair value of the finance lease liabilities at year-end 2006 was EUR 28.2 million (2005:EUR 44.9 million).
141
5.2% 5.9% 4.3% 5.9%
149,806
2007-2010 2007-2012
Cunent Non-cunent
Average interest rate
3.5%
The fair value of the interest rate swaps at year-end 2006 was EUR 0.5 million negative on balance (2005: EUR 6.1 million negative). The loans to associates recognised under financial assets are of a modest scale and subject to interest rates that are only minimally different from the cunent variable market interest rates. In light of their short term, the fair value of cash and cash equivalents, cunent receivables, and cunent liabilities is almost identical to the carrying amount. 17.2.18 Information onjoint ventures The balance sheets of thejoint ventures AD NieuwsMedia (37%;as of September 1,2005) and ilocal Holding (49%;as of July 1,2006) are recognised proportionately in the balance sheet of Wegener. The total of the proportional shares in the balance sheets items are as follows:
Non-current assets Cunent assets
Non-cunent liabilities Current liabilities
2006
2005
7,775 11,992
2,750 14,313
19,767
17,063
2006
2005
26,345 20,712
11,597 24,662
47,057
36,259
The income statements of thejoint ventures AD NieuwsMedia (37%; as of September 1, 2005) and ilocal Holding (49%; as of July 1, 2006) are recognised proportionately in the income statement of Wegener. The total of the proportional shares in the income statement items are as follows: 2006
2005
Revenue Operating expenses
69,263 78,556
25,026 52,813
Profit from continuing operating activities before tax Tax
(9,293) 2,209
(27,787) 3,671
Profit for the year
(7,084)
(24,116)
These operating expenses include one-time costs in both years inconnection with reorganizations. The one-time costs in 2005 also relate to the set-up of thejoint ventureAD NieuwsMedia on September 1, 2005.
142
The cash flows of the joint ventures AD NieuwsMedia (37%; as of September 1, 2005) and ilocal Holding (49%; as of July 1, 2006) are recognised proportionately in the cash flows of Wegener. The total of the proportional shares in the cash flows are as follows: 2006 Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Net cash flows
(15,589) 54 7,456
2,972 9
(8,079)
2,981
17.2.19 Contingent liabilities Liabilities in relation to non-current assets on order At December 31, 2006, the investment commitments for non-current assets on order amounted to EUR 0.8 million (2005:EUR 1.6 million). Investment commitments Wegener has agreed toacquire 2%of the shares in ilocal Holding in 2009 (seethe notes on this subject in paragraph 17.2.3). Financing commitments Wegener has agreed to finance the start-up costs of the joint venture AD NieuwsMedia up to a maximum of EUR 16.7 million at year-end 2006. The available facility will be reduced gradually and fall due at year-end 2009 (see the notes on this subject in paragraph 17.2.3). Wegener stands surety for the financing commitments of ilocal Holding up to a maximum of EUR 2.0 million. Tax audit Auditofpayroll tax, social security contributions and employee insurance contributions In 2005, the tax authorities and the Employee Insurance Implementation Agency announced that they would be carrying out, and have since commenced, an audit of the application of the fictitiousemployment mles for thedistribution departments ofWegener newspaper companies.This audit covers the period 2000-2004. Similar audits are being carried out at several other companies in the industry, including former subsidiaries ofWegener. Inthecontext oftheseaudits,supplementary tax assessments have been imposed by the tax authorities. In nearly all cases these relate to supplementary tax assessments without any further substantiation to avoid prescription. Objection proceedings have been initiated against these supplementary tax assessments. When the former subsidiaries were sold, Wegener provided certain guarantees with regard to their tax position. The laws and regulations relating to fictitious-employment mles can be interpreted in different ways. That is why Wegener has entered into discussions with the tax authorities in order to make clear agreements on this issue. Furthermore, the industry association NDP (Nederlandse Dagbladpers) has entered intodiscussionswiththetaxauthoritiesonthesamesubject.Thesediscussionsarestill ongoing. No final agreements have therefore been reached for the future.
143
2005
It is cunently unclear if, and to what extent, payroll tax, social security contributions and employee insurance contributions can be levied retroactively on past eamings.This applies tobothWegener itself and the former subsidiaries refened to above. The results of the above-mentioned audits and the industry consultations with the tax authorities may also have consequences for the future cost level of the distribution activities. Other financial liabilities At December 31, 2006, Wegener had significant long-term commitments in relation to the lease of office buildings, cars, ICT services,and other services.These long-term commitments were concluded at market-conforming terms and conditions. The nominal value of the total commitment at December 31, 2006 amounted to EUR 139.0 million (2005:EUR 123.0 million) and ismade up as follows:
< 1year > 1year and < 5 years > 5 years
2006
2005
38,000 78,000 23,000
30,000 69,000 24,000
139,000
123,000
Security has been provided for part of the above commitments in the form of bank guarantees given to the contract parties concemed. Koninklijke Wegener NV forms a single fiscal entity with most of its Dutch group companies, both in terms of corporation tax andVAT. 77.2.20 Revenue 2006 Publishing activities Advertisements Wegener daily newspapers Advertisements ADNieuwsMedia Advertisements in free door-to-door newspapers and weeklies Subscriptions Wegener daily newspapers Subscriptions AD NieuwsMedia Graphic products Intemet products Other revenue from newspaper activities
173,665 31,008
170,269 36,395
158,508 194,130 37,314 44,805 11,903 12,135
146,443 195,830 40,288 35,898 9,296 10,916
663,468 Other publishing activities (municipal information services and magazines)
2005
4,587 668,055
645,335 10,517 655,852
For comparison purposes, the figures ofAD NieuwsMedia (37%) and Utrechts Nieuwsblad/Haagsche Courant BV (100%) were added together for the year 2005.Thejoint venture AD NieuwsMedia was set up on September 1,2005.
144
The increase inrevenuefrom graphic activities wasfor alargepartduetotheproportional consolidation of AD NieuwsMedia. In the past, printing work for Utrechts Nieuwsblad/Haagsche Courant was an internal transfer expense. Of the revenue on graphic work for AD NieuwsMedia 37% is allocated internally and 63% isextemal billing.Thesameeffect occuned inthedevelopment ofcosts (outsourced graphic work). The revenue from magazines relates to Wegener Golf and Party Publishing (through July 2006). The revenue from municipal information services relates toWegener Suurland (through March 2005). 77.2.27 Other income Other incomerelates togainsrealised onthe saleof (shareholdings in)groupcompanies,associates and real estate. In 2006, the realised gains in particular relate to the sale of Wegener Golf and Party Publishing. In 2006, real estate in Enschede was sold. In 2005, the realised gains relate to the sale of Wegener Suurland and Meteo Consult in particular. Furthermore, in 2005 they also included the gains realised on the investment ofWegener inthejoint venture asaresult ofthe first measurement ofthe fair value ofAD NieuwsMedia. In 2005,real estate inApeldoom and Breda was sold. 17.2.22 Raw materials and stores 2006
2005
61,094 8,945
55,301 8,656
70,039
63,957
2006
2005
81,543 62,341
77,995 52,905
143,884
130,900
2006
2005
245,715 28,225 1,095 89
233,230 30,533 22,515 77
275,124
286,355
Newsprint Other
77.2.23 Worksubcontracted and other external charges
Transport and distribution Other
"Other" includes the cost of outsourcing graphic and editorial work. 77.2.24 Staff costs
Salaries Social security costs Pension costs Costs of Management Board share plan
These amounts include additions to the provision for reorganizations and anniversary and leaving benefits.Afurther explanation can be found inthe notes totheconsolidated balance sheet in relation to (the additions to) these provisions (paragraph 17.2.14).
145
ESF subsidies received for training costs are deducted from staff costs. For 2006 this amounts to EUR 1.8 million (2005:EUR 2.0 million). Thecostsofthe Management Board shareplan areexplained inthenotesonequity (paragraph 17.2.11). The pension costs consists of: 2006 Contributions Graphic Sector Pension Fund (PGB) Share in cost of the PGB-PCM pension plan of AD NieuwsMedia Contributions Wegener General Pension Fund (APW) Contributions early retirement (VUT) and pre-pension plans Release of commitments for health insurance contributions during retirement Release of provision for VUT commitments Other pension contributions
2005
2,363
2,615
405 16,034 5,704
4,279 17,160 5,264
(16,590) (5,407) (1,414)
(9,313) 2,510
1,095
22,515
A further explanation can be found in the notes to the balance sheet in relation to the additions to, and release of, the provision for pension liabilities (paragraph 17.2.12). Average staffing levels on fulltime equivalent basis
Publishing activities Central services
2006
2005
4,240 97
4,621 102
4,337
4,723
Remuneration of Management Board and Supervisory Board The following amounts for the remuneration of the Management Board were charged to the income statement. Costs for prePerformance Costs Costs for pension Regular related share and salary bonuses plan pension Total 410,759 316,619 307,020
69,444 67,312 60,291
38,729 25,120 25,120
268,183 84,723 79,437
787,115 493,774 471,868
Total 2006
1,034,398
197,047
88,969
432,343
1,752,757
Total 2005
980,090
220,428
76,660
889,335
2,166,513
J.C. Houwert E.J.F. Busweiler J. Wegstapel
The regular salary and performance-related bonuses areconsidered to be short-term remuneration. The performance-related bonus depends on the retum on capital employed, the eamings per share, and
146
certain performance targets. If the performance is below a certain level, then no bonuses are granted; above acertain level, the maximum bonuses are granted. The following remuneration for the members of the Supervisory Board was charged to the income statement: Regular Salary R.W.F. van Tets H.C.P.Noten R. Pieterse C.J.M. Stütterheim J.A.J. Vink
31,000 24,000 25,000 24,000 24,000
Total 2006
128,000
Total 2005
128,000
The remuneration of members of the Supervisory Board is determined by the General Meeting of Shareholders,and isnotdependent on theperformance ofWegener.No shareoroption rights havebeen granted to the members of the Supervisory Board. 77.2.25 Amortisation ofintangible assets
Software DM databases
2006
2005
4,322
3,686
4,322
3,686
2006
2005
3,342 10,670 4,911
4,097 12,570 6,293
18,923
22,960
17.2.26 Depreciation ofproperty,plant and equipment
Buildings Plant and equipment Other
147
77.2.27 Other operating expenses 2006 Contract staff Other personnel costs Hotel, travelling, and business entertainment expenses Car costs Accommodation costs Office expenses Promotion costs Services of thirdparties
2005
12,541 7,927 9,027 6,950 16,831 10,938 19,203 36,611
12,557 7,582 9,162 7,095 21,833 11,591 16,649 34,997
120,028
121,466
2006
2005
17.2.28 Finance revenue
Interest on loans to associates Interest on cash at bank Interest on loans to discontinued operating activities Increase in fair value of non-effective interest rate swap hedges
225 409 2,394 965
273 78 298
3,993
649
2006
2005
77.2.29 Finance costs
Interest on interest-bearing loans Dividend on cumulative financing preference shares Interest on subordinated convertible debentures Amortisation of transaction costs old credit facility Amortisation of transaction costs cunent credit facilities Interest on provisions discounted to present value Decrease in fair valueofnon-effective interest rate swaphedges
10,778 659 3,822 -
7,604 3,873 1,996 3,600 1,485 4,363 415
15,259
77.2.30 Tax The applicable tax rate is the weighted average of the current rates in the different countries. For 2006 this rate was 29.6% (2005:31.5%). The reconciliation ofthetax expense based on theapplicable ratefor theprofit before taxes and thetax expense recognised in the income statement isas follows:
148
23,336
Tax based on the applicable tax rate Foreign-source losses not yet available for set-off Associates exemption Release of provision for tax liabilities due to reduction of tax rate Preference dividend Correction for previous years Other changes Tax expense according to income statement
Recognised under defened tax assets Recognised under defened tax liabilities Recognised under cunent liabilities
Effective tax rate
2006
2005
10,645 (3,287)
13,358 (547) (6,474)
(1,626) 796 326
(599) 1,220 (4,699) 1,183
6,854
3,442
2006
2005
12,157 (14,775) 9,472
(3,619) 106 6,955
6,854
3,442
2006
2005
19.1%
8.1%
The prior-year adjustment in 2006 relates to a compromise reached with the tax authorities relating to adisputeabout theallocation ofheadoffice coststoforeign activities,andtherecognition of purchasing costson acquisitions.The correction for previous years in2005 reflects acompromise reached with the tax authorities on the writing down of an investment disposed of several years ago. 77.2.37 Discontinued operating activities The sale of the DM activities was announced on October 17, 2006. All the shares in Wegener DM Intemational BV,Nieuwegein weresoldtoGreenfield CapitalPartners andlocal management. Wegener DM Intemational holds shares in the direct marketing companies in the Netherlands, Belgium, France and Scandinavia. The same press release announced that the direct marketing activities in the United Kingdom had been sold toDLG Holdings Ltd. On October 3,2006,ithad already been announced that exclusive negotiations were taking place. The transactions detailed in the announcement were fully completed in October. The shares and assets and liabilities were transferred in October and the relevant purchase prices were received in that same month. Following the sale of the activities in the United Kingdom, a number of shell companies remained. These companies will be liquidated, on the basis of which tax income can be realised. The preparations for this were already initiated in 2006, and the expected tax income is recognised in the 2006 financial statements. It is expected that the liquidation loss giving rise to the tax income will be included in the corporate income tax retums for 2007. On Febmary 13,2007, a press release was issued on the sale of the shares in Wegener Fieldmarketing Holding BV tothe management. The management already owned 10%ofthe ordinary shares.The sale of the shares inWegener Fieldmarketing took place in 2007.The gains realised on the sale will only be recognised in the financial statements for 2007. Following these divestments, Wegener no longer engages in any activities in the field of direct marketing. These activities formed a separate business
149
segment withinWegener.Inthefinancial statementsfor 2006,theresultsofWegenerDMare recognised asdiscontinued operating activities.Inaddition,theassetsand liabilities ofWegenerFieldmarketing are recognised as "held for sale"at 31 December 2006. The results of Wegener DM are: 2006
2005
Revenue Other income
77,405
107,782 189
Revenue and other income Operating expenses
77,405 78,780
107,971 111,475
Operating loss
(1,375)
(3,504)
Finance costs
(3,477)
(3,638)
Loss on discontinued operating activities before tax Loss on sales transaction Transfer of cunency translation reserve from equity Tax income/expense: - in relation to loss before tax - in relation to loss on sales transaction
(4,852) (32,786) (10,558)
(7,142)
Loss on discontinued operating activities
(13,494)
(7,679)
Losses per share (in euros) • basic, for losses from discontinued operating activities, attributable to holders of ordinary shares Koninklijke Wegener NV • diluted, for losses from discontinued operating activities, attributable to holders of ordinary shares Koninklijke Wegener NV
(0.31)
(0.18)
(0.31)
(0.18)
428 34,274
(537)
The tax income arising from the liquidation of the UK companies is included in the tax income in relation to the loss on the sales transaction. Net cash flows of Wegener DM were:
From operating activities From investment activities From financing activities Net cash flows
2006
2005
(4,583) 18,236 (21,117)
3,840 (10,829) 2,662
(7,464)
(4,327)
Cash flows from investment activities also include anetcash flow from sales transactions of EUR 24.3 million in October 2006. This amount relates to a gain of EUR 30.1 million less EUR 5.8 million of cash and cash equivalents also sold. The average staffing level on a fulltime basis in 2006 at Wegener DM was 565 (2005:801).
150
The major categories of assets and liabilities of Wegener Fieldmarketing, classified at December 31 as held for sale, were: 2006 Assets Non-cunent assets Cunent receivables
1,001 5,831
Assets held for sale
6,832
Liabilities Cunent liabilities
4,843
Liabilities directly related to assets held for sale
4,843
Net assets held for sale
1,989
The sale of Wegener Fieldmarketing was in the form of a share transaction. All assets and liabilities detailed form part of this company and its group companies. 17.2.32 Earningsper share Eamings per share are calculated by: • The basic eamings for the financial year attributable to the holders of ordinary shares, divided by: • The weighted average number of outstanding ordinary shares during the year. Eamings per sharenet ofthepreference dividend oncumulativefinancingpreference shares will accme to the holders of ordinary shares in Koninklijke Wegener NV. During the financial year, 200,000 ordinary shareswereissued inconnection withtheexercising ofoptionsbyformer andcunent members of the Management Board. These options were exercised at the beginning and end of April 2006. The average number of shares changed as a result. In 2005, no changes occuned in the number of shares outstanding,asaresult of which theaverage number wasthesame atboth thebeginning andend of that year. Eamings per share may dilute upon the exercising of the existing option rights, or when the shares granted under the Management Board share plan become unconditional. Diluted eamings per share are calculated by dividing the net profit attributable to holders of ordinary shares of Koninklijke Wegener NV by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all the potentially dilutive ordinary shares into ordinary shares. The average listed sharepriceof Koninklijke WegenerNV ordinary sharesduring 2006 wasEUR 11.75 (2005: EUR 10.05). All options havean exercise price that isbelow the average shareprice for theyear. Eamings per share therefore dilute upon exercising of these options.
151
Inthe following tables,thefigures for eamings on shares aregiven that wereused tocalculate the basic and diluted eamings per share (in thousands of euros and thousands of shares): 2006
2005
Profit for the year attributable to equity holders Koninklijke Wegener NV Preference dividend
15,525 (1,567)
30,729
Profit for theyear attributable toholders of ordinary shares Koninklijke Wegener NV
13,958
30,729
In 2005,the preference dividend was recognised as finance costs. 2006 Weighted average number ordinary shares Effect of dilution: - 2001 options - 2002 options - 2003 options - 2004 options - 2005 share plan - 2006 share plan
44,525
2005 44,389
3 22 93 32
Weighted average number ordinary shares adjusted for the effect of dilution
44,675
86 13
44,488
77.2.33 Relatedparties In addition to its shareholdings, Wegener also has a business relationship with some of its associates, whereby services and/or products are purchased from such associates. These services are provided under normal contractual terms based on market-conforming conditions.The extent and the number of these transactions is very liniited. Theremuneration ofthe Management Board andtheSupervisory Board areexplained separately.There are no other key management personnel as refened to in LAS24. 17.2.34 Wegenerprofit concepts The income statement can beaffected each year by non-recurring exceptional items, which can make a comparison of the performance in different years less straightforward. Therefore, in addition to the profit definitions used in legislation,Wegener also uses the following concepts: • Profit from continuing operating activities before exceptional items ("adjusted EBIT"). • Net profit after preference dividend before exceptional items after tax ("cash eamings") and per ordinary share ("cash eamings per share"). Net profit is the profit after appropriation to minority interests. This also allows abetter insight into the financial performance of the group.
152
Exceptional terns Below isa summary of the influence of the special items on the income account. Financial statements 2006 Continuing operating activities Other income Staff costs Depreciation of property, plant and equipment Other operating expenses Profit from continuing operating activities before tax Finance revenue/costs Tax Profit from continuing operating activities Discontinued operating activities Other income Other operating expenses Profit from continuing operating activities before tax Loss on sales transaction Transfer to cunency translation reserve from equity Tax Loss on discontinued operating activities after tax
Excluding exceptional items 2006 2005
Financial statements 2005
11,694 275,124
-
-
258,295
276,367
36,820 286,355
18,923 120,028
18,923 119,223
21,429 108,153
22,960 121,466
47,429 (11,266) (6,854) 29,108
53,369 (11,266) (11,579) 30,323
51,360 (19,087) (10,971) 23,049
63,348 (22,687) (3,442) 38,966
-
-
-
17,546
17,546
23,807
(1,375) (32,786)
(1,375)
(10,558) 34,702
(842)
189 26,658 (3,504)
-
-
-
-
-
-
428
(537)
(537)
(13,494)
(4,424)
(5,017)
(7,679)
Profit for the year
15,614
25,899
18,032
31,287
Attributable to: - shareholders of Koninklijke Wegener NV - minority interests
15,525 89
25,810 89
17,474 558
30,729 558
15,614
25,899
18,032
31,287
The exceptional items relate to the following non-recurring eamings: Continuing operating activities Other income relates to gains realised on the sale of group companies and associates and real estate (2005 also). Furthermore, also included in 2005 is the profit realised on the investment of Wegener in thejoint venture arising from the first measurement of the fair value ofAD NieuwsMedia. The exceptional items in staff costs relate tothe reorganization costs and one-time costs relating to the transition ofAD NieuwsMedia to the PGB-PCM pension fund. Also recognised under staff costs is the release of the commitments for health insurance contributions during retirement, and, as in 2005, the releaseofthe provision forearly retirement commitments. Inaddition, in2005one-timecostswerealso incurred for the harmonisation of the profit sharing schemes. In 2006, the final changes in early retirement and pre-pension benefits were carried out cost-neutral on balance.
153
The depreciation of property, plant and equipment in 2005 includes additional depreciation of certain equipment in the printing plant in The Hague that is no longer used due to the set-up of AD NieuwsMedia. Other operating expenses in 2006 relate to reorganization costs. Other operating expenses in 2005 include one-time costs in relation to the set-up of thejoint venture AD NieuwsMedia. The finance costs in 2005 relate to the transaction costs for the former bank credit recognised in the balance sheet. The tax relates to the tax effects on the above-mentioned exceptional items insofar as the participation exemption is not applicable. The tax for 2005 also includes a one-time item of income following a compromise reached with the tax authorities on the writing down for tax purposes of an investment disposed of several years ago. Discontinued operating activities The lossondiscontinued operating activities includes exceptional items,such asthe lossrealised on the sale of Wegener DM, the transfer of the cunency translation reserve, and the tax receivable arising on the liquidation of the UK companies. In 2005,the gains on the sale of several smaller DM companies were recognised under exceptional items (other income and other operating expenses). Cash earnings The net profit after preference dividend before exceptional items after tax is calculated as follows: 2006 Profit for the year attributable to equity holders Koninklijke Wegener NV Exceptional items after tax
15,525 10,285
Preference dividend
2005 30,729 (13,255)
25,810 (1,567)
17,474
24,243
17,474
2006
2005
In 2005,the preference dividend was recognised asfinance costs.
Eamings per share after preference dividend and before exceptional items after tax (in euros) • Eamings per share after preference dividend and before exceptional items after tax attributable to holders of ordinary shares Koninklijke Wegener NV • Diluted eamings per share after preference dividend and before exceptional items after tax attributable to holders of ordinary shares Koninklijke Wegener NV
0.54 0.54
0.39 0.39
Theeamingsper sharebefore exceptional itemswerecalculated based ontheweighted average number of ordinary shares and the effect of dilution within this asdetailed on paragraph 17.2.32.
154
77.2.35 Dividendspaidand proposed 2006 Approved and paid during the year: - dividend on ordinary shares for 2004:EUR 0.13 - dividend on ordinary shares for 2005:EUR 0.14
6,220
Proposed by the Management Board and approved by the Supervisory Board on March 5, 2007 (not recognised as a commitment at December 31) - preference dividend on cumulative financing preference shares for 2006:5.33%per share of EUR 7.00
1,567
Proposed for approval at the General Meeting of Shareholders (not recognised as a liability at December 31) - dividend on ordinary shares for 2005:EUR 0.14 - dividend on ordinary shares for 2006:EUR 0.19
8,472
2005 5,771
6,220
17.2.36 Notes to the consolidated cashflow statement Cash flows from operating activities Thecash flows of groupcompanies acquired and sold during theyeararerecognised asof, orupto,the transaction date. Cash flows from investing activities For the items acquisition of group companies and acquisition of associates, the cash and cash equivalents held by the group companies and associates are net of outgoing cash flows connected with the acquisitions. For the items sale of group companies and sale of associates,thecash and cash equivalents held by the group companies and associates are net of incoming cash flows connected with the sales. Cash flows from financing activities Shares issued in connection with optional stock dividends are not considered to be cash-generating.
155
Reconciliation ofbalance sheetchanges with cash flows
2006 Intangible assets Property, plant and equipment Investments in associates Deferred tax assets Interest rate swaps Other financial assets Operating capital - inventories - tax - trade and other receivables - current liabilities Assets less liabilities classified as held for sale Equity attributable toequity holders of Koninklijke Wegener NV Minority interests Deferred tax liabilities Provisions Non-current liabilities Profit for the current year Cash and cash equivalents
Balance sheet changes 38,063 38,880
145
Consolidation/ Exchange deconsoprice lidation differences 40,144 12,556 (45,166)
(310) (28)
952
387 23,121 (21,645)
181 95
8,315 20,926 21,623
(10,686) 5,025 33,737
573
(8)
(1,989) 22,370 (818) (13,845) (11,845) (42,260)
600 401 (10,049) (22,152) (1,093) (1,007)
(22,152) (1,093) (1,007)
8,714 17,388 (34,454)
Other Operating Investment Financing changes cash flow cash flow cash flow
8,714 4,807 15,768
(10,721) (1,445)
(27,227)
(1,989) (673) (710) 1,697 (346) (10,038)
920
177
156
10,558
(4,026) (197)
89
(2,951)
16,511 11,576 (14,064) 7,502 (15,525)
(27,118) 2,565 (40,644) 15,525 40,890
28,076
(72,094)
The other changes relate to balance sheet changes that are not cash flows.
2005
Balance sheet changes
Consolidation/ Exchange deconsoprice lidation differences
Intangible assets Property, plant and equipment Investments in associates Deferred tax assets Other financial assets Operating capital - inventories - tax - trade and other receivables - current liabilities Equity attributable toequity holders of Koninklijke Wegener NV Minority interests Deferred tax liabilities Provisions Non-current liabilities Profit for the current year
(32,959) 36,248 2,070 (3,671) 165
666 3,066 (4,901)
2,246 6,054 6,339 (62,689)
150
Cash and cash equivalents
(40,077)
47,323 (1,032) 7,418 (6,124) (41,465) -
(316) (50)
Operating Investment Financing cash flow cash flow cash flow
Other changes (20,028) 11,651 (3,671)
10
5,721 (4,963)
(695)
261
-
3 841
(199)
(22,386) 7,675 29,846
155
4,699 46 27,535
2,103 1,355 672 (4,558)
53,789 (1,430) 10,124 (2,421) (49,565) (30,729)
558 (2,706) (3,967) 5,948 30,729
(7) (100) 115
9,105 25,557 (34,526)
-
30,425
(80,818) (5,771) (160)
1,311
15,135
77.2.37 Events after the balance sheet date On Febmary 13, 2007, a press release was issued announcing the sale of the interest in Wegener Fieldmarketing Holding BV to the management. The management already owned 10%ofthe ordinary shares inWegener Fieldmarketing Holding BV.
157
(85,438)
17.2.38 Consolidatedgroup companies and associates Country of establishment Continuing operating activities Koninklijke Wegener NV Wegener Intemational BV Wegener Nederland BV Wegener Dagbladen BV Brabants Dagblad BV De Stentor BV DeTwentsche Courant Tubantia BV Eindhovens Dagblad BV De Gelderlander BV BN/De Stem |PZC BV Uitgeverij BN/De Stem BV Uitgeverij Provinciale Zeeuwse Courant BV AD NieuwsMedia BV Utrechts Nieuwsblad |Haagsche Courant BV Uitgeverij Nieuwsmedia BV Wegener Multimedia BV Wegener Huis-aan-Huiskranten BV Uitgeversmaatschappij De Bossche Omroep/ DeWaalwijker BV Sport Communicators VOF Wegener ICT Media BV Wegener Grafische Groep BV Wegener Bedrijfsvastgoed BV Mensenlinq BV ilocal Holding BV Wegener Golf BV Party Publishing BV
% interest December December 31,2006 31, 2005
Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 37.0 100.0 100.0 100.0 100.0
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 37.0 100.0 100.0 100.0 100.0
Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands
100.0 50.0 100.0 100.0 100.0 65.0 49.0 -
100.0 50.0 100.0 100.0 100.0 65.0 100.0 85.0
Activities held for sale Wegener Fieldmarketing Holding BV Wegener Fieldmarketing Nederland BV Career Opportunity BV Exsample Media BV P3NV Wegener Fieldmarketing Belgium bvba
Netherlands Netherlands Netherlands Netherlands Belgium Belgium
99.8 99.8 89.8 99.8 51.0 99.8
99.8 99.8 89.8 99.8 50.9 99.8
Discontinued operating activities Wegener DM Intemational BV Wegener DM Nederland BV WSM &Partners BV Wegener Direct Marketing Belgium NV Wegener DM SA Synkronis NV D-Trix NV Wegener Direct Marketing France SAS Sagone SA Wegener (UK) Marketing Plc Wegener DM Group Plc
Netherlands Netherlands Netherlands Belgium Belgium Belgium Belgium France France United Kingdom United Kingdom
100.0 100.0
100.0 100.0 74.0 100.0 100.0 100.0 100.0 92.4 99.6 100.0 100.0
2) 2) 2) 2) 2) 2) 2) 3)
158
Country of establishment Sefton Polythene Ltd. Transmail Ltd. Wegener DM - Consumer Data Ltd. Wegener DM - DJLB Ltd. Wegener DM - Results Ltd. Wegener Scandinavia AB Wegener Denmark ApS Direct Production NV Altria Database SA Associates De Nationale Regiopers CV De Nationale Regiopers Beheer BV Funda NV Peel en Maas Uitgevers BV Zeeuws Vlaams Mediabedrijf BV Deutsche Post Selekt Mail Nederland CV SW Post Beheer BV Carto Participaties BV 4DM Services BV
4) 4) 5)
Other interests in companies CV Twente Stadion ING Lease Starprint &Polaris Marketing BV Kenniswijk Regio Eindhoven BV VoiceData Bridge BV Sopres Data De Fes (Fedaso) SA Fedaso Europe SA BVAlgemeen Nederlands Persbureau ANP Group companies without business activities or intermediate holding companies Stadsnieuws BV Direct Marketing Services BV Audet Nieuwe Media BV Brabant Pers BV Uitgeversmaatschappij Gelderlander Weekbladpers BV Assurantiebedrijf Grafia BV Imatra BV Nidima BV Oostelijke Weekbladpers BV Rondo BV Suurland Holding BV Wegener België BV Wegener Music Group Intemational BV Wegener Regio Partners BV Wegener Speciale Uitgaven BV Wegener Post BV Racon Sales BVBA Bel &Informeer BV Reppu Groep BV
1] 1] lj 1) 1) 1) 1) 1) 1) 1) Y ï 1)
1)
159
2)
% interest December December 31, 2006 31,2005
United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom Sweden Denmark Belgium France
100.0 100.0 100.0 100.0 100.0
Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands
54.6 54.6 30.0 50.0 49.0 46.6 46.6 40.0
Netherlands Netherlands Netherlands Netherlands Morocco Belgium Netherlands
11.1 49.0 3.7 12.6 8.8
11.1 49.0 3.7 12.6 10.0 10.0 8.8
Netherlands Netherlands Netherlands Netherlands
100.0 100.0 100.0 100.0
100.0 100.0 100.0 100.0
Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Belgium Netherlands Netherlands
100.0 100.0 100.0
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 95.1 100.0 100.0 100.0
-
-
-
-
100.0 100.0 100.0 100.0 100.0 100.0 100.0 95.1 100.0 -
100.0
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 98.8 59.3 59.9 30.0 50.0 49.0 46.6 46.6 40.0 45.0
Country of establishment Reppu Investment BV De Nationale Voordeelcheque BV Wegener Direct Marketing Europe BV
1) 1)
Wegener (UK) BV Wegener Response Concepts France sari Wegener Hungary DM Kft Linea Directa Kft Wegener Direct Marketing SRO Direct Marketing Services Holding BV Wegener Transport BV Party Holding BV
% interest December December 31,2006 31,2005
Netherlands Netherlands Netherlands
100.0
Netherlands France Hungary Hungary Czech Republic Netherlands Netherlands Netherlands
100.0
-
100.0
-
30.0
1) Declarations of liability have been issued by Koninklijke Wegener NV for these companies. 2) Merger as at January 1,2007 3) The share of voting rights inADNieuwsMedia is50%. 4) The share of voting rights in Nationale Regiopers is50%. 5) The share of voting rights in Funda is13%.
160
-
100.0 100.0 100.0
100.0 100.0 100.0 100.0 100.0 45.0 30.0 85.0
17.3
2006 Company financial statements of Koninklijke Wegener N.V.
Company balance sheet at December 31, before proposed appropriation of profit. (a)
Assets
(in thousands ofeuros)
paragraph
Non-current assets Financial assets Interests in group companies Loans to group companies Deferred tax assets Interest rate swaps
2006
2005
17.4.3 35,141 535,968 20,060 1,093
Current assets Trade and other receivables
592,262
678,089
2,332
3,822
2,332
10,372 14,194
594,594
692,283
Tax expense
161
35,745 642,344
(b)
Equity and liabilities paragraph
Equity Issued share capital Share premium Cunency translation reserve Cash flow hedging reserve Retained eamings Profit for the year
2005
17.4.4 14,577 162,226 (9,885) (127) 53,111 30,729
14,637 164,360 -
770 77,709 15,525
Non-current liabilities Interest rate swaps Loans from credit institutions
273,001
250,631
139,969
2,164 124,968
139,969
127,132
17.2.15
3,665 1,566
17.4.5
175,500
27,227 251,935 3,984 31,374
181,624
314,520
594,594
692,283
17.2.15
Current liabilities Cumulative financing preference shares Debts to credit institutions Interest rate swaps Tax expense Other cunent liabilities
17.4
2006
893
Notes to the company balance sheet and income statement
17.4.1 Accountingpolicies The company financial statements were drawn up in accordance with Dutch reporting requirements. Use was made of the facility offered under the law to apply the same principles for company fmancial statements as for consolidated financial statements (Section 362 (8) of Part 9 of Book 2 of the Netherlands Civil Code). Therefore, with reference to the accounting policies, please see the notes to the consolidated financial statements. The shareholdings in group companies are recognised at net worth according to the IFRS principle mentioned in the financial statements. The loans to group companies are recognised at nominal value. 77.4.2 General Explanatory notes are given below only for those items that differ from theconsolidated balance sheet. 17.4.3 Non-current assets Financial assets Interests in group companies
162
Net asset value atJanuary 1 Operating profit group companies Exchange differences Transfer to loans to group companies Net asset value at December 31
2006
2005
35,745 11,589 (673) (11,520)
5,807 19,957 (684) 10,665
35,141
35,745
Loans togroup companies 2006 At January 1 Issues Repayment Transfer from interest in group companies
642,344 (117,896) 11,520
At December 31
535,968
2005 667,218 (14,209) (10,665) 642,344
Loans to group companies have a variable interest rate using theEuribor rate as reference. The Euribor rate is increased by a mark-up that islinked to the surcharge that Koninklijke Wegener NV owes for its extemal finance. No repayment schedules have been agreed. 17.4.4 Equity The equity recognised in the company financial statements is equal to the equity that is attributable to the equity holders of Koninklijke Wegener NV recognised in the consolidated financial statements.
163
The changes in equity in 2006 were: Gains and losses arising Issued Currencyfrom share Share translation cash flow Retained capital premium reserve hedges eamings AtJanuary 1,2006 Exchange differences Valuechanges in effective hedging interest rate swaps Profit for the year Issue of ordinary shares Share plan of Management Board Appropriation of profit for previous year Dividends paid on ordinary shares for 2005 Transfer to income statement
14,577
At December 31,2006
14,637
162,226
(9,885) (673)
(127)
53,111
Profit for the year 30,729
Total 250,631 (673)
897 15,525 60
2,134 89 30,729 (6,220)
(30,729)
77,709
15,525
10,558 164,360
-
770
897 15,525 2,194 89 (6,220) 10,558 273,001
The cunency translation reserve and the gains and losses arising from cash flow hedges are statutory reserves.The retained eamings are not payable for a negative value of these reserves. 17.4.5 Current liabilities Other liabilities
Debts to group companies Other liabilities
2006
2005
171,094 4,406
24,629 6,745
175,500
31,374
The debts to group companies relate to intercompany transfer for settlement of costs.In addition, bank balances held by wholly-owned groupcompanies atyear-end 2006,were granted as short-term loansto Koninklijke Wegener NV.Amounts owed to credit institutions of Koninklijke Wegener NV fell as a result. The other liabilities relate to interest charges. 17.4.6 Notes to the company income statement Since the results of Koninklijke Wegener NV are included in the consolidation, the company income statement is drawn up in an abbreviated version (as applied to Section 402 of Part 9 of Book 2 of the Netherlands Civil Code). Profit for the year isthe profit attributable to equity holders of Koninklijke WegenerNV. Thenotesrelated totheremuneration ofthe Management Board andtheSupervisory Board areincluded in the consolidated financial statements.
164
17.5
Auditors' report
To: Koninklijke WegenerN.V. Auditors' report Introduction We have audited whether the abbreviated financial statements of Koninklijke Wegener N.V ('the company'),Apeldoom, for theyears 2006 and 2005 (as set out in chapters 17.1 to 17.4 including) have been derived consistently from the audited financial statements for the years 2006 and 2005 of Koninklijke Wegener N.V. In our auditors' report dated March 5, 2007 we expressed an unqualified opinion on the financial statements of 2006 and in our auditors' report dated Febmary 27, 2006 we expressed an unqualified opinion on the financial statements of 2005. The Management Board is responsible for the preparation of the abbreviated financial statements in accordance with the accounting policies as applied in the 2006 and 2005 financial statements of the company. Our responsibility is toexpress an opinion on these abbreviated financial statements. Scope Weconducted our audit in accordance with Dutch law.This law requires that weplan and perform the audit to obtain reasonable assurance that the abbreviated financial statements have been derived consistently from the financial statements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to provide abasis for our audit opinion. Opinion In our opinion, these abbreviated financial statements have been derived consistently, in all material respects, from the financial statements. Emphasis of matter For a better understanding of the company's financial position and results and the scope of our audit, we emphasize that the abbreviated financial statements should be read in conjunction with the unabridged fmancial statements 2006 and 2005,from which the abbreviated financial statements were derived and our unqualified auditors' report thereon dated March 5, 2007 (financial statements 2006) andFebmary 27,2006(financial statements2005).Ouropinion isnotqualified inrespect ofthis matter.
Apeldoom, August 28 2007
for Emst &Young Accountants
Signed P.J.T.A. van Kleef
165
17.6
Unaudited (but "reviewed") information over the first six months of the financial year 2007
17.6.1 Consolidated balance sheet before proposed appropriation of profit (a)
Assets
(in thousands ofeuros)
June30, December31, 2006 2007
June30, 2006
Non-current assets Intangible assets Property, plant and equipment Investments in associates Defened tax assets Interest rate swaps Other financial assets
540,345 95,903 4,568 19,117 2,390 7,510
578,743 114,314 4,511 6,064
669,833 Current assets Inventories Taxes Trade and other receivables Cash and cash equivalents
540,590 94,224 4,514 25,823 1,093 4,789
671,033
2,935 3,129 82,293 3,286
3,205 84,351 5,470
91,643
93,026
Assets classified as held for sale
452 1,292
705,376
3,212 3,821 99,568 10,498
117,099
6,832 761,476
166
770,891
822,475
(b)
Equity and liabilities
(m thousands ofeuros)
June 30, December 31, 2007 2006
Total equity Equity attributable to equity holdersof Koninklijke Wegener NV Minority interests
290,196 5
273,001 295
243,509 907
290,201
273,296
244,416
32,447 8,148 42,279 155,178
34,048 3,229 45,967 161,177
36,467 13,708 61,593 226,775
238,052
244,421
338,543
5,578 23,476 26,417
6,171 29,895 17,932 1,566 34,361
5,546 22,093 4,622 2,331 38,495
Non-current liabilities Pensions Defened tax liabilities Provisions Interest-bearing loans
Current liabilities Pensions Provisions Interest-bearing loans Interest rate swaps Trade payables Taxes Other cunent liabilities
563
June 30, 2006
26,790 50,399
893
192
157,513
166,237
233,223
248,331
239,516
Liabilities for assets classified as held for sale
4,843 761,476
167
770,891
822,475
17.6.2 Consolidatedincomestatement First half 2007
First half 2006
Full year 2006
Revenue Other income
345,037 3,018
336,714 1,084
668,055 11,694
Revenue and other income
348,055
337,798
679,749
Raw materials and stores Work subcontracted and other extemal charges Staff costs Amonisation of intangible assets Depreciation of property, plant and equipment Other operating expenses
37,295 69,769 130,275 2,217 8,532 62,212
35,210 73,384 154,809 2,050 10,024 58,585
70,039 143,884 275,124 4,322 18,923 120,028
Operating expenses
310,300
334,062
632,320
37,755
3,736
47,429
(in thousands ofeuros) Continuing operating activities
Profit from continuing operating activities
(7,778) (8,127
(6,101) (5,315
(201) 3,993 (15,259) (11,467
Profit/loss from continuing operating activities before tax
29,628
(1,579)
35,962
Tax
(7,042)
Profit/loss for the period from continuing operating activities
22,586
(1,088)
29,108
1,238
(3,492)
(13,494)
Profit/loss for the period
23,824
(4,580)
15,614
Attributable to: - equity holders of Koninklijke Wegener NV - minority interests
23,829 (5)
(4,563) (17)
15,525 89
23,824
(4,580
15,614
Share of profit of associates Finance revenue Finance costs
(686)
(33)
337
819
491
(6,854)
Discontinued operating activities Profit/loss for the period on discontinued operating activities after tax
Eamings per share (in euros) • basic, for profit/loss for the period attributable to holders of ordinary shares Koninklijke Wegener NV • basic, for profit/loss from continuing operating activities attributable to holders of ordinary shares Koninklijke Wegener NV • diluted, for profit/loss for the period attributable to holders of ordinary shares Koninklijke Wegener NV • diluted, for profit/loss from continuing operating activities attributable to holders of ordinary shares Koninklijke Wegener NV
168
0.52
(0.12)
0.31
0.49
(0.04)
0.62
0.51
(0.12)
0.31
0.49
(0.04)
0.62
17.6.3 Consolidated cashflow statement (in thousands of euros) Cash flows from operating activities Revenue and other income from continuing operating activities Total expense from continuing operating activities Profit from continuing operating activities Operating loss on discontinued operating activities Adjustment for: - gains on sale of non-current assets - amortisation of intangible assets - depreciation of property, plant and equipment - changes in working capital - changes in provisions
Cash flows from operations
Firsthalf 2007
Firsthalf 2006
Fullyear 2006
348,055 310,300
337,798 334,062
679,749 632,320
37,755 1,243
3,736 (1,751)
47,429 (34,161)
(4,282) 2,221 8,546 (9,519) (14,506)
(1,486) 4,788 11,134 (4,257) 13,977
21,092 8,315 20,926 (7,281) (987)
21,458
26,141
55,333
637 337
330 770
330 954
Dividend received from associates Finance revenue received Finance costs paid Taxes received/paid
(6,570) (43)
(7,429) (995)
Net cash flows from operating activities
15,819
18,817
Cash flows from investing activities Acquisition of group companies Sale of group companies Capital contribution to associates Purchase of intangible assets Purchase of property, plant and equipment Sale of intangible assets Sale of property, plant and equipment
(726)
952 (652) (1,977) (10,257)
478 (5,606) (3,626)
(16,457)
730 40,890
(2,830) 35,869 (386) (10,686) (6,876)
46
611
-
12,356
12,985
(12,614)
4,213
28,076
2,185
-
2,194 (27,227) 10,385 (6,219) (189)
2,194 (27,227) (40,644) (6,220) (197)
Net cash flows used in financing activities
(5,386)
(21,056)
(72,094)
Net cash flows
(2,181)
1,974
(3,128)
(3)
103
177
(2,184)
2,077
(2,951)
At January 1
5,470
8,421
8,421
At June 30,December 31 respectively
3,286
10,498
5,470
Net cash flows used in investing activities Cash flows from financing activities Issue of ordinary shares Repurchasing cumulative financing preference shares Higher/lower use ofcredit facility interest-bearing loans Dividends paid toequity holders of Koninklijke Wegener NV Dividends paid by group companies to minority interests
2,485 (10,056)
Net foreign exchange difference
Changes in cash and cash equivalents
169
77.6.4 Consolidated statement ofchanges in equity (before proposed appropriation of profit) (in thousands ofeuros)
2007 AtJanuary 1,2007 Valuechanges in effective hedging interest rate swaps
Equity attributable toequity holders of Koninklijke Wegener NV Gains and losses Currency arising Issued transfrom share Share lation cash flow Retained Profit for reserve capital premium hedges eamings the year 14,637
164,360
770
-
At June 30, 2007
This relates to: - ordinary shares - cumulative financing preference shares At June 30, 2007
15,525
1,232
Total income and expense for the period recognised directly in equity Profit for the current period Total income and expense Issue of ordinary shares *) Share plan of Management Board Appropriation of profit for previous year Dividends paid for 2006: - on cumulative financing preference shares - on ordinary shares In connection with divestment of group companies Dividends paid by group companies
77,709
23,829 1,232
273,001
295
1,232
1,232
78
Minority Total Total interests equity
-
23,829
2,107
1,232 23,829 25,061 2,185
5 15,525
1,232
(5) (5)
-
-
(1,567) (8,489)
(1,567) (8,489)
14,715
166,467
2,002
83,183
23,829
290,196
13,455
138,326
2,002
83,183
23,829
260,795
1,260
28,141
14,715
166,467
29,401 83,183
23,829
290,196
*) In relation to theexercising of option rights 260,000 (depository receipts for) ordinary shares havebeen issued.
170
25,056 2,185 5
(285)
2,002
1,232 23,824
5 (15,525)
(1,567) (8,489)
273,296
5
(285)
290,201
Equity attributable to equity holders of Koninklijke Wegener NV
(in thousands of euros)
2006
Issued share Share capital premium
(9,885) 407
(127)
53,111
30,729
Total
At January 1,2006 Exchange differences Value changes in effective hedging interest rate swaps Total income and expense for the period recognised directly in equity Loss for the current period Total income and expense Issue of ordinary shares* Share plan of Management Board Appropriation of profit for previous year Dividends paid on ordinary shares for 2005 Dividends paid by group companies
14,577
At June 30, 2006
14,637
164,360
(9,478)
923
77,630
(4,563) 243,509
13,377
136,219
(9,478)
923
77,630
(4,563) 214,108
1,260 14,637
28,141 164,360
(9,478)
923
77,630
29,401 (4,563) 243,509
This relates to: - ordinary shares - cumulative financing preference shares At June 30,2006
162,226
Currency translation reserve
Gains and losses arising from cash flow Retained Profit for hedges eamings the year
1,050
250,631 407
Minority interests
Total equity
1,113
251,744 407
1,050
-
-
407
1,050
-
60
2,134
407
1,050
-
(4,563) (4,563)
9 30,729
(30,729)
(6,219)
1,457 (4,563) (3,106) 2,194
1,050
(17) (17)
9
9
-
-
(6,219)
(6,219)
-
(189) 907
* In relation to theexercising of option rights 200,000 (depository receipts for) ordinary shares have been issued.
17.6.5 Notes to the accounts overthefirst six months ofthe financial year 2007 General All figures in this half-year report weredrawn up on the basis of IFRS and in accordance with IAS 34. The accounting principles applied are the same as those used in the annual accounts for 2006. The results of Wegener Direct Marketing and Wegener Fieldmarketing have been included as discontinued operations.The figures also include book results obtained on their divestment. The profit appropriation proposed in the 2006 Annual Report was approved unchanged by the 2007 General Meeting of Shareholders held on April 25.The dividends on (depository receipts for) both ordinary and prefer-ence shares were paid out in May. Net interest-bearing debt rose from EUR 173.6 million at 2006 year-end to EUR 178.3 million as of June 30. The sale of Wegener's 8.8% interest in press news agency ANP was recently completed. This holding had been carried at actual value, and the book profit was reported under other income.
171
1,457 (4,580) (3,123) 2,194
(189) 244,416
Revenue (in thousands ofeuros) Publishing activities Advertisements Wegenerdaily newspapers Advertisements AD NieuwsMedia Advertisements free door-to-door newspapers and weeklies Subscriptions Wegener daily newspapers Subscriptions AD NieuwsMedia Graphic products Intemet products Other revenue from newspaper activities
First half 2007
First half 2006
95,180 14,767
88,812 16,438
7.2 (10.2)
173,665 31,008
85,008 97,564 17,857 21,506 7,247 5,908
77,484 97,212 18,662 22,842 5,636 5,753
9.7 0.4 (4.3) (5.8) 28.6 2.7
158,508 194,130 37,314 44,805 11,903 12,135
345,037
332,839
3.7
663,468
%
Change
Full year 2006
3,875
Other publishing activities (magazines) 345,037
336,714
4,587 2.5
668,055
Exceptional items in the consolidated income statement
(in thousands ofeuros) Other income Staff costs Other operating expenses Profit from continuing operating activities before tax Tax Profit/loss for the period on continuing operating activities Profit/loss for the period on discontinued operating activities
Reported first half 2007 3,018 130,275 62,212
Excluding Exceptional items Reported first half first half First half 2007 2006 2006 .
.
130,275 61,598
135,440 56,585
1,084 154,809 58,585
37,755 (7,042)
35,351 (7,199)
24,021 (5,494)
3,736 491
22,586
20,025
13,212
(1,088)
(3,894)
(3,492)
1,238
Cash eamings Average number of outstanding shares (in thousands) Cash eamings per share attributable to holders of ordinary shares Koninklijke Wegener NV (in euros)
(26)
44,701
44,461
0.43
0.19
The exceptional items are the book profit on the sale of Wegener's interest in press serviceANP, costs ofconsultancy with respect totheproposed takeoverbyMecom,thebook profit onthe saleofWegener Field-marketing, andtaxesonthecostsofconsultancy.Inthe2006firsthalf,theexceptional itemswere the book results realised on sales of companies and real estate, provisions for reorganizations, release of provisions for health insurance, and tax effects related to these exceptional items.
172
17.7
Auditor's review report
To: Koninklijke WegenerN.V. Review report Introduction We have reviewed the condensed consolidated interim financial information for the period January 1, 2007 up to and including June 30, 2007 shown in chapter 17.6 which comprises the condensed consolidated balance sheet, the profit and loss account, statements of cash flows and statement of changes in equity and explanatory notes of Koninklijke Wegener N.V. (the 'Company'), Apeldoom. Management of the company is responsible for the preparation and presentation of these condensed consolidated interim accountants in accordance with Intemational Financial Reporting Standards as adopted by the European Union ('IAS 34'). Our responsibility is to express a conclusion on these condensed consolidated interim accounts based on our review. Scope of Review Weconducted our review in accordance with Dutch law, including Standard 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity'. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.A review is substantially less in scope than an audit conducted in accordance with Intemational Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing hascome toour attention that causes ustobelieve that the accompanying condensed consolidated half-year report isnotprepared, inall material respects,inaccordance with IAS 34.
Apeldoom, August 28 2007
for Emst &Young Accountants
Signed P.J.T.A. van Kleef
173
18.TEXT OF THE PROPOSED AMENDMENTS OF THE WEGENER ARTICLES OF ASSOCIATION BEGRIPSBEPALINGEN. Artikel 1. In de statuten wordt verstaan onder: a. algemene vergadering: het orgaan dat gevormd wordt door stemgerechtigde aandeelhouders en andere stemgerechtigden; b. algemene vergadering van aandeelhouders: de bijeenkomst van aandeelhouders en andere personen met vergadenechten; c. certificaten: volledig en onbeperkt royeerbare certificaten van aandelen in de vennootschap. Tenzij het tegendeel blijkt, zijn daaronder mede begrepen certificaten die niet met medewerking van de vennootschap zijn uitgegeven; d. certificaathouder: houder vanmet medewerking vandevennootschap uitgegeven certificaten van aandelen.Tenzij hettegendeel blijkt, zijn daaronder medebegrepen zij diealsgevolg vaneen op een aandeel gevestigd vmchtgebmik of pandrecht de rechten hebben die de wet toekent aan houders van met medewerking van de vennootschap uitgegeven certificaten; e. uitkeerbaar deel van het eigen vermogen: het deel van het eigen vermogen dat het gestorte en opgevraagde deel van het kapitaal, vermeerderd met de reserves die krachtens de wet moeten worden aangehouden, te boven gaat; f. jaarrekening: de balans en de winst- en verliesrekening met de toelichting; g. accountant: een registeraccountant of een andere deskundige als bedoeld in artikel 2:393, Burgerlijk Wetboek, dan wel een organisatie, waarin zodanige deskundigen samenwerken; h. jaarvergadering: de algemene vergadering van aandeelhouders, bestemd tot de behandeling en vaststelling van dejaanekening; i. jaarverslag: het door deRaad van Bestuurjaarlijks schriftelijk uit te brengen verslag omtrent de zaken van de vennootschap en het gevoerde bestuur; j. dochtermaatschappij: - een rechtspersoon waarin de vennootschap of één of meer van haar dochtermaatschappijen, aldan niet krachtens overeenkomst metandere stemgerechtigden, alleen of samen meerdan de helft vandestemrechten indealgemene vergadering vandeleden of aandeelhouders van die rechtspersoon kunnen uitoefenen; - eenrechtspersoon waarvande vennootschap oféénof meer vanhaar dochtermaatschappijen lid of aandeelhouder zijn en, al dan niet krachtens overeenkomst met andere stemgerechtigden, alleen of samen meer dan de helft van de bestuurders of van de commissarissen kunnen benoemen of ontslaan, ook indien alle stemgerechtigden stemmen. Met een dochtermaatschappij wordt gelijkgesteld een onder eigen naam optredende vennootschap, waarin de vennootschap of één of meer dochtermaatschappijen als vennoot volledigjegens schuldeisers aansprakelijk is voorde schulden;één en ander met toepassing van de leden 3en 4 van artikel 2:24a, Burgerlijk Wetboek; k. groepsmaatschappij: een rechtspersoon of vennootschap die in de zin van artikel 2:24b, Burgerlijk Wetboek, met de vennootschap in een groep is verbonden; 1. afhankelijke maatschappij: - een rechtspersoon waaraan de vennootschap of één of meer afhankelijke maatschappijen alleen of samen voor eigen rekening tenminste de helft van het geplaatste kapitaal verschaffen; - een vennootschap waarvan een ondememing in het handelsregister is ingeschreven en waarvoor de vennootschap of een afhankelijke maatschappij als vennote jegens derden volledig aansprakelijk is voor alle schulden; m. Officiële Prijscourant: de Officiële Prijscourant van de naamloze vennootschap Euronext Amsterdam N.V.of een daarvoor in deplaats tredende officiële publicatie; n. Fondsenreglement: Euronext Rule Book, Book II, Algemeen Reglement Euronext Amsterdam Stock Market, zoals deze van tijd tot tijd zal luiden.
174
NAAM EN ZETEL. Artikel 2. a. De vennootschap isgenaamd: Koninklijke Wegener N.V. b. Zij is gevestigd teApeldoom. c. De vennootschap kan ook elders bedrijfsvestigingen hebben. DOEL. Artikel 3. De vennootschap heeft ten doel: a. het oprichten van, het op enigerlei wijze deelnemen in, het besturen van en het toezicht houden op ondememingen en vennootschappen die, onder meer, actief zijn in de mediasector; b. het financieren van vennootschappen en ondememingen; c. het verstrekken van adviezen en het verlenen van diensten aan ondememingen en vennootschappen waarmee de vennootschap in een groep is verbonden en aan derden; d. hetlenen,uitlenen en bijeenbrengen van geldendaaronder begrepen, hetuitgeven van obligaties, schuldbrieven of andere waardepapieren, alsmede het aangaan van daarmee samenhangende overeenkomsten; e. het verstrekken van garanties,het verbinden vandevennootschapen hetbezwaren vanactivavan de vennootschap ten behoeve van ondememingen en vennootschappen waarmee de vennootschap in een groep is verbonden en ten behoeve van derden; f. het verkrijgen, beheren, exploiteren en vervreemden van registergoederen en van vermogenswaarden in het algemeen; g. het verhandelen van valuta, effecten en vermogenswaarden in het algemeen; h. het exploiteren en verhandelen van patenten, merkrechten, vergunningen, knowhow andere industriële eigendomsrechten; i. het verrichten van alle soorten industriële, financiële en commerciële activiteiten; en al hetgeen met het vorenstaande verband houdt of daartoe bevorderlijk kan zijn, alles in de mimste zin van het woord. MAATSCHAPPELIJK KAPITAAL, SOORTEN AANDELEN. Artikel 4. 4.1 Het maatschappelijk kapitaal bedraagt vierentwintig miljoen euro (€ 24.000.000,—). 4.2. Het is verdeeld in vijfenzestig miljoen (65.000.000) gewone aandelen van dertig eurocent (€ 0,30) en vijftien miljoen (15.000.000) cumulatief financieringspreferente aandelen van dertig eurocent ( € 0,30). 4.3. Waar in de statuten wordt gesproken van aandelen en aandeelhouders worden daaronder, tenzij het tegendeel blijkt, de beide in lid 2 genoemde soorten aandelen en houders dier aandelen verstaan. De cumulatief financieringspreferente aandelen worden hiema aangeduid als preferente aandelen. AANDELEN OP NAAM. Artikel 5. Alle aandelen luiden op naam. CERTIFICERING. Artikel 6. 6.1. De vennootschap kan, onder goedkeuring van de Raad van Commissarissen, slechts medewerking aan de uitgifte van certificaten verlenen voor zover deze volledig en onbeperkt royeerbaar zijn. 6.2 De in het vorige lid bedoelde certificaten dienen aan toonder te luiden. GEEN AANDEELBEWUZEN. Artikel 7. Er worden geen aandeelbewijzen afgegeven voor aandelen. REGISTER VAN AANDEELHOUDERS. Artikel 8. 8.1. De Raad van Bestuur houdt een register waarin de namen en adressen van alle houders van aandelen zijn opgenomen, met vermelding van de datum waarop zij de aandelen verkregen
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hebben, de soort aandelen, de datum van erkenning of betekening alsmede het op ieder aandeel gestorte bedrag. Het wordt bewaard ten kantore der vennootschap. 8.2. Inhetregisterwordendenamen enadressen opgenomen vanhendieeen recht van vmchtgebmik of een pandrecht op daarin geregistreerde aandelen hebben, met vermelding van de datum waaropzij hetrechthebben verkregen,dedatum vanerkenning ofbetekening alsmede welkeaan de aandelen verbonden rechten hun toekomen. 8.3. Het register wordt regelmatig bijgehouden. In hetregister wordt mede aangetekend elk verleend ontslag van aansprakelijkheid voor nog niet gedane stortingen. 8.4. Alle inschrijvingen enaantekeningen inhetregister worden getekend dooreen bestuurder eneen lid van de Raad van Commissarissen of door een persoon, aangewezen door de Raad van Bestuur, onder goedkeuring van de Raad van Commissarissen. 8.5. De Raad van Bestuur verstrekt desgevraagd aan een aandeelhouder, een vmchtgebmiker en een pandhouder kosteloos een uittreksel uit het register met betrekking tot zijn recht opeen aandeel. 8.6. De Raad van Bestuur legt het register ten kantore van de vennootschap ter inzage van de aandeelhouders, alsmede van de vmchtgebruikers endepandhouders mits zijde rechten hebben welke toekomen aan houders van met medewerking van de vennootschap uitgegeven certificaten. De gegevens omtrent niet volgestorte aandelen zijn ter inzage van een ieder; afschrift of uittreksel wordt tegen kostprijs verstrekt. AANDELEN IN GEMEENSCHAP. Artikel 9. Indien aandelen tot een gemeenschap behoren, kunnen de gerechtigden slechts door een door hen schriftelijk aangewezen persoon hun uit die aandelen voortvloeiende rechten uitoefenen. UITGIFTE VANAANDELEN. BEVOEGD ORGAAN. Artikel 10. 10.1. Uitgifte van aandelen geschiedt ingevolge een besluit van de algemene vergadering. 10.2. De algemene vergadering kan een ander vennootschapsorgaan aanwijzen als het tot uitgifte bevoegde orgaan, voor een bepaalde duur van ten hoogste vijf jaren. Bij de aanwijzing wordt bepaald hoeveel aandelen mogen worden uitgegeven. Een bij besluit van de algemene vergadering gegeven aanwijzing kan, tenzij bij de aanwijzing anders isbepaald, niet worden ingetrokken. 10.3. Voor de geldigheid van het besluit van de algemene vergadering tot uitgifte van aandelen of tot aanwijzing van een vennootschapsorgaan is vereist een voorafgaand of gelijktijdig goedkeurend besluit van elke groep houders van aandelen van eenzelfde soort aan wier rechten de uitgifte afbreuk doet. 10.4. Binnen acht dagen na een besluit van de algemene vergadering tot uitgifte van aandelen of tot aanwijzing van een vennootschapsorgaan, wordt een volledige tekst van het betrokken besluit neergelegd ten kantore van het handelsregister. 10.5. Binnen acht dagen naafloop vanelk kalenderkwartaal doet de vennootschap ten kantore van het handelsregister opgave van elke uitgifte van aandelen in het afgelopen kwartaal met vermelding van aantal en soort. 10.6. Hetbepaalde inditartikel is van overeenkomstige toepassing op het verlenen van rechten tot het nemen van aandelen, maar is niet van toepassing op het uitgeven van aandelen aan iemand die een voordien reeds verkregen recht tot het nemen van aandelen uitoefent. VOORWAARDEN VAN UITGIFTE. VOORKEURSRECHT. Artikel 11. 11.1. Bij het besluit tot uitgifte van aandelen worden de koersen de verdere voorwaarden van uitgifte bepaald.Deuitgiftekoers magbehoudens hetbepaaldebij artikel 12lid 2niet lagerdan pari zijn. 11.2. Indien bekend is gemaakt welk bedrag zal worden uitgegeven en slechts een lager bedrag kan worden geplaatst, wordt dit laatste bedrag slechts geplaatst indien de voorwaarden van uitgifte dat uitdmkkelijk bepalen. 11.3. ledere houder van gewone aandelen heeft bij uitgifte van gewone aandelen een voorkeursrecht naar evenredigheid van het gezamenlijk bedrag van zijn gewone aandelen. Hij heeft evenwel geen voorkeursrecht op aandelen die worden uitgegeven tegen inbreng anders dan in geld. Ook
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heeft hij geen voorkeursrecht op aandelen die worden uitgegeven aan werknemers van de vennootschap of van een groepsmaatschappij. 11.4. De uitgifte met voorkeursrecht en het tijdvak waarin dat kan worden uitgeoefend worden aangekondigd in de Staatscourant, in een landelijk verspreid dagblad en in de Officiële Prijscourant. 11.5. Het voorkeursrecht kan worden uitgeoefend gedurende ten minste twee weken na de dag van aankondiging in de Staatscourant. 11.6. Het voorkeursrecht kan worden beperkt of uitgesloten door het orgaan dat bevoegd istot uitgifte te besluiten. Lid 2 van artikel 10is van overeenkomstige toepassing. 11.7. Indien aan de algemene vergadering een voorstel tot beperking of uitsluiting van het voorkeursrecht wordt gedaan moeten in het voorstel de redenen voor het voorstel en de keuze van de voorgenomen uitgiftekoers schriftelijk worden toegelicht. 11.8. Vooreen besluit vandealgemene vergadering totbeperking ofuitsluiting vanhet voorkeursrecht of tot aanwijzing van een vennootschapsorgaan dat daartoe bevoegd is, iseen meerderheid van ten minste twee derden der uitgebrachte stemmen vereist, indien minder dan de helft van het geplaatste kapitaal in de vergadering is vertegenwoordigd. Binnen acht dagen na het besluit wordt een volledige tekst daarvan neergelegd ten kantore van het handelsregister. 11.9. Bij het verlenen van rechten tot het nemen van gewone aandelen hebben de houders van gewone aandelen een voorkeursrecht; de leden 3 tot en met 8 zijn van overeenkomstige toepassing. Aandeelhouders hebben geen voorkeursrecht opaandelen dieworden uitgegeven aan iemand die een voordien reeds verkregen recht tot het nemen van aandelen uitoefent. STORTING OP AANDELEN. Artikel 12. 12.1. Bij hetnemen vanelkaandeel moetdaarophetgehele nominalebedrag worden gestort,alsmede, indien het aandeel vooreen hoger bedrag wordt genomen, het verschil tussen die bedragen. 12.2. Het is echter geoorloofd aan hen die zich in hun beroep belasten met het voor eigen rekening plaatsen van aandelen bij overeenkomst toe te staan op de door hen genomen aandelen minder te storten dan het nominale bedrag, mits tenminste 94%(vierennegentig procent) van dit bedrag uiterlijk bij het nemen van de aandelen in geld wordt gestort. STORTING IN GELD. Artikel 13. 13.1. Storting op aandelen moet in geld geschieden voorzover niet een andere inbreng is overeengekomen. 13.2. Storting in vreemd geld is mogelijk na verkregen toestemming van de vennootschap. INBRENG IN NATURA. Artikel 14. 14.1. De Raad van Bestuur isna verkregen machtiging van de Raad van Commissarissen bevoegd tot het aangaan van rechtshandelingen betreffende inbreng op gewone aandelen anders dan in geld, en van de andere rechtshandelingen genoemd in artikel 2:94, Burgerlijk Wetboek, zonder voorafgaande goedkeuring van de algemene vergadering. 14.2. Indien inbreng anders dan in geld is overeengekomen, moet hetgeen wordt ingebracht naar economische maatstaven kunnen worden gewaardeerd. Een recht op het verrichten van werk of diensten kan niet worden ingebracht. 14.3. Inbreng anders dan in geld moet onverwijld geschieden na het nemen van het aandeel. 14.4. Van hetgeen anders dan in geld wordt ingebracht wordt een beschrijving opgemaakt met vermelding van de daaraan toegekende waarde en van de toegepaste waarderingsmethoden, als voorgeschreven in artikel 2:94a lid 1,Burgerlijk Wetboek. Debeschrijving heeft betrekking op de toestand van hetgeen wordt ingebracht opeen dag die niet eerder dan vijf maanden ligt voor de dag waarop de aandelen worden genomen. De bestuurders ondertekenen de beschrijving; ontbreekt de handtekening van één of meer hunner, dan wordt daarvan onder opgave van de reden melding gemaakt.
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14.5. Overdebeschrijving vanhetgeen wordt ingebracht moeteen accountant een verklaring afleggen overeenkomstig artikel 2:94a lid 2, Burgerlijk Wetboek. 14.6. Geen beschrijving of accountantsverklaring isvereist in het geval bedoeld inartikel 2:94b, lid3, Burgerlijk Wetboek. 14.7. Binnen acht dagen nade dag waarop de aandelen zijn genomen wordt de accountantsverklaring bijdeinbrengofeen afschrift daarvan neergelegd tenkantore vanhethandelsregister met opgave vande namen van de inbrengers en van het bedrag van het aldusgestorte deel van het geplaatste kapitaal. 14.8. Het bepaalde in de leden 4, 5 en 7 is niet van toepassing voorzover de inbreng bestaat uit aandelen of certificaten van aandelen, daarin converteerbare rechten of winstbewijzen van een andere rechtspersoon, waarop de vennootschap een openbaar bod heeft uitgebracht, mits deze effecten ofeen deeldaarvan zijn toegelaten totdehandel opeen markt infinanciële instmmenten als bedoeld in artikel 1:1,Wet op het financieel toezicht. EIGEN AANDELEN. Artikel 15. 15.1. De vennootschap mag bij uitgifte geen eigen aandelen nemen. 15.2. Verkrijging door de vennootschap van niet volgestorte aandelen in haar kapitaal of certificaten daarvan is nietig. 15.3. Devennootschap magvolgestorteeigen aandelen ofcertificaten daarvan verkrijgen, doch slechts om niet of indien: a. het uitkeerbare deel van het eigen vermogen ten minste gelijk isaande verkrijgingsprijs, en b. het nominale bedrag van de aandelen in haar kapitaal of certificaten daarvan die de vennootschap verkrijgt, houdt of in pand houdt of die worden gehouden door een dochtermaatschappij, niet meer beloopt dan een tiende van het geplaatste kapitaal. Voor het vereiste in dit lid onder a is bepalend de grootte van het eigen vermogen volgens de laatst vastgestelde balans, verminderd met de verkrijgingsprijs voor aandelen in het kapitaal vandevennootschap ofcertificaten daarvan enuitkeringen uitwinst ofreservesaan anderen die zij en haar dochtermaatschappijen na de balansdatum verschuldigd werden. Is een boekjaar meer dan zes maanden verstreken zonder dat dejaarrekening is vastgesteld, dan is verkrijging overeenkomstig dit lid niet toegestaan. 15.4. Verkrijging andersdan omnietkan slechtsplaatsvinden indiendealgemene vergadering deRaad van Bestuur daartoe heeft gemachtigd. Deze machtiging geldt voor ten hoogste achttien maanden. De algemene vergadering moet in de machtiging bepalen hoeveel aandelen of certificaten daarvan mogen worden verkregen, hoe zij mogen worden verkregen entussen welke grenzen de prijs moet liggen. 15.5. De machtiging is niet vereist voor het verkrijgen van eigen aandelen of certificaten daarvan om deze krachtens een voor hen geldende regeling over te dragen aan werknemers in dienst van de vennootschap of van een groepsmaatschappij. Deze aandelen of certificaten daarvan moeten zijn opgenomen in de prijscourant van een beurs. 15.6. Verkrijging van aandelen instrijd metdeleden 3of4van ditartikel isnietig.Debestuurders zijn hoofdelijk aansprakelijk jegens de vervreemder te goeder trouw die door de nietigheid schade lijdt. Certificaten van aandelen die de vennootschap in strijd met de leden 3of 4 van dit artikel heeft verkregen, gaan ophettijdstip van verkrijging overopdegezamenlijke bestuurders. ledere bestuurder ishoofdelijk aansprakelijk voorde vergoeding aan de vennootschap van de koopprijs met de wettelijke rente daarover van dat tijdstip af. 15.7. De leden 2 tot en met 4 gelden niet voor aandelen of certificaten daarvan die de vennootschap onder algemene titel verkrijgt. 15.8. De Raad van Bestuur isbevoegd door de vennootschap gehouden eigen aandelen of certificaten daarvan te vervreemden. 15.9. Vooreen aandeel dat toebehoort aan de vennootschap of aan een dochtermaatschappij daarvan, kan in de algemene vergadering van aandeelhouders geen stem worden uitgebracht; evenmin voor een aandeel waarvan één hunner de certificaten houdt.
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Vmchtgebmikers en pandhouders van aandelen die aan de vennootschap en haar dochtermaatschappij toebehoren, zijn evenwel niet van hun stemrecht uitgesloten, indien het vmchtgebmik of pandrecht was gevestigd voordat het aandeel aan de vennootschap of een dochtermaatschappij daarvan toebehoorde. De vennootschap of een dochtermaatschappij daarvan kan geen stem uitbrengen voor een aandeel waarop zij een recht van vmchtgebmik of een pandrecht heeft. 15.10. Bij de vaststelling in hoevene de aandeelhouders stemmen, aanwezig of vertegenwoordigd zijn, of inhoevene hetaandelenkapitaal verschaft wordt ofvertegenwoordigd is,wordt geen rekening gehouden metaandelen, waarvandewetbepaalt datdaarvoor geen stemkan worden uitgebracht. 15.11. De vennootschap kan eigen aandelen of certificaten daarvan slechts in pand nemen, indien: a. de in pand te nemen aandelen volgestort zijn; b. het nominale bedrag van de inpand te nemen en reeds gehouden of inpand gehouden eigen aandelen en certificaten daarvan tezamen niet meer dan een tiende van het geplaatste kapitaal bedraagt, en c. de algemene vergadering de pandovereenkomst heeft goedgekeurd. 15.12. De vennootschap mag niet, met het oog op het nemen of verkrijgen door anderen van aandelen inhaarkapitaal ofcertificaten daarvan leningen verstrekken, zekerheid stellen,een koersgarantie geven, zich op andere wijze sterk maken of zich hoofdelijk of anderszins naast of voor anderen verbinden. Het verbod geldt niet indien de aandelen of certificaten worden verkregen door of voor rekening van werknemers in dienst van de vennootschap of van een groepsmaatschappij. Deze aandelen of certificaten moeten zijn opgenomen in de prijscourant van een beurs. Het verbod van dit lid en de uitzondering daarop gelden ook voor dochtermaatschappijen. 15.13. Een besluit van de Raad van Bestuur omtrent verkrijging en vervreemding van eigen aandelen of certificaten daarvan is onderworpen aan de goedkeuring van de Raad van Commissarissen. KAPITAALVERMINDERING. Artikel 16. 16.1. De algemene vergadering kan besluiten tot vermindering van het geplaatste kapitaal: a. door intrekking van de aandelen; of b. door het bedrag van aandelen bij statutenwijziging te verminderen, mits daardoor het geplaatste kapitaal of het gestorte deel daarvan niet geringer wordt dan in artikel 2:67, Burgerlijk Wetboek is voorgeschreven. In dit besluit moeten de aandelen waarop het besluit betrekking heeft worden aangewezen en moet de uitvoering van het besluit zijn geregeld. 16.2. Een besluit tot intrekking kan slechts betreffen: a. aandelen die de vennootschap zelf houdt of waarvan zij de certificaten houdt; of b. alle preferente aandelen, zulks met temgbetaling en/of ontheffing van stortingsplicht. 16.3. Vermindering van het bedrag van de aandelen zonder temgbetaling en zonder ontheffing van de verplichting tot storting moet naar evenredigheid op alle aandelen van eenzelfde soort geschieden. 16.4. Gedeeltelijke temgbetaling op aandelen of ontheffing van de verplichting tot storting is slechts mogelijk ter uitvoering van een besluit tot vermindering van het bedrag van de aandelen. Zulk een temgbetaling of ontheffing moet geschieden: a. ten aanzien van alle aandelen; of b. ten aanzien van de preferente aandelen. De temgbetaling of ontheffing moet naar evenredigheid van de daarin betrokken aandelen geschieden. 16.5. Voor een besluit van de algemene vergadering tot kapitaalvermindering is vereist een voorafgaand of gelijktijdig goedkeurend besluit van elke groep houders van aandelen van een zelfde soort aan wier rechten afbreuk wordt gedaan. 16.6. Vooreen besluit van de algemene vergadering tot kapitaalvermindering is een meerderheid van ten minste twee derden der uitgebrachte stemmen vereist, indien minder dan de helft van het geplaatste kapitaal in de vergadering is vertegenwoordigd. Deze bepaling is van overeenkomstige toepassing op een besluit als bedoeld in lid 5.
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16.7. De oproeping tot een algemene vergadering van aandeelhouders waarin een in dit artikel genoemd besluit wordtgenomen, vermeldt hetdoel vandekapitaalvermindering endewijze van uitvoering. Houdt de kapitaalvermindering een statutenwijziging in dan moeten degenen die zodanige oproeping hebben gedaan tegelijkertijd een afschrift van het voorstel tot kapitaalvermindering waarin de voorgedragen wijziging woordelijk is opgenomen ten kantore van de vennootschap alsook te Amsterdam ter plaatse bij de oproeping te bepalen neerleggen ter inzage en verkrijgbaar stellen voor iedere aandeelhouder tot de afloop der vergadering. Onder aandeelhouders zijn in dit lid begrepen de vmchtgebmikers en pandhouders aan wie de rechten toekomen die door de wet worden toegekend aan houders van met medewerking van een vennootschap uitgegeven certificaten van aandelen. 16.8. De vennootschap legt de in dit artikel bedoelde besluiten van de algemene vergadering neer ten kantore van het handelsregister en kondigt de nederlegging aan in een landelijk verspreid dagblad. 16.9. De vennootschap moet, op straffe van gegrondverklaring van een verzet als bedoeld in het volgende lid, voor iedere schuldeiser die dit verlangt zekerheid stellen of hem een andere waarborg geven voor de voldoening van zijn vordering. Dit geldt niet, indien de schuldeiser voldoende waarborgen heeft ofde vermogenstoestand vande vennootschap voldoende zekerheid biedt dat de vordering zal worden voldaan. 16.10. Een besluit tot vermindering van het geplaatste kapitaal wordt niet van kracht zolang verzet kan worden gedaan als bedoeld in artikel 2:100, lid 3,Burgerlijk Wetboek. Indien tijdig verzet is gedaan, wordt het besluit eerst van kracht zodra het verzet is ingetrokken ofde opheffing van het verzetuitvoerbaar is.Een voordevermindering van hetkapitaal vereiste akte van statutenwijziging kan nieteerder worden verleden. 16.11. Indien de vennootschap haar kapitaal wegens geleden verliezen vermindert tot een bedrag dat nietlagerisdan datvanhaareigen vermogen,behoeft zij geen zekerheid testellenof waarborgen te geven en wordt het besluit onmiddellijk van kracht. 16.12. De algemene vergadering kan bepalen dat een temgbetaling op gewone aandelen geheel of ten dele plaatsvindt niet in geld doch in aandelen in de vennootschap. LEVERING VAN EN VESTIGING VANVRUCHTGEBRUIK EN PANDRECHT OP AANDELEN. Artikel 17. Op de levering van aandelen, alsmede op de vestiging en levering van een beperkt recht daarop is het indewetbepaaldevantoepassing.Opelketoedeling vanaandelen bij verdelingvanenige gemeenschap zijn de door de wet voorgeschreven leveringsvereisten van overeenkomstige toepassing. RAAD VAN BESTUUR.AANTAL BESTUURDERS. BESTUURSTAAK. BESLUITVORMING. TAAKVERDELING. Artikel 18. 18.1. Het bestuur van de vennootschap is opgedragen aan een Raad van Bestuur, bestaande uit één of meer bestuurders. 18.2. Het aantal bestuurders wordt vastgesteld door de algemene vergadering. 18.3. Behoudens de beperkingen volgens de statuten isde Raad van Bestuur belast met het besturen van de vennootschap. 18.4. De Raad van Bestuur kan een reglement vaststellen, waarbij regels worden gegeven omtrent de besluitvorming van de Raad van Bestuur. Het vaststellen, wijzigen of beëindigen van het reglement behoeft de goedkeuring van de Raad van Commissarissen. 18.5. De Raad van Bestuur kan bij een taakverdeling bepalen met welke taak elke bestuurder meer in het bijzonder zal zijn belast. VERTEGENWOORDIGING. Artikel 19. 19.1. De Raad van Bestuur is bevoegd de vennootschap te vertegenwoordigen. De bevoegdheid tot vertegenwoordiging komt mede aan iedere bestuurder toe.
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19.2. De Raad van Bestuur kan functionarissen met algemene of beperkte vertegenwoordigingsbevoegdheid aanstellen.Elkhunnervertegenwoordigt devennootschap metinachtneming vande begrenzing aan zijn bevoegdheid gesteld. Hun titulatuur wordt door de Raad van Bestuur bepaald. 19.3. In alle gevallen, waarin de vennootschap metbestuurders een overeenkomst sluit of met hen een tegenstrijdig belang heeft, wordt zij vertegenwoordigd door de Raad van Commissarissen. De algemene vergadering is steeds bevoegd één of meer andere personen daartoe aan te wijzen. GOEDKEURING VANBESLUITEN VANDE RAAD VAN BESTUUR. Artikel 20. 20.1. Aan de goedkeuring van de Raad van Commissarissen zijn onderworpen de besluiten van de Raad van Bestuur tot: a. uitgifte en verkrijging van aandelen in en schuldbrieven ten laste van de vennootschap of van schuldbrieven ten laste van een commanditaire vennootschap of vennootschap onder firma waarvan de vennootschap volledig aansprakelijke vennote is; b. medewerking aan de uitgifte van certificaten; c. het aanvragen van toelating van de onder a. en b. bedoelde stukken tot de handel op een markt in financiële instmmenten als bedoeld in artikel 1:1, Wet op het financieel toezicht dan wel het aanvragen van een intrekking van zodanige toelating; d. het aangaan of verbreken van duurzame samenwerking van de vennootschap of een afhankelijke maatschappij met een andere rechtspersoon of vennootschap dan wel als volledig aansprakelijke vennote in een commanditaire vennootschap of vennootschap onder firma, indien deze samenwerking of verbreking van ingrijpende betekenis is voor de vennootschap; e. het nemen vaneen deelneming ter waarde vanten minsteeen vierde van hetbedrag van het geplaatste kapitaal met de reserves volgens de balans met toelichting van de vennootschap, door haar of een afhankelijke maatschappij in het kapitaal van een andere vennootschap, alsmede het ingrijpend vergroten of verminderen van zulk een deelneming; f. investeringen welkeeen bedrag gelijk aan ten minste een vierde gedeelte van het geplaatste kapitaal met de reserves der vennootschap volgens haar balans met toelichting vereisen; g. een voorstel tot wijziging van de statuten; h. een voorstel tot ontbinding van de vennootschap; i. aangifte van faillissement en aanvraag van surséance van betaling; j . beëindiging van de dienstbetrekking van een aanmerkelijk aantal werknemers van de vennootschap of van een afhankelijke maatschappij tegelijkertijd of binnen een kort tijdsbestek; k. ingrijpende wijziging in de arbeidsomstandigheden van een aanmerkelijk aantal werknemers van de vennootschap of van een afhankelijke maatschappij; 1. een voorstel tot vermindering van het geplaatste kapitaal; m. een voorstel tot fusie of splitsing in de zin van Titel 7, Boek 2 van het Burgerlijk Wetboek; n. het vaststellen of wijzigen van een overeenkomst waarbij betrokken is een (hoofd)redactiestatuut, voor zover de inhoud daarvan afwijkt van of aanvult aan wat als model van een zodanig statuut mocht aanbevolen of voorgeschreven zijn in een collectieve arbeidsovereenkomst voor dagbladjournalisten; o. het vertegenwoordigen der vennootschap alsaandeelhouder ineen rechtspersoon, waarin de vennootschap een deelneming heeft voor ten minste de helft van het geplaatste kapitaal, voor zover het besluiten betreft als bedoeld in de onderdelen atot en met m. 20.2. Aan de goedkeuring van de algemene vergadering zijn onderworpen de besluiten van de Raad van Bestuur omtrent een belangrijke verandering van de identiteit of het karakter van de vennootschap of de ondememing, waaronder in ieder geval is begrepen: a. overdracht van de ondememing of vrijwel de gehele onderneming aan een derde; b. het aangaan of verbreken van duurzame samenwerking van de vennootschap of een dochtermaatschappij met een andere rechtspersoon of vennootschap dan wel als volledig
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aansprakelijke vennote in een commanditaire vennootschap onder firma, indien deze samenwerking of verbreking van ingrijpende betekenis is voorde vennootschap; c. het nemen of afstoten van een deelneming in het kapitaal van een vennootschap ter waarde van ten minste een derde van het bedrag van de activa volgens de balans met toelichting of, indien de vennootschap een geconsolideerde balans opstelt, volgens de geconsolideerde balans mettoelichting volgensdelaatst vastgesteldejaarrekening vandevennootschap,door haar of een dochtermaatschappij. 20.3 De algemene vergadering casu quo de Raad van Commissarissen is bevoegd ook andere dan de in de voorgaande leden genoemde besluiten van de Raad van Bestuur aan goedkeuring te onderwerpen. Dezebesluiten dienen duidelijk omschreven teworden en schriftelijk aan de Raad van Bestuur te worden meegedeeld. 20.4. Het ontbreken van de goedkeuring van de Raad van Commissarissen dan wel de algemene vergadering terzake een besluit als bedoeld in dit artikel tast de vertegenwoordigingsbevoegdheid van de Raad van Bestuur of bestuurders niet aan, met uitzondering van het besluit als bedoeld in het eerste lid onder m. ONTSTENTENIS OF BELET. Artikel21. 21.1. Indien er meerdere bestuurders zijn, wordt bij ontstentenis of belet van één of meerdere hunner het bestuur uitgeoefend door de overige bestuurders of de overige bestuurder. 21.2. Bij ontstentenis of belet van alle bestuurders of de enige bestuurder is de Raad van Commissarissen tijdelijk met het bestuur belast, met de bevoegdheid dit aan één of meer personen uit of buiten zijn midden op te dragen. BENOEMING, SCHORSING EN ONTSLAG VAN BESTUURDERS. Artikel 22. 22.1. De algemene vergadering benoemt de bestuurders. 22.2. ledere bestuurder kan te allen tijde worden geschorst en ontslagen door de algemene vergadering. 22.3. De Raad van Commissarissen kan een bestuurder schorsen. De schorsing kan teallen tijde door de algemene vergadering worden opgeheven. BEZOLDIGING VAN BESTUURDERS. Artikel 23. 23.1. De bezoldiging en de verdere arbeidsvoorwaarden van iedere bestuurder worden vastgesteld door de algemene vergadering, met inachtneming van het beleid als bedoeld in het tweede lid. 23.2. De vennootschap heeft een beleid op het tenein van de bezoldiging van de Raad van Bestuur. Hetbeleid wordt vastgesteld doordealgemene vergadering.Inhetbezoldigingsbeleid komen ten minstedeindeartikelen 2:383ctotenmet2:383e,Burgerlijk Wetboek omschreven onderwerpen aan de orde, voor zover deze de Raad van Bestuur betreffen. 23.3. Het beloningsbeleid wordt schriftelijk en gelijktijdig met de aanbieding aan de algemene vergadering van aandeelhouders ter kennisneming aan de ondememingsraad aangeboden. RAAD VAN COMMISSARISSEN. AANTAL LEDEN. BENOEMBAARHEID. Artikel 24. 24.1. De vennootschap heeft een Raad van Commissarissen bestaande uit natuurlijke personen. De Raad van Commissarissen bestaat uit ten minste drie leden. 24.2. Het aantal leden van de Raad van Commissarissen wordt met inachtneming van het in lid 1 bepaalde vastgesteld door de algemene vergadering. Is het aantal commissarissen minder dan drie dan neemt de raad onverwijld maatregelen tot aanvulling van zijn ledental. 24.3. Commissaris kunnen niet zijn: a. personen die in dienst zijn van de vennootschap; b. personen die in dienst zijn van een afhankelijke maatschappij; c. bestuurders en personen indienst van een werknemersorganisatie welkepleegt betrokken te zijn bij de vaststelling van de arbeidsvoorwaarden van de onder a en b bedoelde personen.
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BENOEMING VAN LEDEN VANDE RAADVAN COMMISSARISSEN. Artikel 25. 25.1. De Raad van Commissarissen stelt een profielschets voor zijn omvang en samenstelling vast, rekening houdend met de aard van de ondememing, haar activiteiten en de gewenste deskundigheid en achtergrond van de commissarissen. De raad bespreekt de profielschets voor het eerst bij vaststelling en vervolgens bij iedere wijziging in de algemene vergadering van aandeelhouders en met de ondernemingsraad. 25.2. De commissarissen worden, behoudens het bepaalde in lid 7, op voordracht van de Raad van Commissarissen benoemd door de algemene vergadering. De Raad van Commissarissen maakt de voordracht gelijktijdig bekend aan de algemene vergadering van aandeelhouders en aan de ondememingsraad. De voordracht is met redenen omkleed. 25.3. De algemene vergadering en de ondememingsraad kunnen personen aanbevelen om als commissaris te worden voorgedragen. Tijdig deelt de Raad van Commissarissen hen daartoe mede wanneer, tengevolge waarvan en overeenkomstig welk profiel in zijn midden een plaats moet worden vervuld. Indien voor de plaats het in lid 5 bedoelde versterkte recht van aanbeveling geldt, doet de Raad van Commissarissen daarvan eveneens mededeling.Voorhet doen van een aanbeveling kan de Raad van Commissarissen een redelijke termijn stellen. 25.4. Bij een aanbeveling of voordracht tot benoeming worden van de kandidaat medegedeeld zijn leeftijd, zijn beroep, het bedrag aan door hem gehouden aandelen in het kapitaal van de vennootschap en de betrekkingen die hij bekleedt of die hij heeft bekleed voorzover die van belang zijn inverband metdevervulling vandetaak vaneencommissaris.Tevenswordt vermeld aan welke rechtspersonen hij reeds als commissaris is verbonden; indien zich daaronder rechtspersonen bevinden, die tot eenzelfde groep behoren, kan met de aanduiding van die groep worden volstaan. De aanbeveling en de voordracht tot benoeming of herbenoeming worden gemotiveerd. Bijherbenoeming wordt rekening gehouden metdewijze waaropdekandidaat zijn taak als commissaris heeft vervuld. 25.5. Voor een derde van het aantal leden van de Raad van Commissarissen geldt dat de Raad van Commissarissen een door de ondememingsraad aanbevolen persoon op de voordracht plaatst, tenzij de Raad van Commissarissen bezwaar maakt tegen de aanbeveling op grond van de verwachting dat de aanbevolen persoon ongeschikt zal zijn voor de vervulling van de taak van commissaris ofdat de Raad van Commissarissen bij benoeming overeenkomstig de aanbeveling niet naar behoren zal zijn samengesteld. Indien het getal van de leden van de Raad van Commissarissen nietdoordriedeelbaar is,wordt het naastgelegen lagere getal dat wel door drie deelbaar is in aanmerking genomen voor de vaststelling van het aantal leden waarvoor dit versterkte recht van aanbeveling geldt. 25.6. Indien deRaad van Commissarissen bezwaar maakt,deelt hij de ondememingsraad het bezwaar onder opgave van redenen mede.Deraad treedt onverwijld inoverleg met de ondememingsraad met het oog op het bereiken van overeenstemming over de voordracht. Indien de Raad van Commissarissen constateert dat geen overeenstemming kan worden bereikt, verzoekt een daartoe aangewezen vertegenwoordiger van de raad aan de ondernemingskamer van het gerechtshof te Amsterdam het bezwaar gegrond te verklaren. Het verzoek wordt niet eerder ingediend dan nadat vier weken zijn verstreken na aanvang van het overleg met de ondememingsraad. DeRaad vanCommissarissen plaatstdeaanbevolen persoon opde voordacht indien de ondernemingskamer het bezwaar ongegrond verklaart. Verklaart de ondernemingskamer het bezwaar gegrond, dan kan de ondememingsraad een nieuwe aanbeveling doen overeenkomstig het bepaalde in lid 5. 25.7. De algemene vergadering kan bij volstrekte meerderheid van de uitgebrachte stemmen vertegenwoordigend ten minste een derde van het geplaatste kapitaal de voordracht afwijzen. Indien de voordracht niet de steun heeft van de meerderheid van de aandeelhouders, maar deze meerderheid niet ten minste een derde van het geplaatste kapitaal ter vergadering vertegenwoordigde, kan een nieuwe vergadering worden bijeengeroepen waarin de voordracht kan worden afgewezen met volstrekte meerderheid van stemmen. Alsdan maakt de Raad van
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Commissarissen een nieuwe voordracht op.De leden 3tot en met 6 zijn van toepassing. Indien dealgemene vergadering devoorgedragen persoon nietbenoemten nietbesluit totafwijzing van de voordracht, benoemt de Raad van Commissarissen de voorgedragen persoon. 25.8. Dealgemene vergadering kandebevoegdheid diehaar volgens lid 3toekomt, vooreendoor haar te bepalen duur van telkens ten hoogste twee achtereenvolgende jaren, overdragen aan een commissie van aandeelhouders waarvan zij de leden aanwijst. In dat geval doet de Raad van Commissarissen aan decommissiedemededeling alsbedoeld in lid 3.Dealgemene vergadering kan te allen tijde de overdracht ongedaan maken. 25.9. Voor de toepassing van de statuten wordt onder de ondememingsraad verstaan de ondememingsraad als bedoeld in artikel 2:158, lid 11,Burgerlijk Wetboek. ONTBREKEN VANALLE LEDEN VANDE RAAD VAN COMMISSARISSEN. Artikel 26. 26.1. Ontbreken alle commissarissen, anders dan ingevolge het bepaalde in artikel 28 leden 7 tot en met 10,dan geschiedt de benoeming door de algemene vergadering. 26.2. De ondememingsraad kan personen voor benoeming tot commissaris aanbevelen. Degene die de algemene vergadering van aandeelhouders bijeenroept, deelt de ondememingsraad daartoe tijdig mee dat de benoeming van commissarissen onderwerp van behandeling in de algemene vergadering van aandeelhouders zal zijn, met vermelding of benoeming van een commissaris plaatsvindt overeenkomstig het aanbevelingsrecht van de ondememingsraad op grond van artikel 25 lid 5. 26.3. De leden 5, 6, 8,en 9 van artikel 25 zijn van overeenkomstige toepassing. BESLUITVORMING IN DEALGEMENE VERGADERING VAN AANDEELHOUDERS. Artikel 27. 27.1. Zowel het doen van een aanbeveling door de algemene vergadering als bedoeld in lid 3 van artikel 25 als de benoeming door de algemene vergadering als bedoeld in lid 2 van dat artikel, kunnen in één en dezelfde algemene vergadering van aandeelhouders aan de orde worden gesteld, mits met inachtneming van het bepaalde in de volgende leden van dit artikel. 27.2. De agenda voorde vergadering moet ten minste de navolgende punten bevatten: a. mededeling van het tijdstip waarop de vacature zal ontstaan en de oorzaak van haar ontstaan; b. gelegenheid tot het doen van een aanbeveling door de algemene vergadering; c. onder de opschortende voorwaarde dat door de algemene vergadering geen aanbeveling van een andere persoon zal worden gedaan: benoeming van de persoon conform de voordracht van de Raad van Commissarissen. 27.3. De naam van degene die de Raad van Commissarissen wenst voor te dragen en de gegevens bedoeld in lid 4 van artikel 25 moeten worden vermeld in de oproeping of in een stuk dat ten kantore van de vennootschap ter inzage ligt, in welk geval in de oproeping naar dit stuk moet worden verwezen. 27.4. De oproeping tot deze vergadering mag eerst geschieden indien vaststaat dat de ondernemingsraad een aanbeveling alsbedoeld in lid 3van artikel 25 heeft gedaan, of te kennen heeft gegeven zulkeen aanbeveling niet tedoen,dan wel een doordeRaad van Commissarissen vastgestelde redelijke termijn vooreen aanbeveling als vorenbedoeld, is verstreken. AFTREDING, SCHORSING EN ONTSLAG VANLEDEN VANDE RAADVAN COMMISSARISSEN. Artikel 28. 28.1. Elke commissaris treedt uiterlijk af op de dag van de eerste algemene vergadering van aandeelhouders die gehouden wordt nadat vierjaar na zijn benoeming zijn verlopen. 28.2. De commissarissen treden periodiek af volgens een door de Raad van Commissarissen vast te stellen rooster. Een wijziging in dat rooster kan niet meebrengen dat een zittend commissaris tegen zijn wil defungeert voordat de termijn waarvoor hij is benoemd, verstreken is. 28.3. Een aftredende commissariskan worden herbenoemd behoudenshetbepaalde inartikel 24,lid 3. 28.4 Een commissaris kan maximaal drie maal voor een periode van vierjaar zitting hebben in de Raad van Commissarissen.
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28.5. Deondernemingskamer vanhetgerechtshof teAmsterdam kan opeendesbetreffend verzoekeen commissaris ontslaan wegens verwaarlozing vanzijn taak, wegensandere gewichtigeredenen of wegens ingrijpende wijziging in de omstandigheden op grond waarvan handhaving als commissaris redelijkerwijze niet van de vennootschap kan worden verlangd. Het verzoek kan worden ingediend door de vennootschap, te dezen vertegenwoordigd door de Raad van Commissarissen, alsmede door een daartoe aangewezen vertegenwoordiger van de algemene vergadering of van de ondememingsraad. Artikel 25,leden 8en 9 is van overeenkomstige toepassing. 28.6. Een commissaris kan worden geschorst doorde Raad vanCommissarissen; de schorsing vervalt van rechtswege, indien devennootschap niet binnen een maand nadeaanvang der schorsing een verzoek als bedoeld in het vorige lid bij de ondernemingskamer heeft ingediend. 28.7. De algemene vergadering kan bij volstrekte meerderheid van de uitgebrachte stemmen, vertegenwoordigend ten minsteeen derde van hetgeplaatste kapitaal,het vertrouwen indeRaad van Commissarissen opzeggen.Het besluit ismet redenen omkleed. Het besluit kan niet worden genomen ten aanzien van commissarissen die zijn aangesteld door de ondernemingskamer overeenkomstig lid 9. 28.8. Een besluit als bedoeld in lid 7 wordt niet genomen dan nadat de Raad van Bestuur de ondememingsraad van het voorstel voor het besluit en de gronden daartoe in kennis heeft gesteld. De kennisgeving geschiedt ten minste dertig dagen voor de algemene vergadering van aandeelhouders waarin het voorstel wordt behandeld.Indien deondememingsraad een standpunt overhet voorstel bepaalt,steltdeRaad vanBestuurdeRaad vanCommissarissen ende algemene vergadering van aandeelhouders van dit standpunt op de hoogte. De ondememingsraad kan zijn standpunt in de algemene vergadering van aandeelhouders doen toelichten. 28.9. Het besluit bedoeld in lid 7 heeft het onmiddellijk ontslag van de leden van de Raad van Commissarissen tot gevolg. Alsdan verzoekt de Raad van Bestuur onverwijld aan de ondernemingskamer van het Gerechtshof te Amsterdam tijdelijk een of meer commissarissen aan te stellen. De ondernemingskamer regelt de gevolgen van de aanstelling. 28.10. De Raad van Commissarissen bevordert dat binnen een door de ondernemingskamer vastgestelde tennijn een nieuwe raad wordt samengesteld met inachtneming van artikel 25. BEZOLDIGING VAN LEDEN VANDE RAADVAN COMMISSARISSEN. Artikel 29. 29.1. De algemene vergadering stelt de bezoldiging van ieder lid van de Raad van Commissarissen vast. 29.2. Aan een commissaris mogen geen aandelen en/of rechten tot het nemen van aandelen bij wijze van bezoldiging worden toegekend. TAAK EN BEVOEGDHEDEN VANDE RAADVAN COMMISSARISSEN; Artikel 30. 30.1. De Raad van Commissarissen heeft tot taak toezicht te houden op het beleid van de Raad van Bestuur en op de algemene gang van zaken in de vennootschap en de met haar verbonden ondememing. Hij staat de Raad van Bestuur met raad terzijde. Bij de vervulling van hun taak richten de commissarissen zich naar het belang van de vennootschap en de met haar verbonden ondememing. 30.2. De Raad van Bestuur verschaft de Raad van Commissarissen tijdig de voor de uitoefening van de taak van de Raad van Commissarissen noodzakelijke gegevens. 30.3. De Raad van Commissarissen heeft toegang tot de gebouwen en teneinen van de vennootschap en is bevoegd de boeken en bescheiden van de vennootschap in te zien. De Raad van Commissarissen kanéén ofmeerpersonen uitzijn midden ofeen deskundige aanwijzen omdeze bevoegdheden uit te oefenen. De Raad van Commissarissen kan zich ook overigens door deskundigen laten bijstaan. 30.4. DeRaad van Bestuur stelt ten minste één keer perjaar de Raad van Commissarissen schriftelijk opdehoogte van dehoofdlijnen van het strategisch beleid, dealgemene en financiële risico's en het beheers- en controlesysteem van de vennootschap.
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WERKWIJZE EN BESLUITVORMING VAN DE RAAD VAN COMMISSARISSEN. Artikel31. 31.1. De Raad van Commissarissen benoemt uit zijn midden een voorzitter en een plaatsvervangend voorzitter, die eerstgenoemde bij diens afwezigheid vervangt. De raad wijst bij de aanvang van iedere vergadering al dan niet uit zijn midden een secretaris aan. 31.2. Bij afwezigheid van de voorzitter en de plaatsvervangend voorzitter in een vergadering wijst de vergadering zelf een voorzitter aan. 31.3. De Raad van Commissarissen vergadert telkenmale wanneer de voorzitter of een andere commissaris, dan wel de Raad van Bestuur zulks nodig acht. 31.4. Van het verhandelde in de vergadering van de Raad van Commissarissen worden notulen gehouden door de secretaris. De notulen worden in dezelfde vergadering of in een volgende vergadering van de Raad van Commissarissen vastgesteld en ten blijke daarvan door de voorzitter en de secretaris, die de notulen van de desbetreffende vergadering heeft gehouden, ondertekend. 31.5. Besluiten vandeRaad vanCommissarissen worden genomen met volstrekte meerderheid vande uitgebrachte stemmen, met dien verstandedatkrachtens het in lid 10bedoelde reglement nadere eisen aan de besluitvorming kunnen worden gesteld. Bij staking van stemmen, is het voorstel verworpen. 31.6. De Raad van Commissarissen kan in een vergadering alleen geldige besluiten nemen indien de meerderheid van decommissarissen ter vergadering aanwezig of vertegenwoordigd is. 31.7. Een commissaris kan zich door een medecommissaris bij schriftelijke volmacht doen vertegenwoordigen. Onder schriftelijke volmacht wordt verstaan elke via gangbare communicatiekanalen overgebrachte en op schrift ontvangen, danwel elektronisch vastgelegde, volmacht. Een commissaris kan voor niet meer dan één medecommissaris als gevolmachtigde optreden. 31.8. De Raad van Commissarissen kan ook buiten vergadering besluiten nemen, mits het desbetreffende voorstel aan alle commissarissen is voorgelegd en geen hunner zich tegen deze wijze van besluitvorming heeft verzet. Van een aldus genomen besluit wordt onder bijvoeging van de ingekomen antwoorden door de secretaris een relaas opgemaakt dat door de voorzitter en de secretaris wordt ondertekend. 31.9. De Raad van Commissarissen vergadert tezamen met de Raad van Bestuur zodikwijls de Raad van Commissarissen of de Raad van Bestuur zulks nodig acht. 31.10. De Raad van Commissarissen stelt een reglement vast waarin de taakverdeling en zijn verdere werkwijze worden neergelegd. 31.11 DeRaad vanCommissarissen kan zichbijdeuitoefening van zijn taakdoen bijstaan dooreen of meer deskundigen, zulks voor rekening van de vennootschap. JAARLUKSE ALGEMENE VERGADERING VAN AANDEELHOUDERS. Artikel 32. 32.1. Jaarlijks, binnen zes maanden na afloop van het boekjaar wordt dejaarvergadering gehouden. 32.2. De agenda van die vergadering vermeldt onder meer de volgende punten a. hetjaarverslag; b. vaststelling van dejaarrekening; c. reserverings- en dividendbeleid; d. uitkering van dividend; e. decharge van leden van de Raad van Bestuur en de Raad van Commissarissen; f. eventuele benoeming van leden van de Raad van Bestuur; g. eventuele benoeming van leden van de Raad van Commissarissen; h. eventuele andere voorstellen door deRaad van Commissarissen of deRaad van Bestuur aan de orde gesteld, dan wel door aandeelhouders tezamen vertegenwoordigende hetzij een/honderdste gedeelte vanhetgeplaatstekapitaaldan wel volgensdeOfficiële Prijscourant een waarde van vijftig miljoen euro ( € 50.000.000), aan de orde gesteld. 32.3. Een onderwerp waarvan de behandeling schriftelijk is verzocht door een of meer houders van aandelen die daartoe krachtens het voorgaande lid gerechtigd zijn, wordt opgenomen op de
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agenda indien de vennootschap het verzoek niet later dan op de zestigste dag voor die van de vergadering heeft ontvangen en mits geen zwaarwichtig belang van de vennootschap zich daartegen verzet. Aan de eis van schriftelijkheid wordt ook voldaan indien het verzoek elektronisch is vastgelegd. 32.4. Onder aandeelhouders zijn in dit artikel tevens begrepen de certificaathouders. ANDERE ALGEMENE VERGADERINGEN VAN AANDEELHOUDERS. Artikel 33. 33.1. Andere algemene vergaderingen van aandeelhouders worden gehouden zo dikwijls een bestuurder of één der leden van de Raad van Commissarissen zulks noodzakelijk acht, de wet zulks voorschrijft, of één of meer aandeelhouders, tezamen ten minste één/tiende van het geplaatste kapitaal vertegenwoordigende, hun verlangen daartoe schriftelijk aan de Raad van Bestuur en de Raad van Commissarissen kenbaar maken met nauwkeurige opgave der onderwerpen diezij wensen behandeld tezien.Aan deeisvan schriftelijkheid wordtook voldaan indien het verzoek elektronisch is vastgelegd. 33.2. Indien noch de Raad van Bestuur noch de Raad van Commissarissen aan het in het vorig lid bedoelde verzoek van aandeelhouders gevolg heeft gegeven, zodanig, dat de algemene vergadering vanaandeelhouders binnen zesweken nahet verzoekgehouden kan worden, kunnen de verzoekers door de voorzieningenrechter van de rechtbank worden gemachtigd zelf de oproeping te doen. 33.3. Onder aandeelhouders zijn in dit artikel tevens begrepen de certificaathouders. VERGADERINGEN VAN HOUDERS VAN PREFERENTE AANDELEN. Artikel 34. 34.1. Vergaderingen van houders van preferente aandelen worden gehouden in de gevallen dat de statuten zulks voorschrijven of toestaan of zulks noodzakelijk is tot het nemen van besluiten waartoe deze vergaderingen overeenkomstig deze statuten het uitsluitend recht hebben. Toegang tot deze vergaderingen hebben behalve de houders van aandelen van de desbetreffende soort ook degenen, die tengevolge van een op aandelen van de desbetreffende soort gevestigd vmchtgebmik of pandrecht de rechten hebben die de wet toekent aan houders van met medewerking van een vennootschap uitgegeven certificaten van aandelen alsmede de houders van certificaten welke met medewerking van de vennootschap uitgegeven zijn voor de desbetreffende soort aandelen. 34.2. Het bepaalde in de artikelen 33, 35, 36, 37 en 38 is van overeenkomstige toepassing op deze vergaderingen. 34.3. Devergadenechten kunnen worden uitgeoefend dooreen schriftelijk gemachtigde.Het bepaalde in artikel 31 lid 7 tweede volzin is van overeenkomstige toepassing. 34.4. ledere stemgerechtigde ofzijn vertegenwoordiger moetdepresentielijst tekenen met vermelding van het aantal aandelen, waarvoor hij stemrecht mag uitoefenen. 34.5. Zolang in een vergadering van de houders van preferente aandelen het gehele in de vorm van preferente aandelen geplaatste kapitaal is vertegenwoordigd, kunnen geldige besluiten worden genomen over alle aan de orde komende onderwerpen mits met algemene stemmen, ook al zijn de door de statuten gegeven voorschriften voor het oproepen en houden van vergaderingen niet in acht genomen. 34.6. Besluiten vandehouders vanpreferente aandelen kunnen ookschriftelijk worden genomen, mits met algemene stemmen, vertegenwoordigende het gehele in de vorm van preferente aandelen geplaatstekapitaal.Opschriftelijke besluitvorming alsbedoeld inditlidishetbepaaldeinartikel 31 lid 7 tweede volzin van overeenkomstige toepassing. OPROEPING. Artikel 35. 35.1. De algemene vergaderingen van aandeelhouders worden door de Raad van Commissarissen of de Raad van Bestuur bijeengeroepen. 35.2. De oproeping geschiedt niet later dan op de vijftiende dag vóórdie van de vergadering.
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35.3. Bij de oproeping worden de te behandelen onderwerpen vermeld of wordt meegedeeld dat de aandeelhouders er van kunnen kennis nemen ten kantore van de vennootschap en ter plaatse bij de oproeping te vermelden, onvemiinderd het bepaalde in artikel 16lid 7 en in artikel 49 lid 2. 35.4. In de oproeping wordt melding gemaakt van het vereiste voor toegang tot de vergadering als omschreven in artikel 39. 35.5. De oproeping geschiedt op de wijze vermeld in artikel 48. 35.6. Onderwerpen die niet bij de oproeping zijn vermeld, kunnen nader worden aangekondigd met inachtneming van de voor oproeping geldende termijn, op de wijze vermeld in artikel 48. 35.7. Tenzij in de oproeping de inhoud is opgenomen van alle stukken welke volgens de wet of de statuten voor aandeelhouders in verband met de te houden vergadering ter visie moeten liggen, moeten deze stukken bij een in de oproeping aan te wijzen betaalkantoor als bedoeld in het Fondsenreglement voor aandeelhouders gratis verkrijgbaar worden gesteld. 35.8. Onder aandeelhouders zijn in dit artikel tevens begrepen de certificaathouders. PLAATSVAN VERGADERINGEN. Artikel 36. De algemene vergaderingen van aandeelhouders worden gehouden teApeldoom of te Amsterdam. VOORZITTERSCHAP. Artikel 37. 37.1. De algemene vergaderingen van aandeelhouders worden geleid door de voorzitter van de Raad van Commissarissen en bij diens afwezigheid of weigering door de plaatsvervangend voorzitter van die raad; bij afwezigheid of weigering ook van laatstgenoemde wijzen de aanwezige commissarissen uit hun midden een voorzitter aan. Is geen der leden van de Raad van Commissarissen tervergadering aanwezigofbereid hetvoorzitterschapteaanvaarden,dan wordt de vergadering voorgezeten door een door de Raad van Bestuur aan te wijzen bestuurder. DeRaad vanCommissarissen kan voordealgemene vergadering vanaandeelhouders een andere voorzitter aanwijzen. 37.2. Indien niet volgens lid 1 in het voorzitterschap van een vergadering is voorzien, wijst de vergadering zelf een voorzitter aan. NOTULEN. AANTEKENINGEN. Artikel 38. 38.1. Van het verhandelde in elke algemene vergadering van aandeelhouders worden notulen gehouden door een secretaris die door de voorzitter wordt aangewezen. De notulen worden uiterlijk drie maanden na afloop van de vergadering aan aandeelhouders op verzoek ter beschikking gesteld, waama aandeelhouders gedurende de daarop volgende drie maanden de gelegenheid hebben om op het verslag te reageren. De notulen worden vervolgens vastgesteld doorde voorzitter eneen doorde vergadering uit haar midden aangewezen persoon enten blijke daarvan door hen getekend. 38.2. DeRaad vanCommissarissen ofde voorzitter kan bepalen dat van het verhandelde een notarieel procesverbaal van vergadering wordt opgemaakt. Het procesverbaal wordt door de voorzitter meeondertekend. 38.3. DeRaad van Bestuur houdt van de genomen besluiten aantekening. Indien de Raad van Bestuur niet tervergadering is vertegenwoordigd wordt door ofnamens de voorzitter van de vergadering een afschrift van de genomen besluiten zo spoedig mogelijk na de vergadering aan de Raad van Bestuur verstrekt. De aantekeningen liggen ten kantore van de vennootschap ter inzage van de aandeelhouders en de certificaathouders. Aan ieder van dezen wordt desgevraagd een afschrift of uittreksel van deze aantekeningen verstrekt tegen ten hoogste de kostprijs. VERGADERRECHTEN. TOEGANG. Artikel 39. 39.1. ledere aandeelhouder is bevoegd de algemene vergadering van aandeelhouders bij te wonen, daarin het woord te voeren en, indien hem dit toekomt, het stemrecht uit te oefenen. 39.2. ledere certificaathouder is bevoegd de algemene vergadering van aandeelhouders bij te wonen, daarin het woord te voeren en, indien hem dit toekomt, het stemrecht uit te oefenen, mits de stukken waamit zijn recht blijkt uiterlijk op de bij de oproeping te vermelden dag in bewaring
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zijn gegeven ter plaatse bij de oproeping te vermelden, tegen re^u, waarop het aantal aandelen dan wel certificaten wordt vermeld en hetwelk als toegangsbewijs tot de vergadering geldt. De Raad van Bestuur is gemachtigd bij de bijeenroeping van een algemene vergadering van aandeelhouders te bepalen dat zij die op een daarbij te bepalen tijdstip de stem- of vergadenechten hebben en als zodanig zijn ingeschreven in een door de Raad van Bestuur aangewezen register ten tijde van de algemene vergadering van aandeelhouders als stem- of vergadergerechtigde hebben te gelden, ongeacht wie ten tijde van die vergadering de rechthebbenden op de aandelen zijn. 39.3. De vergadenechten volgens lid 1 en lid 2 kunnen worden uitgeoefend door een schriftelijk gevolmachtigde, mitsonverminderd hetvereiste vankennisgeving onderscheidenlijk in bewaring geving, uiterlijk opde bij deoproeping te vermelden dagde volmacht doordeRaad van Bestuur isontvangen. Het bepaalde in artikel 31 lid 7tweede volzin is van overeenkomstige toepassing. 39.4. De bij de oproeping te vermelden dag bedoeld in lid 2, eerste volzin, kan niet vroeger worden gesteld dan op de zevende dag vóór die van de vergadering. 39.5. De bij de oproeping te vermelden dag bedoeld in lid 2, tweede volzin, en kan niet vroeger worden gesteld dan opde dertigste dag vóór die van de vergadering. 39.6 Ieder gewoon en ieder preferent aandeel geeft recht op één stem. 39.7. ledere stemgerechtigde of zijn vertegenwoordiger moet de presentielijst tekenen, met vermelding van het aantal aandelen waarvoor hij stemrecht mag uitoefenen. 39.8. De leden vandeRaad vanCommissarissen endebestuurders hebben alszodanig inde algemene vergadering van aandeelhouders een raadgevende stem. 39.9. Omtrent toelating van andere dan de hiervoor in dit artikel genoemde personen beslist de voorzitter. 39.10. Indien met medewerking van de vennootschap certificaten zijn uitgegeven zijn uitgegeven die zijn toegelaten tot de handel op een markt in financiële instmmenten als bedoeld in artikel 1:1, Wetophetfinancieel toezicht wordtdehouder vandecertificaten opzijn verzoek gevolmachtigd om met uitsluiting van de volmachtgever het stemrecht verbonden aan het desbetreffende aandeel ofde desbetreffende aandelen uit teoefenen inde inde volmacht aangegeven algemene vergadering vanaandeelhouders,overeenkomstig hetbepaalde in- enonderdevoorwaarden van - artikel 2:118a, Burgerlijk Wetboek. STEMMINGEN. BESLUITVORMING. Artikel 40. 40.1. Voorzover de wet of de statuten geen grotere meerderheid voorschrijven worden alle besluiten genomen met volstrekte meerderheid van de uitgebrachte stemmen. 40.2. Indien bijeen verkiezing vanpersonen niemand devolstrekte meerderheid heeft verkregen, heeft een tweede vrije stemming plaats. Heeft alsdan opnieuw niemand de volstrekte meerderheid verkregen, dan vinden herstemmingen plaats, totdat hetzij een persoon de volstrekte meerderheid heeft verkregen, hetzij tussen twee personen is gestemd en de stemmen staken. Bij gemelde herstemmingen (waaronder niet begrepen detweede vrije stemming) wordt telkens gestemd tussen de personen op wie bij de voorafgaande stemming is gestemd, evenwel uitgezonderd depersoon, op wiebij de voorafgaande stemming het geringste aantal stemmen is uitgebracht. Is bij de voorafgaande stemming het geringste aantal stemmen op meer dan één persoon uitgebracht, dan wordt door loting uitgemaakt op wie van die personen bij de nieuwe stemming geen stemmen meerkunnen wordenuitgebracht.Ingevalbijeen stemmingtussen twee personen de stemmen staken, beslist het lot wie van beiden is gekozen. 40.3. Stakendestemmen bijeen andere stemmingdan een verkiezing vanpersonen,dan ishet voorstel verworpen. 40.4. Alle stemmingen geschieden mondeling. Echter kan de voorzitter bepalen, dat de stemmen schriftelijk worden uitgebracht. Indien het betreft een verkiezing van personen kan ook een aanwezige stemgerechtigde verlangen dat de stemmen schriftelijk worden uitgebracht. Schriftelijke stemming geschiedt bij gesloten, ongetekende stembriefjes. 40.5. Blanco stemmen en stemmen van onwaarde gelden als niet uitgebracht.
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40.6. Stemming bij acclamatie is mogelijk wanneer niemand der aanwezige stemgerechtigden zich daartegen verzet. 40.7. Hetter vergadering uitgesproken oordeel vande voorzitter omtrent deuitslag vaneen stemming, isbeslissend. Hetzelfde geldt voorde inhoud van een genomen besluit voorzover gestemd werd over een niet schriftelijk vastgelegd voorstel. Wordt echter onmiddellijk na het uitspreken van dat oordeel de juistheid daarvan betwist, dan vindt een nieuwe stemming plaats wanneer de meerderheid der aanwezige stemgerechtigden, of indien de oorspronkelijke stemming niet hoofdelijk of schriftelijk geschiedde, een stemgerechtigde aanwezige dit verlangt. Door deze nieuwe stemming vervallen de rechtsgevolgen van de oorspronkelijke stemmingen. BOEKJAAR. OPMAKEN JAARREKENING. JAARVERSLAG. Artikel41. 41.1. Het boekjaar valt samen met het kalenderjaar. 41.2. Jaarlijks, binnen vijf maanden na afloop van het boekjaar, behoudens verlenging van deze termijn met ten hoogste zes maanden door de algemene vergadering op grond van bijzondere omstandigheden, maakt de Raad van Bestuur eenjaarrekening op en legt deze tezamen met het jaarverslag over aan de Raad van Commissarissen. 41.3. Binnen de inlid 2genoemde termijn legtdeRaad vanBestuur deopgemaaktejaarrekening voor deaandeelhouders terinzagetenkantore vandevennootschap.Binnen dezetermijn legtdeRaad van Bestuur ook hetjaarverslag over. 41.4. De jaanekening wordt ondertekend door de bestuurders en de commissarissen; ontbreekt de ondertekening van één of meer hunner, dan wordt daarvan onder opgave van reden melding gemaakt. 41.5. Hetjaarverslag van de Raad van Bestuur wordt gescheiden gehouden van de toelichting op de balans en de winst- en verliesrekening. 41.6. Op dejaanekening en hetjaarverslag is voorts Titel 9, Boek 2 van het Burgerlijk Wetboek van toepassing. ACCOUNTANT. Artikel 42. 42.1. De vennootschap verleent aan een accountant de opdracht tot onderzoek van de jaarrekening. 42.2. Tot het verlenen van de opdracht is de algemene vergadering bevoegd. Gaat deze daartoe niet over, dan is de Raad van Commissarissen bevoegd of, zocommissarissen ontbreken of de Raad van Commissarissen in gebreke blijft, de Raad van Bestuur. Deaanwijzing vaneen accountant wordtdoorgenerlei voordrachtbeperkt;deopdrachtkanteallen tijde worden ingetrokken door de algemene vergadering en door degene die haar heeft verleend; de door deRaad van Bestuur verleende opdracht kan bovendien door deRaad van Commissarissen worden ingetrokken. 42.3. De accountant brengt omtrent zijn onderzoek verslag uitaandeRaad vanCommissarissen en de Raad van Bestuur. 42.4. De accountant geeft de uitslag van zijn onderzoek weer in een verklaring omtrent de getrouwheid van dejaarrekening. 42.5. De accountant is gerechtigd tot inzage van alle boeken en bescheiden van de vennootschap waarvan de kennisneming tot richtige vervulling van zijn taak nodig is. De waarden van de vennootschap moeten hem desverlangd worden getoond. Het is hem verboden hetgeen hem nopens de zaken vande vennootschap blijkt of medegedeeld wordt, verder bekend te maken dan zijn opdracht met zich brengt. Zijn bezoldiging komt ten laste van de vennootschap. VASTSTELLING DOOR DEALGEMENE VERGADERING. Artikel 43. 43.1. De algemene vergadering stelt dejaanekening vast. 43.2. Dejaarrekening kan niet worden vastgesteld indien de algemene vergadering geen kennis heeft kunnen nemen van de in artikel 42 lid 4 bedoelde verklaring van de accountant, tenzij er een wettige grond is meegedeeld waarom de verklaring ontbreekt.
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OVERLEGGING AAN DE ONDERNEMINGSRAAD. VERKRUGBAARSTELLING. OPENBAARMAKING. Artikel 44. 44.1. De Raad van Bestuur legt dejaanekening ter bespreking over aan de ondememingsraad. 44.2. De opgemaakte jaanekening, het jaarverslag en de krachtens artikel 2:392, lid 1 Burgerlijk Wetboek toe te voegen gegevens moeten vanaf de oproep voor dejaarvergadering ten kantore van de vennootschap aanwezig zijn. Aandeelhouders en certificaathouders kunnen de stukken aldaar inzien en er kosteloos een afschrift van verkrijgen. 44.3. De jaanekening moet openbaar gemaakt worden binnen acht dagen na de vaststelling. De openbaamiaking geschiedt door nederlegging van een volledig in de Nederlandse taal gesteld exemplaar ten kantore van het handelsregister. Op het exemplaar moet de dag van vaststelling zijn aangetekend. 44.4. Is de jaarrekening niet binnen zeven maanden na afloop van het boekjaar overeenkomstig de wettelijke voorschriften vastgesteld, dan maakt de Raad van Bestuur onverwijld de opgemaakte jaanekening op de in lid 3 voorgeschreven wijze openbaar; op dejaarrekening wordt vermeld dat zij nog niet is vastgesteld. 44.5. Heeft dealgemene vergadering overeenkomstig artikel41lid 2determijn voorhetopmaken van dejaarrekening verlengd, dan geldt het vorige lid met ingang van twee maanden na afloop van die aldus verlengde termijn. 44.6. Gelijktijdig met en op dezelfde wijze als de jaarrekening wordt een in de Nederlandse taal gesteld exemplaar van het jaarverslag en van de overige in artikel 2:392, Burgerlijk Wetboek bedoelde gegevens openbaar gemaakt. Het voorafgaande geldt, behalve voor de in artikel 2:392, lid 1onder a, c, f en g, Burgerlijk Wetboek genoemdegegevens,niet,indien destukken tenkantore vandevennootschap ter inzage van een ieder worden gehouden en op verzoek een volledig of gedeeltelijk afschrift daarvan ten hoogste tegen dekostprijs wordt verstrekt; hiervan doet de vennootschap opgaaf ter inschrijving in het handelsregister. RESERVERING. DIVIDEND. Artikel 45. 45.1 De vennootschap kent naast eventuele overige reserves een dividendreserve financieringspreferente aandelen en een agioreserve financieringspreferente aandelen tot welke reserves slechts de preferente aandelen gerechtigd zijn. Indien de vennootschap (certificaten van) preferente aandelen verkrijgt, zal een bedrag ter grootte van het gedeelte van het aan die (certificaten van) preferente aandelen toe te rekenen saldo van de agioreserve financieringspreferente aandelen respectievelijk dividendreserve financieringspreferente aandelen ten laste worden gebracht van de agioreserve financieringspreferente aandelen respectievelijk dividendreserve financieringspreferente aandelen. 45.2. Uit de winst die in enig boekjaar isbehaald wordt allereerst, zo mogelijk en zulks terkeuze van de Raad van Bestuur onder goedkeuring van de Raad van Commissarissen, ofwel aan de dividendreserve financieringspreferente aandelen een bedrag als primair dividend toegevoegd ofwel opdepreferente aandelen eenbedragalsprimairdividenduitgekeerd. Hetbedrag vandeze toevoegingen respectievelijk uitkeringen is gelijk aan het dividend percentage als bedoeld in lid 5 berekend over het naar tijd gewogen gemiddelde saldo van de dividendreserve financieringspreferente aandelen gedurende dat boekjaar. 45.3. Indien inenigboekjaar dewinst niettoereikend isomdehiervoor inlid 2bedoelde toevoegingen respectievelijk uitkeringen te doen, vindt in de daaropvolgende boekjaren het in lid 2 bepaalde eerst toepassing nadat het tekort is ingehaald. 45.4. De Raad van Bestuur is bevoegd onder goedkeuring van de Raad van Commissarissen te besluiten een bedrag gelijk aan het in het vorige lid bedoelde tekort uittekeren opde preferente aandelen respectievelijk toe te voegen aan de dividendreserve financieringspreferente aandelen ten laste van reserves, met uitzondering van de agioreserve financieringspreferente aandelen en de dividendreserve financieringspreferente aandelen.
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45.5. Van de na toepassing van het in de vorige leden bepaalde resterende winst wordt, zo mogelijk, op de preferente aandelen een dividend uitgekeerd gelijk aan een percentage berekend over de som van het nominaal bedrag van de geplaatste preferente aandelen, vermeerderd met over het naar tijd gewogen gemiddelde saldo van de agioreserve financieringspreferente aandelen, en welk percentage is vastgesteld op vijf drieëndertighonderdste procent (5,33%). Hetdividendpercentage vandepreferente aandelen zalperéénjanuari tweeduizend elf en voorts telkenmale vijf (5)jaar nadien worden aangepast aan het rekenkundig gemiddelde tenemen van de vijf (5)jaars eurogedenomineerde interest rate swapalsdoorReuters gepubliceerd op pagina "ISDAFIX2" berekend over het gemiddelde van de laatste vijf (5) werkdagen van het jaar voorafgaand aan de dividendherzieningsdatum, zulks per elf uur voor 's middags Centraal Europese Tijd, vermeerderd met een eventuele opslag, als vast te stellen door de Raad van Bestuur onder goedkeuring van de Raad van Commissarissen met een maximum van driehonderd (300) basispunten, afhankelijk van de marktomstandigheden geldend op dat moment. In het geval de koersen op genoemde Reuters' pagina niet beschikbaar zijn en derhalve geen dividendpercentage kan worden berekend als hiervoor omschreven, zal het dividendpercentage worden vastgesteld door hetrekenkundig gemiddelde tenemen vandemidden renten vande vast euro gedenomineerde rente SWAP, afgerond naar boven tot het meest naaste basispunt, welke worden afgegeven op de laatste vijf (5) werkdagen van het jaar voorafgaand aan de dividendherzieningsdatum door drie banken, welke banken "quotes" afgeven tegen ontvangst van een variabel rentepercentage opbasis van zes maands Euribor, verhoogd met een opslag als hiervoor omschreven. Voor de quotes wordt in principe verwezen naar publicaties van de hiervoor omschreven banken, te weten: (I) ABN AMRO Reuters' pagina "AABIRSEU01", (ii) UBS Reuters' pagina "WDREURSWAP1" en (iii) Barclays Bloomberg pagina "BXSW01",of andere pagina's van vergelijkbare Europese banken voor welke dergelijke quotes beschikbaar zijn. Indien een van de hiervoor vermelde pagina's niet beschikbaar is, wordt om een directe quote voor de desbetreffende dag van de betrokken bank verzocht. 45.6. Indien in enig boekjaar de winst niet toereikend isom de hiervoor in lid 5bedoelde uitkeringen te doen, vindt in de daarop volgende boekjaren het in lid 5 bepaalde eerst toepassing nadat het tekort is ingehaald. 45.7. De Raad van Bestuur is bevoegd onder goedkeuring van de algemene vergadering te besluiten een bedrag gelijk aan het inhet vorige lid bedoelde tekort uittekeren ten laste vanreserves, met uitzondering van de agioreserve financieringspreferente aandelen en de dividendreserve financieringspreferente aandelen. 45.8. De algemene vergadering kan, op voorstel van de Raad van Bestuur onder goedkeuring van de Raad van Commissarissen, besluiten tot reservering van een gedeelte van de winst die na toepassing van het in de vorige leden bepaalde overblijft. Hetgeen van die winst niet wordt gereserveerd, zal aan de houders van gewone aandelen worden uitgekeerd, met dien verstande dat geen dividenduitkering kan plaatsvinden zolang ten tijde van de dividenduitkering het saldo van de dividendreserve financieringspreferente aandelen positief is. 45.9. De Raad van Bestuur kan onder goedkeuring van de Raad van Commissarissen besluiten tot uitkering ten laste van de agio-en dividendreserve financieringspreferente aandelen. 45.10. De Raad van Bestuur kan onder goedkeuring van de algemene vergadering een interimdividend uitkeren, indien en voorzover de winst dit toelaat. Interimdividend kan ook uitsluitend op een soort aandelen worden uitgekeerd. Interimdividend kan niet op de gewone aandelen worden uitgekeerd indien ten tijde van de dividenduitkering het saldo van de dividendreserve financieringspreferente aandelen positief is. 45.11. In geval van intrekking met temgbetaling van preferente aandelen wordt naast de temgbetaling van het nominale bedrag en het gedeelte van het aan die aandelen toe te rekenen saldo van de agio- en dividendreserve financieringspreferente aandelen een uitkering gedaan op de in te trekken preferente aandelen, welke uitkering berekend wordt zoveel mogelijk in overeenstemming met het bepaalde in de leden 2, 3, 5 en 6 van dit artikel, inclusief het bedrag vaneen tekort, en wel naartijdsgelang teberekenen overdeperiode vanaf dedag waarover voor
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het laatst een uitkering vandividend dan wel toevoeging van dividend alsbedoeld inde leden 2, 3, 5respectievelijk 6 van dit artikel werd gedaan tot aan de dag van temgbetaling. Voorts wordt uitgekeerd een bedrag ter grootte van het verschil tussen: (i) de contante waarde van het dividend dat op de desbetreffende aandelen tot de eerstvolgende dividendherzieningsdatum als bedoeld in lid 5 van dit artikel, zou moeten worden uitgekeerd indien geen intrekking zou hebben plaatsgevonden, en (ii) decontante waarde van hetrendement, overdezelfde periode berekend, indien herbelegging van hethiervoor bepaalde uitgekeerde bedrag plaats zou vinden in staatsleningen meteen resterende looptijd tot aan de eerstvolgende dividendherzieningsdatum. 45.12. Uitkeringen kunnen slechtsplaatshebben totten hoogstehetbedrag vanhetuitkeerbaar deel van het eigen vermogen. 45.13. Uitkering van winst geschiedt na de vaststelling van de jaanekening waamit blijkt dat zij geoorloofd is. 45.14. Besluiten tot uitkering van interimdividend overeenkomstig dit artikel zijn slechts mogelijk indien tevens aan het vereiste van lid 12 is voldaan blijkens een tussentijdse vermogensopstelling. Deze heeft betrekking op de stand van het vermogen op ten vroegste de eerste dag van de derde maand vóór de maand waarin het besluit tot uitkering van interimdividend wordt bekend gemaakt. Zij wordt opgemaakt met inachtneming van in het maatschappelijk verkeer als aanvaardbaar beschouwde waarderingsmethoden. In de vermogensopstelling worden de krachtens de wette reserveren bedragen opgenomen. Zij wordt ondertekend door de bestuurders; ontbreekt de handtekening van één of meer hunner dan wordt daarvan onder opgave van reden melding gemaakt. De vermogensopstelling wordt binnen acht dagen na de dag waarop het besluit tot uitkering wordt bekend gemaakt, ten kantore van het handelsregister neergelegd. 45.15. Besluiten tot het doen van tussentijdse en andere uitkeringen worden onverwijld openbaar gemaakt. 45.16. Bij deberekening van dewinstverdeling tellen deaandelen diede vennootschap in haar kapitaal houdt, niet mede. UITKERINGEN IN AANDELEN. Artikel 46. De algemene vergadering kan op voorstel van de Raad van Bestuur en de Raad van Commissarissen besluiten dateen uitkering vandividend opgewone aandelen geheel often deleplaatsvindt niet in geld, doch in aandelen in de vennootschap. Het bepaalde in de leden 12, 13en 14 van artikel 45 is op een dergelijke uitkering toepasselijk. BETAALBAARSTELLING. Artikel 47. 47.1. Dividenden en andere uitkeringen zijn betaalbaar uiterlijk dertig dagen na vaststelling. De betaalbaarstelling wordt aangekondigd overeenkomstig artikel 48. 47.2. De vordering van de aandeelhouder tot uitkering vervalt door een tijdsverloop van vijfjaren. OPROEPINGEN EN KENNISGEVINGEN. Artikel 48. 48.1. Alle oproepingen voor de algemene vergaderingen van aandeelhouders, alle bekendmakingen omtrent dividend en andere uitkeringen en alle andere kennisgevingen aan aandeelhouders geschieden dooraankondiging ineen landelijk verspreid dagblad en indeOfficiële Prijscourant, onverminderd het bepaalde in artikel 11,lid 4. 48.2. Onder aandeelhouders zijn in lid 1tevens begrepen de certificaathouders. STATUTENWIJZIGING EN ONTBINDING. Artikel 49. 49.1. De algemene vergadering is bevoegd tot wijziging van de statuten en tot ontbinding der vennootschap. In derechten verbonden aandepreferente aandelen kan zonder goedkeuring van de vergadering van houders van preferente aandelen geen wijziging worden aangebracht.
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49.2. Wanneeraandealgemene vergadering een voorstel wordtgedaan,alsindit artikel bedoeld, moet zulks steeds bij de oproeping voor die vergadering worden vermeld en moet, indien het een statutenwijziging betreft, tegelijkertijd een afschrift van dat voorstel, waarin de voorgedragen wijzigingen woordelijk zijn opgenomen, ten kantore der vennootschap alsook ter plaatse bij de oproeping te bepalen ter inzage worden gelegd voor aandeelhouders tot de afloop der vergadering. Deaandeelhouders moeten indegelegenheid worden gesteld vandedagder nederlegging totdie der algemene vergadering ten kantore van de vennootschap alsook ter plaatse bij de oproeping te bepalen een afschrift van het voorstel, gelijk bij de vorige alinea bedoeld, te verkrijgen. Deze afschriften worden kosteloos verstrekt. 49.3. Onder aandeelhouders zijn in lid 2tevens begrepen de certificaathouders. VEREFFENING. Artikel 50. 50.1. In geval van ontbinding zal de liquidatie geschieden door de dan in functie zijnde bestuurders, onder toezicht van de Raad van Commissarissen. 50.2. Hetgeen resteert van het vermogen van de vennootschap na betaling van alle schulden en de kosten van de vereffening wordt als volgt verdeeld: a. allereerst wordt zoveel mogelijk uitgekeerd aan de houders van preferente aandelen het nominale bedrag van hun preferente aandelen en het gedeelte van het aan die preferente aandelen toe te rekenen saldo van de agio- en dividendreserve financieringspreferente aandelen, vermeerderd met (i) een bedrag gelijk aan het ingevolge artikel 45 te weinig op de desbetreffende preferente aandelen uitgekeerde, (ii) een bedrag gelijk aan het in artikel 45 lid 2bedoelde percentage over het aan die preferente aandelen toe te rekenen saldo van de dividendreserve financieringspreferente aandelen, berekend over de periode, die aanvangt op de eerste dag van het laatste volledig verstreken boekjaar voorafgaande aan de ontbinding en die eindigt op de dag van de in dit artikel bedoelde uitkering op de desbetreffende preferente aandelen en (iii) een bedrag gelijk aan het in artikel 45 lid 5 bedoelde percentage (zoals eventueel aangepast op grond van het bepaalde in dat lid) over de som van het nominaal bedrag vermeerderd met het aan die preferente aandelen toe te rekenen saldo van de agioreserve financieringspreferente aandelen, berekend over de periode, die aanvangt op de eerste dag van het laatste volledig verstreken boekjaar voorafgaande aan de ontbinding en die eindigt op de dag van de in dit artikel bedoelde uitkering op de desbetreffende preferente aandelen, met dien verstande dat alle dividenden die over deze periode op de desbetreffende preferente aandelen zijn betaald, in mindering komen opdeuitkering ingevolgeditonderdeel.Indien hetgeen resteert niet voldoende isom deuitkeringen alsbedoeld onderdeze letter a,tedoen, zullen dieuikeringen aan de houders van de preferente aandelen geschieden naar rato van de bedragen die zouden worden uitgekeerd indien het restant wel voldoende voor volledige uitkering zou zijn; b. het dan resterende wordt uitgekeerd aan dehouders van gewone aandelen, in evenredigheid met het aantal gewone aandelen dat ieder van hen bezit. 50.3. Op de vereffening zijn overigens de bepalingen vanTitel 1,Boek 2 van het Burgerlijk Wetboek van toepassing. VRIJWARING BESTUURDERS EN COMMISSARISSEN. Artikel51. 1. De vennootschap stelt iedere (gewezen) bestuurder of commissaris van de vennootschap die in diehoedanigheid alspartij betrokken was,isofdreigt teraken bij een beëindigde,aanhangige of op handen zijnde actie of procedure van welke aard dan ook, schadeloos voor alle denkbare nadelige fmanciële gevolgen die hij in werkelijkheid en redelijkerwijze heeft moeten dragen in verband met een dergelijke actie of procedure. Het in dit artikel bepaalde geldt ten aanzien van actiesof procedures diezijn ondemomen respectievelijk aanhangig zijn gemaakt door hetzij een derde, waaronder mede begrepen worden een aandeelhouder en certificaathouder, hetzij door de vennootschap zelf, tenzij uiteindelijk blijkt dat de schade is veroorzaakt door opzet, bewuste
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2.
3.
4.
roekeloosheid, of emstige verwijtbaarheid van de desbetreffende (gewezen) bestuurder of commissaris. Kosten gemaakt voorhet voeren van verweer in een actie of procedure van welke aard dan ook, derhalve ook dekosten gemaakt vooreen procedure overde vaststelling van de verplichting van de vennootschap tot schadeloosstelling, worden tegen overlegging van specificaties door de vennootschap voldaan, na ontvangst van een schriftelijke toezegging door of namens de (gewezen) bestuurder of commissaris ditbedrag temg tebetalen, indien uiteindelijk blijkt dat hij niet het recht heeft door de vennootschap schadeloos gesteld te worden omdat de schade is veroorzaakt door opzet, bewuste roekeloosheid, of emstige verwijtbaarheid van de desbetreffende (gewezen) bestuurder of commissaris. De schadeloosstelling voorzien indit artikel wordt niet geacht enig ander recht uit te sluiten dat de (gewezen) bestuurder of commissaris die de schadeloosstelling tracht te verkrijgen zou kunnen toekomen krachtens een reglement, overeenkomst, besluit van de algemene vergadering van aandeelhouders of van de Raad van Bestuur, Raad van Commissarissen of anderszins, met betrekking tothandelingen inhoedanigheid vanbestuurderofcommissaris verricht enzal blijven gelden vooreenpersoon diegeenbestuurder ofcommissarismeer isenzal ookten goedekomen aan de erfgenamen, uitvoerders van de uiterste wilsbeschikking en beheerders van de nalatenschap van een dergelijk persoon. Een wijziging van dit artikel zal de rechten van een (gewezen) bestuurder of commissaris, die bestuurder of commissaris was na invoering van dit artikel, doch voorafgaande aan een dergelijke wijziging, niet kunnen verminderen. De verplichtingen van de vennootschap zullen blijven gelden als ware die wijziging niet ingevoerd. Opde rechten vervat in dit artikel ishet Nederlandse recht van toepassing. Geschillen tussen de vennootschap en een (gewezen) bestuurder of commissaris die voortvloeien uit, of verband houden met deze schadeloosstelling zullen worden beslecht overeenkomstig het Arbitrage Reglement van hetNederlandsArbitrage Instituut.Het scheidsgerecht zal bestaan uiteen arbiter. Deplaats van arbitrage zal zijn gelegen teRotterdam. Het scheidsgerecht beslist naar de regelen des rechts.
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