The AMF obtains the sequestration of Systran SAS shares held by the South Korean company LLsolu - Update of press release dated 18 April 2019
As part of its remit to protect savings invested in financial instruments, the AMF applied for an injunction against LLsolu to oblige it to fulfil the undertakings that it had made to former shareholders of Systran SA in its public cash offer followed by a squeeze-out.
In the public cash offer for Systran SA, followed by a squeeze-out, which was finalised in May 2014, LLsolu (formerly called Systran International and later CLSI) had undertaken to pay an earn-out to shareholders if applicable. This payment was conditional upon the outcome of a dispute between the European Commission and Systran SA, which has since become Systran SAS. On 28 June 2017, the European Commission paid compensation amounting to €3,915,349.15. To date, the earn-out has still not been paid.
On 17 April 2019, at the request of the AMF Chairman, the presiding judge of Paris Regional Court ordered the sequestration of Systran's shares held by the South Korean company, pursuant to Article L. 621-13 of the French Monetary and Financial Code. It also set a date of 2 July 2019 for the hearing to examine the application for an injunction against LLsolu to pay the earn-out in accordance with the procedures set out in the prospectus of the public cash offer followed by a squeeze-out, approved by the AMF on 27 May 2014.
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Note dated July 3, 2019 |
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The AMF is an independent public authority responsible for ensuring that savings invested in financial products are protected, that investors are provided with adequate information and supervising the orderly operation of markets. Visit our website https://www.amf-france.org
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