What are the details of the collaboration between Fosun International (“Fosun”) and Club Méditerranée SA (“Club Med”)?
The collaboration can be divided into two categories: equity transaction and business cooperation. In terms of equity investment, Fosun has acquired from FIPAR International and GLG Partners shares and ORANEs representing approximately 7.1% of the share capital of Club Med on a fully diluted basis (i.e. assuming the redemption in shares of all the ORANEs issued by Club Med). One representative of Fosun will be appointed as the board of director of Club Med. If Fosun reaches the 9% threshold in the share capital of Club Med (on a fully diluted basis), the appointment of a second board member selected by Fosun will be submitted to shareholders’ approval at the next shareholders meeting. One representative of Fosun will sit on each of the strategic committee and the audit committee of Club Med. In consideration of the develop strategy of Club Med, Fosun intends to be a long term shareholder and one of the largest shareholders in Club Med. Fosun also intends, if its stake in the Club Med r
