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MRM SA Announces Shareholders' Approval of the Plan for Scor SE to Acquire a Majority Stake in MRM SA via Reserved Capital Increase


Monday, 13 May 2013 10:33am EDT 

MRM SA announced the vote by shareholders at the annual general meeting in favour of MRM's recapitalisation operation by means of a share capital increase reserved for Scor SE and the conversion into MRM shares of the bonds issued by DB Dynamique Financiere, a wholly-owned subsidiary of MRM, under the investment agreement signed with Scor on March 7, 2013. The general shareholders' meeting has authorised the Board of Directors to proceed at the date of completion of the transaction with: the capital increase with the cancellation of shareholders' preferential subscription rights in favour of Scor SE: this capital increase reserved for Scor of EUR 41.1 million to EUR 53.4 million (depending on the rate of conversion of bonds) will enable Scor to hold a majority stake in MRM, while ensuring that the Company continues to benefit from the SIIC regime; the issuing of new MRM shares that would result from the conversion of the bonds issued by DB Dynamique Financiere for a total nominal amount comprised between EUR 45.9 million and EUR 54 million (depending on the rate of conversion of bonds); the issuing and bonus allocation of MRM stock warrants in favour of current MRM shareholders and the issuing of new shares that may result from the exercise of stock warrants. Following the operation, Scor SE would own 59.9% of MRM SA's share capital. 

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