17.07.2018 – 07:05

CEVA Logistics AG

EQS-News: CEVA expects conversion of CMA CGM's securities within next 4 weeks

EQS Group-News: CEVA Logistics AG / Key word(s): Miscellaneous
CEVA expects conversion of CMA CGM's securities within next 4 weeks

17.07.2018 / 07:00

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CEVA expects conversion of CMA CGM's securities within next 4 weeks

Baar, Switzerland, 17 July, 2018 - CEVA Logistics AG ("CEVA"), one of the
leading asset-light third-party logistics providers, announces that CMA CGM S.A.
("CMA CGM") is expected to convert the CHF 378,945,215 of CEVA mandatory
convertible securities it holds into registered ordinary shares to become a
24.99% shareholder in CEVA latest on 13 August 2018.

Whilst CMA CGM has obtained all required regulatory approvals last week, CEVA
and CMA CGM have agreed to postpone the conversion to give CMA CGM more time to
work through certain technical legal aspects. These are due to the fact that
CEVA's non-executive board member, Rodolphe Saadé, had, in late June and early
July 2018, when he was still a non-voting board member, purchased a total of
27,500 CEVA shares which will now need to be aggregated with CMA CGM's holdings
as Mr. Saadé has become, in the meantime, a joint control holder of CMA CGM. As
a result of such aggregation, their combined ownership in CEVA technically
surpasses the 33.33% mandatory takeover threshold before the shares issued upon
conversion are formally registered in the Commercial Register. A ruling sought
from the Swiss Takeover Panel will confirm the non-applicability of the takeover
rule under the circumstances. Following conversion and registration of the newly
created shares, CMA CGM's and Rodolphe Saadé's combined shareholdings will
amount to approximately 25.04% of the company's registered capital.

As part of its investment, CMA CGM has entered into a lock-up agreement for one
year following the CEVA IPO and has agreed not to increase its shareholding in
CEVA for six months post IPO. The latter provision did not apply to Mr. Saadé at
the time of his purchase. He will, however, going forward, adhere to the
standstill undertaking.

CEVA and CMA CGM, the third largest container shipping group in the world, will
work together to expand their commercial cooperation and to develop
complementary services, which address the increasing customer need for
integrated end-to-end solutions. Both companies believe that the arms-length
partnership could create significant value to customers and would be mutually
beneficial to both companies.
 

For additional information please contact:

Investors:
Pierre Benaich
SVP Investor Relations 
pierre.benaich@cevalogistics.com
+41 41 547 0048

Media:
David Urbach
SVP Corporate Development 
david.urbach@cevalogistics.com
+41 799 333 083

Cathy Howe
Pilot Marketing 
ch@pilotmarketing.co.uk
Tel: +44 (0)208 941 5381

 

CEVA - Making business flow
CEVA Logistics, a global asset-light third-party logistics company, designs and
operates industry leading supply-chain solutions for large and medium-size
national and multinational companies. Its integrated network in Freight
Management and Contract Logistics spans more than 160 countries. Approximately
56,000 employees are dedicated to delivering effective solutions across a
variety of industry sectors where CEVA applies its operational expertise to
provide best-in-class services. CEVA generated revenue of $7 billion and
adjusted EBITDA of $280 million in 2017. CEVA Logistics is listed on SIX Swiss
Exchange under ticker symbol CEVA. For more information, please
visitwww.cevalogistics.com.
 

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705101  17.07.2018