November 9, 2018 / 7:31 AM / in 8 days

BRIEF-CCC Signs Term Sheet Agreement To Buy 33% of HR Group Holding

Nov 9 (Reuters) - CCC SA:

* SAID ON THURSDAY IT HAS SIGNED A TERM SHEET AGREEMENT WITH GERMANY-BASED V GMBH & CO. BETEILIGUNGS KG (CAPITON) TO ACQUIRE 32.84% OF HR GROUP HOLDING S.À R.L

* CCC CONTINUES NEGOTIATIONS TO FINALISE THE TRANSACTION

* THE PRICE WILL BE EQUAL TO NOMINAL VALUE OF ORDINARY SHARES AND TOTAL ISSUE VALUE OF PRIVILEGED SHARES, INCREASED BY 8 PCT ANNUAL INTEREST, DUE FOR CORRESPONDING PERIODS BETWEEN PURCHASING AND SELLING PARTICULAR GROUP OF SHARES BY PARTICULAR SELLERS

* IT ALSO AGREED TO SELL 100 PCT IN CCC GERMANY GMBH TO THE UNIT OF HR GROUP HOLDING

* THE PRICE OF CCC GERMANY IS STILL BEING NEGOTIATED BY THE PARTIES

* HR GROUP HOLDING FORMS A PART OF HR GROUP AND ITS UNITS RUN SHOE STORES IN A FEW WESTERN EUROPE COUNTRIES, INCLUDING STORES UNDER RENO BRAND

* AS A RESULT OF THE INTEGRATION OF CCC GERMANY WITH HR GROUP HOLDING, UNPROFITABLE STORES RUN BY CCC GERMANY WOULD BE CLOSED AND SOME REBRANDED TO RENO

* CCC WOULD ALSO OWN BUY OPTIONS FOR THE REMAINING SHARES IN HR GROUP HOLDING, OWNED BY CAPITON, WHICH IT COULD EXERCISE IN 13TH AND 25TH MONTH FOLLOWING TH PURCHASE OF THE MINORITY STAKE

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Further company coverage: (Gdynia Newsroom)

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