德国联邦金融监管局关于银河集团官网 参与汤姆泰勒增资的豁免决议
[注:下面公布的决议并没有在本次交易中使用到,是由于申请人(如下文所定义)在2016年增资(如下文所定义)过程中对目标公司(如下文所定义)的股份认购比例为原先已持有的29.47%。因此,根据德国证券及收购法(WpÜG)第29节第2段,目标公司的控制权变更所需的股权比例临界值30%未达到。]
根据德国证券及收购法(WpÜG)第37节第1段和第2段,德国证券及收购法的出售规则第2点(no. 2 WpÜG-Angebotverordnung)第9节第1句,以及德国证券及收购法(WpÜG)第35节第1段第1句和第2段第1句,公布德国联邦金融监管局(BaFin)在2016年11月28日做出的关于汤姆泰勒控股股份有限公司(ISIN DE 000A0STST2)的豁免决议,包括附属条款及豁免理由(以下简称“决议”)如下:
利用美国证劵及机构收购法(WpÜG),美国联邦政府财务核查局(BaFin)在17年17月28日官方论坛消息,议案豁免银河集团官网 全球比较有限的机构,居所地于在我国纽约中环园艺里道3号在我国工商局行金融机构时代中心大厦808室(第一个申請人),银河集团官网 控投比较有限的机构,居所地于在我国纽约中环园艺里道3号在我国工商局行金融机构时代中心大厦808室(二、申請人),Fosun International Holdings Ltd., 居所地于 P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands(再者申請人),已经郭广昌男士,居所地于在我国天津古浪路108弄109号(第四点申請人)等几位申請人分享在有抑制权、向BaFin出具要约文件格式、已经分享消息公示公告。以内几位申請人将被称之为为“申請人”或“银河集团官网 实业”。
该表决的点,包涵附设条文,一下:
- 依据法国股票及大量收够总部工司法(WpÜG)第47节第1点段和第2段,并且 法国股票及大量收够总部工司法的低价出售守则第4点( 3 WpÜG-Angebotsverordnung)第9节第1点句,只要报名人来来源于第1点报名和人汤姆泰勒股股是限制的工司在20167月27日签定的兜底合同书(界定于决定A.III环节)的状况下,在汤姆泰勒股股是限制的工司进度表的2016增资环节中刷出调整权,那末依据法国股票及大量收够总部工司法(WpÜG)第45节、第29节第2段、第40节第1点段第1点句第1点第4句、第45节第1点段第1点句、第45节第2段第1点句、并且 第1点4节第2段第1点句,第1、第三方、四报名和人第1点报名人将豁免于对汤姆泰勒股股是限制的工司的强硬要约大量收够总部工司,不能自己向BaFin修改信息要约文书。
- 本草案步骤第4节中提起的豁免草案在低于條件下还可以被注销(注销條件),收录:
- 对本豁免草案重点难点第22节什么和什么指的現金增资,汤姆泰勒控股企业控股股东有限制集团并未于2019年17月31日已经做好工商行公司变更;和/或
- 汤姆泰勒控投股票价格比较现有企业与一、申请书人(概念于表决III)的兜底协议模板在国内的法律寓意上不复出现,增资(本豁免表决基本原则第8节某种指)对汤姆泰勒控投股票价格比较现有企业工商注册变更申请不出现本质上性干扰;但会/或
- 可根据本豁免提议重点第3节所说的增资已经兜底服务协议,汤姆泰勒工厂股票工厂股票受限工厂失败在做好增资刚刚,在201七年4月31日刚刚,荣获大约1000万欧(其中包括第1请求人的资产分额);还/或
- 在豁免草案更新时受众公司的与建行订立的携手个人借款合同范本和期票合同范本法律条文(名词解释于豁免草案的I.2 and A.IV.3),在本豁免草案点第一节中常指的增资过后有一些·转换。
- 本豁免提议关键第2节中(A)到(C)的先决条件不实现足。
- 本豁免草案重点难点第3节所涉及的豁免需拥有之下前提:
- 代履行本豁免提议关键点第4节和第2节(A)相应提的信息内容,审请人肯定间接通知怎么写并还需准备涉及间接证据给BaFin,的信息内容还有第一名审请人的认筹股数和选票豁免权,已经股数和选票豁免权应该如何间接计算给二、三、四审请人的问题。
以及
- 独立行使本豁免提议原则第一和第2节(A)某种提资源,在任何人环境下下,申請人都应由会向BaFin通知模板相关增资引致的工商所修改环境下,并在线提交非常合适的支持文件下载,不迟于2012年6月31日。
而且
- 如果发现其他有几率引起豁免撤回的时件、情况下、或习惯,如第2节(A)到(E)所述,申请表人一定实时告知BaFin。
该豁免主要基于以下理由:
- 个人任务子新工厂汤姆泰勒控股企业股分有现子新工厂,是合理性瑞典法律条文确立之股分注册使用会员成功子新工厂,注册使用会员成功企业品牌在汉堡,并在HRB 103641汉堡地儿法庭做完工商所托运注册使用会员成功。近年个人任务子新工厂总股26,027,133美元,总股数26,027,133股,每1股票面市场价值1美元。个人任务子新工厂的股分在ISIN DE000A0STST2的能下,在卡箍克福证券基金的刷卡转让的刷卡数字货币转让平台平台和汉堡证券基金的刷卡转让的刷卡数字货币转让平台平台开始的刷卡转让。使用人近年直观或外源增持个人任务子新工厂47%的票选权。
- 2016-10月27日,工作规划我司与首个请求人签署合同了融资担保人服务协议书范本(兜底服务协议书范本),首个请求由人工作规划我司工作规划于2016底顶多增资10%或2,602,713美元作兜底融资担保人,不以及认筹协议书权(之下通常是指“2016增资”)。依据兜底服务协议书范本,首个请求人承若书认筹协议书未被第三方投入者认筹协议书的结余股权,由此做到工作规划我司每组有1000万美元的资金量。首个请求人就有权认筹协议书每组约47%工作规划我司的新股,为防止银河集团官网 集团简介原来增持的约29.47%微信投票权被扑灭。
- 申批人看做有可能性产生第一次申批人差额申购的情形,若该情形产生,申批人持仓比例表将高达要约收購临界点值(华烨证券基金及收購法WpÜG第25节、第29节第2段)。
- 制定目标企业和汤姆泰勒集团公司简介算作一位公司融资主休,向银行业连合银行按揭货款76亿英镑,2040年的五月份21日续期,该连合银行按揭货款由一亿英镑按期银行按揭货款,1.876亿英镑不断循环借款,或1.876亿英镑保证担保借款根据(低于又称“连合银行按揭货款”),除此之上,另有31000万英镑的短时间银行按揭货款。
- 指标工厂位于钱财困难重重阶段性。如此,在2020年9月与银行系统和借款人人实施了新的洽谈,这会导致了其联办代款和暂时性的代款剩余时间债权的条文必须要 使用在2020年9月19日制定的“重设图片合同意向书”合适在2020年9月17、19、14日制定的“暂时性的代款颁布合同意向书”做合适重设图片。
- 农行利用个人目标公司的2020年增资同时首先个人委托人保证兜底申购的实际情况下,签订劳动合同了获取服务协议书。首先个人委托人打造协同出款达1000万英镑。考虑到兜底服务协议书,首先个人委托人出款了低于某个自然人股东会的评均出款,某个自然人股东会平常增资到至增加了控股权不被稀释溶液就要。
- 由首先申报人兜底抵押担保具备的基金流性,应该满足了从组流程,作用关键子公司生活钱财危機,使其存续期生意。
- 下列的整体上市方案资金额,也应归因于同一学生注册书表人(其次,一、和四号学生注册书表人),这是是由于大家 是一、学生注册书表人的与众不同母厂家。从这些层度往上走说,同一学生注册书表人(其次,一、及四号学生注册书表人)遭遇着同样是的是由于一、学生注册书表人的整体上市方案资金额而分享的可能和问题。
- BaFin是依据坚决确定所作此豁免草案的。在兼顾了申报老虎和猫进而阶段工作目标装修有限企业目前有大股东的的互相切身利益完后,依照国外股票及购置法(WpÜG)第三7节第一段,在国外股票及购置法的出卖规律(WpÜG-Angebotsverordnung)第9节的情况报告满意的情况报告下,系统理论上先期权将受到(潜在的的)竞标者。协同契机使进而阶段工作目标装修有限企业债务承担经营的,进而是成了进而阶段工作目标装修有限企业因此大股东的的互相互相切身利益。
- 基于报考应为人为对象司的续存经营者上述了比较大的整顿影响力率,可以主要是因为释放强行要约并购而让你们担责其它法人公司股东的股,变轻它们的资金的压力。报考人的整顿影响力率重在关心对象司获利,由此可见外源地让其它法人公司股东获利。因为,可根据德证券公司交易及并购法(WpÜG)第三7节首位段和第2段,甚至德证券公司交易及并购法的卖标准第三点( 3 WpÜG-Angebotsverordnung)第9节首位句,报考人拥有有一件要约豁免。
- 要根据美国证券交易及收購法的转卖规定(WpÜG-Angebotsverordnung)第9节对共有投资人优势的基本保障,还没有发共有危害任务公司的共有投资人优势的前提。
2020年1二月16日
银河集团官网 全球有限制新公司
银河集团官网 股份有限责任厂家
Fosun International Holdings Ltd.
郭广昌
--------------------------------------------------------------[Note: the Decision published below is no longer applicable as the Applicants (as defined below) have participated in the Capital Increase 2016 (as defined below) of the Target Company (as defined below) in accordance with its existing shareholding of 29.47%, which was carried out in the meantime. The control threshold of 30% of the voting rights of the Target Company in accordance with section 29 para. 2 WpÜG was therefore not reached.]
Publication of the tenor of the Decision of the Federal Financial Supervisory Authority dated 28 November 2016 (“Decision”), including the ancillary provisions and the essential reasons, on the exemptions according to section 37 para. 1 and para. 2 WpÜG in conjunction with section 9 sentence 1 no. 2 WpÜG-Angebotverordnung from the obligations under section 35 para. 1 sentence 1 and para. 2 sentence 1 WpÜG with respect to TOM TAILOR Holding AG, Hamburg (ISIN DE 000A0STST2), is shown below.
The tenor of the Decision, including the ancillary provisions, is as follows:
- If the Applicants obtain control of TOM TAILOR Holding AG, Hamburg in accordance with section 37 para. 1 and para. 2 WpÜG in conjunction with section 9 sentence 1 no. 3 WpÜG-Angebotsverordnung, following the planned cash-capital-increase by TOM TAILOR Holding AG, Hamburg, to be implemented in 2016, and on the basis of the obligations arising from the backstop agreement between TOM TAILOR Holding AG, Hamburg and the 1stApplicant dated 27 October 2016 (as defined in section A.III of the Decision) as per section 35, 29 paragraph 2 WpÜG and with regard to the 2nd 3rd and 4th Applicant, in accordance with section 30 para. 1 sentence 1 no. 1 sentence 3 WpÜG, the Applicants will, as per section 35 para. 1 sentence 1 WpÜG, be exempt from the obligation to publish a takeover bid for TOM TAILOR Holding AG, Hamburg, as well as from the obligations pursuant to section 35 para. 2 sentence 1 WpÜG, to submit an offer document to BaFin and to publish a mandatory offer according to section 35 para. 2 sentence 1 WpÜG in conjunction with section 14 para. 2 sentence 1 WpÜG.
- The exemption referred to in paragraph 1 of this tenor of the Decision may be revoked (revocation proviso), if:
- the cash-capital-increase referred to in paragraph 1 of this tenor of the Decision has not been registered in the commercial register of TOM TAILOR Holding AG, Hamburg, by 31 December 2016; and/or
- the backstop agreement between TOM TAILOR Holding AG, Hamburg and the 1stApplicant (as defined in point A.III of the Decision), does not exist anymore in a legally binding and materially unchanged manner at the time of the registration of the cash-capital-increase (as referred to in paragraph 1 of this tenor of the Decision) in the commercial register of TOM TAILOR Holding AG, Hamburg; and/or
- TOM TAILOR Holding AG, Hamburg does not by 31 January 2017 and following the completion of the cash-capital-increase, receive at least € 10 million (including the stake of the 1stApplicant) for the acquisition of new shares from the cash-capital-increase referred to in paragraph 1 of this tenor of the Decision and in accordance with the obligations under the backstop agreement concluded between TOM TAILOR Holding AG, Hamburg and the 1st Applicant; and/or
- the financial covenants as applicable at the time of the exemption Decision to the syndicated loan agreement and the promissory notes by which the Target Company is, inter alia, financed (as defined in paragraphs A.I.2 and A.IV.3 of the Decision) are changed by the contracting parties to the syndicated loan agreement and the note loans before the registration of the cash-capital-increase referred to in paragraph 1 of this tenor of the Decision; and/or
- the conditions of paragraph 3(A) to (C) of this tenor of the Decision are not fulfilled.
- The exemption referred to in Paragraph1 of this tenor of the Decision are subject to the following conditions:
- The Applicants must immediately inform and submit appropriate evidence to BaFin regarding the amount of shares and voting rights acquired by the 1st Applicant in accordance with paragraph 1. and 2(A) of this tenor of the Decision, and how many shares and voting rights are directly attributable to the 2nd, 3rd and 4th Applicants.
and
- The Applicants shall, in any event, immediately notify BaFin of the registration of the execution of the cash-capital-increase in accordance with paragraphs 1 and 2(A) of this tenor of the Decision by submitting appropriate supporting documentation by 31 March 2017 at the latest.
and
- The Applicants have to immediately notify BaFin of any event, circumstance or conduct which could justify the revocation of the exemption pursuant to paragraph 2(A) to (E) of this tenor of the Decision.
The exemption is based mainly on the following grounds:
- The Target Company is TOM TAILOR Holding AG, a stock corporation incorporated under German laws with its registered office in Hamburg, and registered in the Commercial Register of the local court of Hamburg under HRB 103641. The current share capital of the Target Company amounts to €26,027,133 and is divided into 26,027,133 registered shares each with a nominal value of €1. The shares of the Target Company are admitted under ISIN DE000A0STST2 to trading on the regulated market of the Frankfurt Stock Exchange (Prime Standard) and the Hamburg Stock Exchange. The Applicants currently hold, directly and indirectly, a total of 29.47% of the voting rights in the Target Company.
- On 27 October 2016, the Target Company and the 1stApplicant entered into a so-called backstop agreement ("Backstop Agreement") to support a cash-capital-increase by the Target Company as planned at the end of 2016 of up to 10% of the share capital of the Target Company, which is up to €2,602,713, excluding subscription rights (hereinafter the "Capital Increase 2016"). Under the Backstop Agreement, the 1st Applicant committed itself to purchase all shares issued under the Capital Increase 2016 which are not placed with external investors so that a total gross proceeds of at least €10 million is achieved. The 1st Applicant has also reserved the right to subscribe for at least ca. 29.47% of the new shares of the Target Company in order to prevent the dilution of the total share of voting rights held by the Fosun Group in the Target Company which amounts to ca. 29.47%.
- The Applicants considered it probable that the 1stApplicant has to and will acquire more new shares issued by the Target Company than the pro-rata amount; in this case, the control threshold (section 35, 29 para. 2 WpÜG) will be exceeded by the Applicants.
- The Target Company and the Tom Tailor Group as a whole are financed in particular through a syndicated loan of €475 million granted by a bank syndicate which matures on 21 May 2020. This bank syndicate consists ofa term loan of €100 million, a revolving credit facility of €187.5 million, as well as a guaranty and credit facility of €187.5 million (hereinafter referred to as the "Syndicated Loan"), as well as note loans of €35 million.
- The Target Company is in a financially difficult phase. As a result, new negotiations with the banks and the creditors took place in October 2016, which led to the adaption of the financial covenants for the residual period of the Syndicated Loan and the note loans which were settled by way of a so-called "amendment agreement" dated 19 October 2016 and the so-called “note loans amendment agreements” dated 17, 19 and 20 October 2016.
- The consortium banks have made the amendment agreement subject to the implementation by the Target Company of the Capital Increase 2016 and the backstop obligation by the 1st The 1stApplicant provides, in connection with this, a restructuring contribution of up to €10 million. Due to its backstop commitments, the 1st Applicant contributes more than the average shareholder, which regularly takes over new shares of the Target Company only to the extent necessary to protect its old shareholding against any dilution effects.
- The supply of liquidity based on the 1stApplicant's backstop obligation is appropriate to meet the requirements for a restructuring contribution "to help to overcome a crises and, consequently, for the continued existence of the Target Company".
- The aforementioned restructuring contribution shall also be attributable to the other Applicants (2st, 3ndand 4th Applicant) as they are respective parent companies of 1st Applicant. To this extent, the other Applicants (2nd, 3rd and 4th Applicant) also participate in the opportunities and risks that the 1st Applicant faces with its restructuring contribution.
- The granting of the exemption is at the discretion of BaFin. With any weighing of interests of the Applicants against those of the existing shareholders of the Target Company, which is to be carried out according to section 37 para. 1 WpÜG, priority has to be given in principle to the interests of the (potential) bidder where the preconditions of section 9 WpÜG-Angebotsverordnung have been met. The restructuring is intended to secure the survival of the Target Company, which ultimately is in the interests of all shareholders of the Target Company.
- As the Applicants are contributing to the survival of the Target Company with their substantial restructuring contributions, they cannot be overburdened by having to make a mandatory offer to the remaining shareholders of the Target Company, which would impose an additional significant financial burden on the Applicants. Their restructuring contributions are primarily intended to benefit the Target Company and thus also indirectly its shareholders. Therefore, the exemption pursuant to section 37 para. 1 and para. 2 WpÜG in conjunction with section 9 sentence 1 no. 3 WpÜG-Angebotsverordnung is to be granted, subject to ancillary conditions.
- Opposing interests of the existing shareholders of the Target Company, which should also be given special consideration taking into account the weighing of interest as incorporated by the legislature in section 9 WpÜG-Angebotsverordnung, have not been identified.
16 December 2016
Fosun International Limited
Fosun Holdings Limited
Fosun International Holdings Ltd.
Guo Guangchang