M&A Activity • Sep 14, 2023
M&A Activity
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La presente solicitud de autorización se hace pública en virtud de lo previsto en el artículo 17 del Real Decreto 1066/2007, de 27 de julio, sobre el régimen de las ofertas públicas de adquisición de valores (el "Real Decreto 1066/2007") y se refiere a una oferta que está sujeta a la preceptiva autorización de la Comisión Nacional del Mercado de Valores (la "CNMV").
Los términos y características detallados de la oferta estarán contenidos en el folleto explicativo de la oferta que se publicará tras la obtención de la preceptiva autorización de la CNMV.
De acuerdo con lo establecido en el artículo 30.6 del Real Decreto 1362/2007, de 19 de octubre, aquellos accionistas de Applus Services, S.A. que adquieran valores que atribuyan derechos de voto deberán notificar a la CNMV dicha adquisición cuando la proporción de derechos de voto en su poder alcance o supere el 1%. Asimismo, los accionistas que ya tuvieran el 3% de los derechos de voto de Applus Services, S.A. deberán notificar cualquier operación que implique variación en dicho porcentaje.
Amber EquityCo, S.L.U. (el "Oferente"), sociedad española cuyos datos de identificación se incluyen a continuación, debidamente representada por D. Alexander Metelkin, mayor de edad, de nacionalidad británica y titular del pasaporte de su nacionalidad número 529231543, y Dña. Linda Zhang, mayor de edad, de nacionalidad alemana y titular del pasaporte de su nacionalidad número C4YMT0ZVV, ambos debidamente autorizados para actuar en nombre y representación del Oferente en virtud de las decisiones adoptadas por los administradores mancomunados del Oferente el 13 de septiembre de 2023,
El 13 de septiembre de 2023, el socio único y los administradores mancomunados del Oferente decidieron formular una oferta pública de adquisición, voluntaria y competidora, sobre la totalidad de las 129.074.133 acciones de Applus Services, S.A. ("Applus"), representativas del 100% de su capital social (la "Oferta"), de conformidad con los términos y condiciones que se describen en la presente solicitud de autorización y en el folleto explicativo de la Oferta presentado en la CNMV en el día de hoy (el "Folleto").
La decisión de formular la Oferta fue asimismo tomada de acuerdo con la autorización adoptada el 28 de junio de 2023 por el comité de inversiones de ISQ Global Fund III GP, LLC (en nombre y representación de ISQ Fund III, tal y como se define en el apartado 2 siguiente) y el 13 de septiembre de 2023 por el consejo de administración de TDR Capital General Partner V Limited (en nombre y representación de TDR Fund V, tal y como se define en el apartado 2 siguiente).
La formulación de la Oferta no requiere la adopción de ningún otro acuerdo por parte de ningún órgano social del Oferente ni de sus accionistas.
El Oferente es Amber EquityCo, S.L.U., sociedad de responsabilidad limitada constituida conforme a las leyes de España, con domicilio social en la Calle Ramírez de Arellano 17, 10ª planta, 28043, Madrid, España, inscrita en el Registro Mercantil de Madrid, Tomo 45136, Folio 213, Hoja M-794270, y provista de Número de Identificación Fiscal (N.I.F.) B-13797311. Las acciones del Oferente no están admitidas a negociación en ningún mercado de valores. Su código LEI es 959800GWS9Z441C74Y15.
El Oferente es una sociedad íntegramente participada, indirectamente, por la sociedad inglesa Amber JVCo Limited ("Amber JVCo") a través de una cadena de sociedades. Concretamente, el Oferente está íntegramente participado por la sociedad española Amber BidCo, S.L.U. ("Amber BidCo") que, a su vez, está íntegramente participada por la sociedad inglesa Amber HoldCo Limited ("Amber HoldCo") que, a su vez, está íntegramente participada por la sociedad inglesa Amber MidCo 1 Limited ("Amber MidCo") que, a su vez, está íntegramente participada por Amber JVCo.
Amber JVCo está participada de la siguiente forma:
ISQ TopCos están íntegramente participadas, indirectamente, por un fondo de capital privado (private equity fund) compuesto por limited partnerships ubicadas en Luxemburgo y en las Islas Caimán denominado ISQ Global Infrastructure Fund III ("ISQ Fund III"), el cual está controlado por ISQ Global Fund III GP, LLC ("ISQ Fund III GP"), sociedad de responsabilidad limitada (limited liability company) constituida en el estado de Delaware (Estados Unidos). ISQ Fund III GP está íntegramente participada por ISQ Holdings, LLC ("ISQ Holdings"), sociedad de responsabilidad limitada (limited liability company) de las Islas Caimán participada y gestionada a partes iguales por D. Sadek Wahba, D. Gautam Bhandari y D. Adil Rahmathulla, no teniendo ninguno de ellos la capacidad de ejercer control de forma individual sobre ISQ Holdings.
(iii) El 50% restante del capital social de Amber JVCo es propiedad de Amber TopCo S.à r.l. ("TDR TopCo"), sociedad de responsabilidad limitada (société à responsabilité limitée) constituida con arreglo a las leyes del Gran Ducado de Luxemburgo, íntegramente participada, en última instancia, por TDR Capital V L.P. ("TDR Fund V"), un limited partnership inglés controlado por TDR Capital General Partner V Limited ("TDR Fund V GP"), sociedad limitada (private limited company) constituida de acuerdo con las leyes de Escocia. TDR Fund V GP está indirectamente participada en su totalidad por TDR Capital LLP ("TDR Capital"), limited liability partnership inglés que cuenta con 20 socios (partners), no teniendo ninguno de ellos capacidad de ejercer control de forma individual sobre TDR Capital.
El Oferente, Amber BidCo, Amber HoldCo, Amber MidCo, Amber JVCo, ISQ TopCos y TDR TopCo son sociedades de propósito especial que han sido constituidas con el objetivo de realizar la Oferta y canalizar la inversión de ISQ Fund III y TDR Fund V en Applus.
El Folleto incluye una descripción más detallada de la estructura accionarial y de control del Oferente.
La Oferta es una oferta de carácter voluntario conforme al artículo 13 del Real Decreto 1066/2007 y el artículo 117.1 de la Ley 6/2023, de 17 de marzo, de los Mercados de Valores y de los Servicios de Inversión (la "Ley del Mercado de Valores").
El 30 de junio de 2023, Manzana Spain BidCo, S.L.U. presentó ante la CNMV una oferta pública voluntaria dirigida a la totalidad de las 129.074.133 acciones de Applus a un precio en efectivo de 9,50 euros por acción (la "Oferta Inicial"). La solicitud de autorización de la Oferta Inicial fue admitida a trámite por la CNMV el 17 de julio de 2023.
Por tanto, la Oferta es una oferta competidora respecto a la Oferta Inicial y se rige por el régimen previsto en el Capítulo IX del Real Decreto 1066/2007.
La Oferta cumple con las condiciones establecidas en el artículo 42.1 del Real Decreto 1066/2007 dado que se ha presentado antes del quinto día natural anterior a la finalización del período de aceptación de la Oferta Inicial, está dirigida al mismo número de acciones que la Oferta Inicial y el Precio de la Oferta (tal y como se define en el apartado 8 siguiente) es de 9,75 euros, es decir, es superior al precio de la Oferta Inicial.
Ni el Oferente, ni ISQ Holdings o TDR Capital, ni ninguno de los fondos o entidades controlados o gestionados por cualquiera de ellos ni, conforme al leal saber y entender del Oferente, ninguna sociedad controlada por los fondos gestionados o controlados, en última instancia, por ISQ Holdings o TDR Capital, ni ninguno de los miembros de sus respectivos órganos de administración ni su personal de alta dirección, son titulares directos o indirectos de ninguna acción de Applus ni actúan en concierto con ningún tercero (persona física o jurídica) en relación con la Oferta. Por lo tanto, a los efectos del artículo 5 del Real Decreto 1066/2007, no se atribuye ninguna acción de Applus al Oferente.
El Oferente no ha nombrado a ningún miembro del consejo de administración o del equipo directivo de Applus.
En los 12 meses previos a la fecha de la presente solicitud de autorización, ni el Oferente, ni ISQ Holdings o TDR Capital, ni ninguno de los fondos o entidades controlados o gestionados por cualquiera de ellos ni, conforme al leal saber y entender del Oferente, ninguna sociedad controlada por fondos gestionados o controlados, en última instancia, por ISQ Holdings o TDR Capital, ni ninguno de los miembros de sus respectivos órganos de administración ni su personal de alta dirección, han adquirido o acordado adquirir acciones de Applus, directa o indirectamente, de forma individual o concertada con otros, ni realizado de cualquier otra forma ninguna operación con acciones de Applus ni con instrumentos que pudieran dar derecho a su titular a la adquisición o suscripción de acciones de Applus, ni que, directa o indirectamente, otorguen derechos de voto en Applus.
Applus Services, S.A. es una sociedad anónima cotizada constituida conforme a las leyes de España, con domicilio social en la Calle Campezo 1, Edificio 3, Parque Empresarial Las Mercedes, 28022 Madrid, España, inscrita en el Registro Mercantil de Madrid, Tomo 36874, Folio 114, Hoja M-659828 y con Número de Identificación Fiscal (N.I.F.) A-64622970. Su nombre comercial es Applus+.
El capital social de Applus asciende a 12.907.413,30 euros, dividido en 129.074.133 acciones, de 0,10 euros de valor nominal cada una de ellas, pertenecientes a una misma y única clase y serie, totalmente suscritas y desembolsadas. Todas las acciones de Applus están representadas mediante anotaciones en cuenta, cuya llevanza corresponde a la Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A. ("Iberclear"), y están admitidas a negociación en las Bolsas de Valores de Madrid, Barcelona, Bilbao y Valencia a través del Sistema de Interconexión Bursátil (SIBE) ("Bolsa de Valores Españolas").
Las acciones de Applus no se encuentran admitidas a negociación en ningún otro mercado regulado.
De acuerdo con la información pública disponible a 13 de septiembre de 2023, Applus es titular de 146.997 acciones en autocartera que representan el 0,114% del capital social total de Applus.
De acuerdo con la información pública disponible, no existen derechos de suscripción preferente u obligaciones convertibles o canjeables en acciones, warrants u otros instrumentos similares que puedan, directa o indirectamente, conferir a su titular el derecho a suscribir o adquirir acciones de Applus, ni tampoco existen acciones sin voto o de clases especiales.
La Oferta se dirige a la totalidad del capital social de Applus, representado por 129.074.133 acciones, de 0,10 euros de valor nominal cada una de ellas, pertenecientes a una misma y única clase y serie, totalmente suscritas y desembolsadas. Por tanto, la Oferta se dirige a todos los titulares de acciones de Applus.
Los términos de la Oferta, incluido el Precio de la Oferta (tal y como se define en el apartado 8 siguiente), son los mismos para todas las acciones de Applus.
La Oferta se formula exclusivamente en el mercado español, único mercado en el que cotizan las acciones de Applus. La Oferta se dirige a todos los accionistas de Applus.
La presente solicitud de autorización y su contenido no suponen la formulación o difusión de la Oferta en jurisdicciones o territorios distintos del español. Por lo tanto, la presente solicitud de autorización y el Folleto, que se publicará tras la autorización de la Oferta por la CNMV, no serán publicados, enviados a o distribuidos en ninguna jurisdicción o territorio donde su publicación pueda estar prohibida o restringida por ley o donde se requiera el registro o depósito de documentación adicional, y cualquier persona (incluyendo custodios, representantes (nominees) y fiduciarios (trustees)) que reciba la presente solicitud de autorización, el Folleto o cualesquiera otros documentos relacionados con la Oferta no deberá, ya sea directa o indirectamente, publicarlos ni distribuirlos en dichas jurisdicciones o territorios.
La Oferta no se realiza en o hacia, y no es susceptible de ser aceptada en o desde, los Estados Unidos, y no se está realizando en o hacia, y no es susceptible de ser aceptada en o desde, Canadá, Australia, Nueva Zelanda, la República de Sudáfrica o Japón ("Otras Jurisdicciones Restringidas"), y el Folleto y todos los demás documentos relacionados con la Oferta no constituyen o forman parte de ninguna oferta o solicitud de compra o suscripción de valores en los Estados Unidos o en cualquier Otra Jurisdicción Restringida.
En particular, la presente solicitud de autorización no se publicará ni distribuirá, ni la Oferta se formulará, directa o indirectamente, en los Estados Unidos de América, ni mediante el uso del sistema postal o por cualesquiera otros medios o instrumentos comerciales internacionales o interestatales, ni a través de las bolsas de valores de los Estados Unidos de América (incluyendo sus territorios y posesiones, cualquier estado de los Estados Unidos y el Distrito de Columbia), ni a través de cualquier otro medio que pueda permitir el envío o distribución de la Oferta en los Estados Unidos de América. Como se ha mencionado anteriormente, la presente solicitud de autorización no es una oferta de compra ni constituye una oferta para comprar ni una solicitud u oferta para vender acciones en los Estados Unidos de América.
La Oferta se formula como una compraventa de acciones. La contraprestación ofrecida por el Oferente a los titulares de las acciones de Applus es de 9,75 euros por acción (el "Precio de la Oferta"). En consecuencia, el importe total máximo a pagar por el Oferente es de 1.258.472.796,75 euros. El Precio de la Oferta se pagará en efectivo en su totalidad.
El Oferente dispone de los compromisos de deuda y capital necesarios para atender la contraprestación referida.
Si Applus realizase o aprobase cualquier distribución de dividendos o reservas, devolución de aportaciones o cualquier otro tipo de distribución a sus accionistas, ya sea ordinaria o extraordinaria, a cuenta o complementaria, el Precio de la Oferta se reducirá en una cantidad equivalente al importe bruto por acción de la distribución, siempre que la fecha de publicación del resultado de la Oferta en los boletines de cotización sea la misma que (o una fecha posterior a) la correspondiente fecha exdividendo.
El Oferente considera que el Precio de la Oferta reúne los requisitos de precio equitativo de conformidad con lo previsto en el artículo 9 del Real Decreto 1066/2007 y que no es inferior al precio resultante de aplicar las metodologías de valoración del artículo 10 del Real Decreto 1066/2007.
A estos efectos, el Oferente ha nombrado a Kroll Advisory, S.L. como experto independiente para que emita un informe de valoración justificativo del Precio de la Oferta de acuerdo con los criterios de valoración establecidos en el artículo 10.5 del Real Decreto 1066/2007 y, de este modo, confirme que el Precio de la Oferta cumple con los requisitos establecidos en los artículos 9 del Real Decreto 1066/2007, para su consideración como "precio equitativo", y 10 del Real Decreto 1066/2007, para la exclusión de negociación de las acciones de Applus de las Bolsas de Valores Españolas. El informe de valoración se presentará en la CNMV en el plazo establecido en el artículo 17 del Real Decreto 1066/2007.
El Oferente manifiesta que: (i) ni el Oferente, ni ISQ Holdings o TDR Capital, ni ninguno de los fondos o entidades controlados o gestionados por cualquiera de ellos ni, conforme al leal saber y entender del Oferente, ninguna sociedad controlada por fondos gestionados o controlados, en última instancia, por ISQ Holdings o TDR Capital, ni ninguno de los miembros de sus respectivos órganos de administración ni su personal de alta dirección, ha adquirido o ha acordado adquirir acciones de Applus en el periodo de 12 meses previos a la presente solicitud de autorización de la Oferta; (ii) no existen compensaciones adicionales que hubieran sido o deban ser pagadas por el Oferente, ni existen pagos diferidos a favor de ningún accionista de Applus, y (iii) no ha acaecido ninguna de las circunstancias establecidas en el artículo 9 del Real Decreto 1066/2007 que pudiera motivar la modificación del Precio de la Oferta. En consecuencia, a juicio del Oferente, el Precio de la Oferta tiene la consideración de precio equitativo.
En cualquier caso, la consideración del Precio de la Oferta como precio equitativo está sujeta a confirmación por parte de la CNMV. Si la CNMV considerase que el Precio de la Oferta no es un precio equitativo, el Oferente no vendrá obligado a formular una oferta pública de adquisición de acciones de carácter obligatorio, siempre que la Oferta sea aceptada por al menos el 50% de los derechos de voto a los que va dirigida, excluyendo del cómputo los que ya obraran en poder del Oferente y los que correspondan a accionistas que hubieran alcanzado algún acuerdo con el Oferente relativo a la Oferta.
Sin perjuicio de que los importes de las primas referidas a precios de cotización que se ofrecen a continuación pueden cambiar a partir de la fecha de la presente solicitud de autorización en función de los precios de cotización y que estas primas no determinan que el precio pueda considerarse equitativo en los términos del artículo 9 del Real Decreto 1066/2007, el Oferente indica que el Precio de la Oferta representa una prima de:
(vi) 2,63% respecto al precio de la Oferta Inicial, que es 9,50 euros por acción de Applus.
De conformidad con el artículo 15 del Real Decreto 1066/2007, el Oferente presentará en la CNMV avales bancarios a primer requerimiento por un importe total de 1.258.472.796,75 euros (es decir, el importe total máximo a desembolsar por el Oferente de acuerdo con la Oferta).
De conformidad con el artículo 7 bis de la Ley 19/2003, de 4 de julio, sobre régimen jurídico de los movimientos de capitales y de las transacciones económicas con el exterior y sobre determinadas medidas de prevención del blanqueo de capitales, y la Disposición Transitoria Única del Real Decreto-ley 34/2020, de 17 de noviembre, de medidas urgentes de apoyo a la solvencia empresarial y al sector energético, y en materia tributaria, la adquisición por parte del Oferente, e indirectamente por ISQ Fund III y TDR Fund V, de una participación en Applus como resultado de la Oferta está sujeta a la autorización previa del Consejo de Ministros del Gobierno de España.
El Oferente presentará la solicitud de autorización correspondiente ante la Dirección General de Comercio Internacional e Inversiones del Ministerio de Industria, Comercio y Turismo lo antes posible y en cooperación con dicha autoridad.
De conformidad con el artículo 26.2 del Real Decreto 1066/2007, la CNMV no autorizará la Oferta hasta que se le acredite la obtención de la autorización del Consejo de Ministros del Gobierno de España prevista en el presente apartado 10.
En caso de que la autorización del Consejo de Ministros del Gobierno de España esté sujeta a cualquier condición u obligación impuesta al Oferente, éste notificará a la CNMV y al mercado lo antes posible si las acepta o no. Si el Oferente comunica su decisión de no aceptarlas, el Oferente considerará que no se ha obtenido la autorización correspondiente y, en consecuencia, procederá a retirar la Oferta.
De conformidad con lo dispuesto en los artículos 13 y 26 del Real Decreto 1066/2007, la efectividad de la Oferta estará sujeta al cumplimiento de las siguientes condiciones:
(iv) De conformidad con el artículo 13.2d) del Real Decreto 1066/2007, la obtención por el Oferente de la renuncia expresa y sin condiciones por parte de (a) la Generalidad de Cataluña en relación con IDIADA Automotive Technology, S.A. y LGAI Technological Center, S.A.; y (b) la Autoridad Irlandesa de Seguridad Vial (Irish Road Safety Authority) en relación con Applus Inspection Services Ireland Limited, en ambos casos a sus respectivos derechos que podrían ejercitar como consecuencia del cambio de control indirecto en el capital social de las referidas filiales de Applus que se produciría como consecuencia de la liquidación de la Oferta.
12.1 Autorizaciones en materia de control de concentraciones
De conformidad con la información disponible, el Oferente considera que la concentración económica resultante de la Oferta requiere autorización de las siguientes autoridades en materia de control de concentraciones:
conformidad con la Ley de Defensa de la Competencia Brasileña (Lei nº 12.529, de 30 de novembro de 2011);
El Oferente procederá a efectuar las solicitudes y notificaciones a las autoridades de defensa de la competencia pertinentes a la mayor brevedad y en cooperación con las mismas.
12.2 Autorizaciones en materia de inversiones extranjeras en países distintos de España
Es previsible que la Oferta requiera la autorización de las autoridades correspondientes prevista en la normativa de inversiones extranjeras aplicable en determinadas jurisdicciones distintas de España donde opera el grupo Applus ("Otras Normas de Inversión Extranjera").
Una vez se haya obtenido la información necesaria acerca de las actividades de Applus en las diferentes jurisdicciones y se haya completado el análisis correspondiente, el Oferente informará a la CNMV (para su difusión como OIR – "otra información relevante" –) de las autorizaciones que requerirá la Oferta de conformidad con las Otras Normas de Inversión Extranjera y que el Oferente decida mantener como condiciones de la Oferta en atención a su materialidad para el negocio del Grupo Applus así como por su relevancia para los intereses de ISQ Holdings, TDR Capital y las sociedades controladas por fondos gestionados o controlados, en última instancia, por ISQ Holdings o TDR Capital.
El Oferente iniciará lo más pronto posible el procedimiento para obtener dichas autorizaciones ante las autoridades correspondientes y en cooperación con las mismas.
De conformidad con la información disponible, es previsible que la Oferta requiera la autorización de la Comisión Europea de acuerdo con el Reglamento (UE) 2022/2560 del Parlamento Europeo y del Consejo, de 14 de diciembre de 2022, sobre subvenciones extranjeras que distorsionan el mercado interior (el "Reglamento de Subvenciones Extranjeras").
Una vez que se recopile la información necesaria y se complete el análisis correspondiente, el Oferente presentará el formulario de solicitud pertinente a la Comisión Europea lo antes posible en cooperación con dicha autoridad.
De conformidad con los artículos 87 y siguientes de la Ley luxemburguesa de 7 de diciembre de 2015, sobre el sector de seguros (loi du 7 Decembre 2015 sur le secteur des assurances), la adquisición por el Oferente y su grupo de una participación indirecta de, al menos, el 10% del capital social de Libertytown RE SA, una entidad reaseguradora cautiva autorizada en Luxemburgo, filial íntegramente participada por Applus, está sujeta a la obtención por parte del Oferente y su grupo de una decisión de no oposición de la Comisión de Seguros de Luxemburgo (Commissariat aux Assurances), ya sea de forma expresa o por ausencia de pronunciamiento en el plazo legalmente establecido.
El Oferente presentará la solicitud de no oposición correspondiente lo antes posible y en cooperación con dicha autoridad
13.1 Acuerdo de confidencialidad
El 25 de abril de 2023, Applus, I Squared Capital Advisors (UK) LLP y TDR Capital suscribieron un acuerdo de confidencialidad para proteger el tratamiento y la confidencialidad de las conversaciones iniciales y la información que Applus pudiera poner a disposición de ambos para analizar la viabilidad de la Oferta.
El 13 de septiembre de 2023, determinados limited partnerships pertenecientes a ISQ Fund III (los "ISQ Main Funds"), por un lado, y TDR Fund V, por otro lado, suscribieron un acuerdo de colaboración (el "Acuerdo de Colaboración") en virtud del cual acordaron determinados principios de colaboración para la ejecución de la Oferta. De conformidad con los términos del Acuerdo de Colaboración, los ISQ Main Funds y TDR Fund V se han comprometido a colaborar entre sí de forma exclusiva para ejecutar la Oferta y han acordado adoptar todas las decisiones materiales para su realización por unanimidad.
En virtud del Acuerdo de Colaboración, los ISQ Main Funds y TDR Fund V suscribirán un pacto de accionistas en relación con Amber JVCo que desarrollará los términos que se adjuntan al Acuerdo de Colaboración (el "Term Sheet").
De acuerdo con los términos del Term Sheet, y con sujeción al porcentaje del capital titularidad de cada parte en cada momento, tanto los ISQ Main Funds como TDR Fund V tendrán derecho a nombrar y cesar, respectivamente, a cuatro consejeros del consejo de administración de Amber JVCo.
Asimismo, y con sujeción a restricciones ordinarias a la transmisibilidad, los ISQ Main Funds y TDR Fund V no podrán disponer de su participación en el capital de Applus sin el consentimiento de la otra parte hasta transcurridos dos años desde la liquidación de la Oferta. Transcurrido dicho periodo, los ISQ Main Funds o TDR Fund V podrán enajenar su participación o intereses con sujeción a determinados derechos del accionista no transmitente.
Una copia del Acuerdo de Colaboración y del Term Sheet se adjunta como Anexo a la presente solicitud de autorización.
Salvo por los acuerdos descritos en este apartado, no existe ningún acuerdo o pacto de ninguna naturaleza en relación con la Oferta o con Applus suscrito entre, por un lado, el Oferente y cualquiera de las entidades mencionadas en el apartado 2 anterior y, por otro, Applus, cualesquiera de sus accionistas o miembros de los órganos de administración, dirección y control de Applus, ni se ha reservado ninguna ventaja a los accionistas de Applus o a los miembros de dichos órganos de Applus.
Si se cumplen los requisitos previstos en el artículo 116 de la Ley del Mercado de Valores y en el artículo 47 del Real Decreto 1066/2007, el Oferente tiene intención de ejercitar el derecho de venta forzosa respecto de las acciones restantes de Applus al Precio de la Oferta (sujeto a cualquier ajuste conforme al apartado 8 en caso de un reparto de dividendos o cualquier otra distribución a los accionistas de Applus). La ejecución de la operación de venta forzosa dará lugar, de conformidad con los artículos 47 y 48 del Real Decreto 1066/2007 y demás normativa aplicable, a la exclusión de negociación de las acciones de Applus de las Bolsas de Valores Españolas.
Si no se alcanzan los umbrales establecidos para el ejercicio del derecho de venta forzosa pero el Oferente alcanza el día de la liquidación de la Oferta una participación de, al menos, el 75% de los derechos de voto de Applus, el Oferente tiene la intención de excluir de negociación las acciones de Applus de las Bolsas de Valores Españolas de acuerdo con el procedimiento de exclusión de negociación con excepción de oferta de exclusión previsto en el artículo 11.d) del Real Decreto 1066/2007, a cuyo efecto el Oferente aportará el informe de valoración referido en el apartado 8 anterior en el que se justifica que el Precio de la Oferta cumple con los criterios de valoración establecidos en el artículo 10 del Real Decreto 1066/2007.
Si el Oferente no alcanza el 75% de los derechos de voto de Applus el día de la liquidación de la Oferta, el Oferente considerará renunciar a la condición de aceptación mínima y promover seguidamente la exclusión de negociación de las acciones de Applus de las Bolsas de Valores Españolas, lo que requeriría una oferta de exclusión posterior de conformidad con lo dispuesto en el artículo 65 de la Ley del Mercado de Valores y el artículo 10 del Real Decreto 1066/2007.
A juicio del Oferente, a la fecha de la presente solicitud de autorización no existe otra información que pueda resultar necesaria para una adecuada comprensión de la Oferta, distinta de la información incluida en la presente solicitud de autorización.
De acuerdo con lo previsto en el artículo 17 del Real Decreto 1066/2007 y en el Anexo II de la Circular 8/2008 de la CNMV, se adjunta la siguiente documentación a la presente solicitud de autorización:
De acuerdo con lo previsto en el artículo 20 del Real Decreto 1066/2007, la restante documentación complementaria se presentará en la CNMV dentro de los siete días hábiles siguientes a la fecha de presentación de esta solicitud.
A continuación se indica la dirección para notificaciones y comunicaciones del Oferente en relación con la presente solicitud de autorización y el correspondiente expediente de la CNMV:
| Att: | Esteban Arza |
|---|---|
| Dirección: | Calle Almagro 40, 28010 Madrid |
| Tel.: | +34 913996100 |
| Fax: | +34 913996101 |
| E-mail: | [email protected] |
En virtud de lo expuesto, el Oferente
A la Comisión Nacional del Mercado de Valores que tenga por presentada la presente solicitud de autorización, junto con el Folleto de la Oferta y demás documentación que se acompaña y se sirva admitirlos a trámite y autorizar la formulación de la Oferta.
Conforme a lo dispuesto en el Anexo II de la Circular 8/2008 de la CNMV, se indica expresamente que la presente solicitud de autorización tiene la consideración de anuncio de la Oferta a todos los efectos.
Madrid, 14 de septiembre de 2023.
Amber EquityCo, S.L.U.
D. Alexander Metelkin
_____________________________
Amber EquityCo, S.L.U.
Dña. Linda Zhang
_____________________________
Acuerdo de Colaboración y Term Sheet
Joint Bid Agreement
Dated 13 September 2023
TDR FUND
and
ISQ FUNDS
| Contents Page |
|||
|---|---|---|---|
| 1 | Definitions and Interpretation 1 | ||
| 2 | Conduct of the Offer 6 | ||
| 3 | Regulatory Filings 9 | ||
| 4 | Bid Financing 10 | ||
| 5 | Standstill 11 | ||
| 6 | Exclusivity and Syndication 12 | ||
| 7 | Warranties, Undertakings and Acknowledgements 14 | ||
| 8 | Indemnification 15 | ||
| 9 | Withdrawal and Termination 16 | ||
| 10 | Transaction Costs 16 | ||
| 11 | Engagement and Reports and Reliance 17 | ||
| 12 | Confidentiality and Announcements 18 | ||
| 13 | Assignment and Other Dealings 19 | ||
| 14 | Amendments and Waivers 19 | ||
| 15 | Severability 19 | ||
| 16 | Counterparts 19 | ||
| 17 | Third party rights 20 | ||
| 18 | Governing Law and Jurisdiction 20 |
This Joint Bid Agreement (the "Agreement") is entered into on 13 September 2023 between:
(together, the "Parties" and the TDR Fund on the one hand and each of the ISQ Funds on the other hand a "Party").
It is agreed as follows:
In this Agreement the following words and expressions shall have the following meanings:
"Acting in Concert" has the meaning given in article 5 of the Tender Offer Regulations;
"Advisers" means those advisers as agreed between the Parties from time to time;
"Affiliate" means, in respect of a Party, any person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with that Party from time to time and includes any funds and/or vehicles managed and/or advised by that Party or its Affiliates within the meaning of the foregoing but excludes: (a) any portfolio or investee companies in which any such funds and/or vehicles directly or indirectly hold an interest or investment; (b) such funds or vehicles which engage primarily in investment in debt and/or debt securities; and (c) any other person that is not involved, directly or indirectly, in the private equity business of that person and has not received information in respect of the Offer;
"Agreement" has the meaning given in the recitals;
"Amber JVCo" has the meaning given in the recitals;
"Amber JVCo Group" means Amber JVCo together with its subsidiary undertakings from time to time;
"BidCo" means Amber BidCo, S.L.U.;
"Budget" means the budget for the Joint Bid Costs, ISQ Costs and TDR Costs as may be agreed between the Parties from time to time;
"CNMV" means the Spanish Securities Market Commission (Comisión Nacional del Mercado de Valores);
"Companies Act Spain" means Royal Legislative Decree 1/2010, of 2 July, approving the consolidated text of the companies act;
"Companies Act UK" means the Companies Act 2006 as amended at any time prior to the date hereof;
"Concert Parties" means, in respect of a Party, collectively, any persons Acting in Concert with such Party, provided that, for the purpose of this Agreement only, neither Party or its Affiliates shall be deemed to be Concert Parties of the other Party or its Affiliates;
"Control" with respect to a person: (a) ownership of more than 50 per cent. of the voting securities of such person; (b) the right to appoint, or cause the appointment of, more than 50 per cent. of the members of the board of directors (or similar governing body) of such person; or (c) the right to manage, or direct the management of, on a discretionary basis, the business, affairs and/or assets of such person, and a general partner of a limited partnership is deemed to Control such limited partnership and a permanent investment manager of a fund is deemed to Control such fund (and the terms "Controlling" and "Controlled" shall have meanings correlative to the foregoing);
"Criminal Code Spain" means Organic Act 10/1995, of 23 November, on the criminal code;
"Defaulting Party" has the meaning given in Clause 4.4;
"ECL" has the meaning given in Clause 4.1;
"Effective Date" means the date upon which the Offer is settled in accordance with article 37 of the Tender Offer Regulations;
"Engagement Letters" means each and every engagement letter provided by any Adviser in connection with the Transaction for the benefit, either directly or indirectly, of the Parties (but excluding any engagement letter for the sole benefit of only one of the Parties);
"Equity Commitment" has the meaning given in Clause 2.7;
"EquityCo" has the meaning given in the recitals;
"EquityCo Board" means the board of directors of EquityCo from time to time;
"ERISA" shall mean the United States Employee Retirement Income Security Act of 1974, as amended;
"Filing Date" means the earlier of: (a) the date on which the first version of the Offer Prospectus is filed with the CNMV; and (b) if applicable, the initial announcement of the Offer in accordance with article 16 of the Tender Offer Regulations;
"Financing" has the meaning given in Clause 2.3.8;
"FinCo" means Amber FinCo PLC;
"Funds" means the TDR Fund or the ISQ Funds (as applicable);
"Indemnification Agreement" means each and every agreement in which any Party or its Affiliates (excluding members of the Amber JVCo Group) agrees to indemnification or other obligations in connection with the Transaction in respect of, either directly or indirectly, the Parties (but excluding any agreements entered into for the sole benefit of only one of the Parties);
"Initial Commitments" has the meaning given in Clause 4.1;
"Initial Investors" has the meaning given in Clause 4.1;
"Initial Investments" has the meaning given in Clause 4.1;
"Investment Date" has the meaning given in Clause 4.1;
"Investors" has the meaning given in Clause 4.1;
"ISQ" means ISQ Global Fund III GP, LLC, a Delaware limited liability company with its registered address at 251 Little Falls Drive, Wilmington, DE 19808;
"ISQ Costs" means all costs, fees and expenses incurred in relation to advice specific only to ISQ and its Affiliates;
"JVCo" means Amber JVCo, EquityCo and any other entities incorporated by the Parties in relation to the Offer, the parent entity of which shall be Amber JVCo;
"Joint Bid Costs" means, subject to Clause 10.6, costs, fees and expenses incurred by (or on behalf of) any JVCo or by either Party for the benefit of both Parties, including TDR Costs and ISQ Costs;
"Linklaters" means Linklaters LLP and Linklaters, S.L.P.;
"Losses" means any losses, claims, damages or liabilities (and any reasonable and documented professional fees and out-of-pocket expenses in connection therewith);
"Non-Defaulting Party" has the meaning given in Clause 4.4;
"Offer" has the meaning given in the recitals;
"Offer Committee" has the meaning given in Clause 2.9;
"Offer Committee Members" has the meaning given in Clause 2.9;
"Offer Documentation" has the meaning given in Clause 2.3.6;
"Offer Period" means the period from the Filing Date until the earliest of (i) the Effective Date, or (ii) the date on which (a) the Parties agree, subject to Tender Offer Regulations, on the withdrawal of the Offer, or (b) the Offer conditions are neither satisfied nor waived on time rendering the Offer ineffective;
"Offer Prospectus" means the prospectus setting out the terms and conditions of the Offer;
"Overlapping Syndicatee" shall mean any potential syndicatee designated as an Overlapping Syndicatee by Kirkland & Ellis International LLP from time to time by virtue of such potential syndicatee being an existing limited partner or investor in both the TDR Fund and an ISQ Fund;
"Parties" has the meaning given in the recitals;
"Payee" has the meaning given in Clause 8;
"Payor" has the meaning given in Clause 8;
"Permitted Syndicatee" has the meaning given in Clause 6.3;
"Permitted Syndication" has the meaning given in Clause 6.3;
"Potential Syndicatee" means (i) any Overlapping Syndicatee that is agreed by the Parties to be a Potential Syndicatee of a Party and (ii) any person that is not an Overlapping Syndicatee or Restricted Syndicatee;
"Relevant Date" means, in respect of any Party, the date that is six months after the earlier of: (i) the date on which such Party withdraws from the Offer in accordance with Clause 9.1 below; and (ii) the date on which this Agreement terminates or is terminated in accordance with Clause 9.3;
"Relevant Proportion" means, in respect of a Party, the proportion that the Initial Commitment of the Initial Investor(s) of such Party bears to the aggregate of all Initial Commitments being 50 per cent. each;
"Remaining Party" has the meaning given in Clause 9.2.2;
"Reports and Reliance Letters" means each and every due diligence report (and associated reliance letter or terms) in connection therewith provided by any Adviser in connection with the Transaction for the benefit of the Parties (but excluding any due diligence reports for the sole benefit of only one of the Parties);
"Representatives" means, in respect of any person, its partners, officers, employees professional advisers, lenders, proposed lenders, auditors and other representatives of such person;
"Restricted Syndicatee" means:
(a) any person who (as a result of such syndication) would: (i) cause the Amber JVCo Group to become subject to any regulatory regime that would impose adverse restrictions or obligations on the Amber JVCo Group; (ii) be required to be registered, licensed, approved or authorised by any regulator; (iii) be required (or require EquityCo or any Party) to make an anti-trust, foreign investment or regulatory filing not contemplated by the Offer Prospectus filed with the CNMV; (iv) be reasonably likely to cause a material delay in, or jeopardise receipt of, any approval or clearance that is required to acquire or operate the Amber JVCo Group or undertake any transaction or arrangement approved by the EquityCo Board or the board of any other JVCo; or (v) otherwise be reasonably likely to have any materially adverse effect on the regulatory or legal position of the Amber JVCo Group;
"Securities Market Act Spain" means Act 6/2023, of 17 March, on Securities Markets and Investment Services;
"Shareholders' Agreement" has the meaning given in Clause 2.3.6(i);
"Structure Paper" means the structure paper relating to the Transaction prepared by Linklaters dated 17 August 2023;
"syndication" means any syndication, transfer or assignment (and "syndicate", "transfer" and "assign" and related words and expressions shall have meanings correlative to the foregoing);
"subsidiary" has the meaning given to such term in the Companies Act UK;
"Syndication Interests" has the meaning given in Clause 6.3;
"Target" means Amber Services, S.A.;
"Target Group" means Target and its subsidiaries;
"Target Securities Interest" means equity and debt securities issued by the Target Group (including, among others, warrants or other financial instruments carrying the option to acquire or subscribe for shares);
"TDR" means TDR Capital General Partner V Limited, a limited company incorporated in Scotland with registered number SC707592, whose registered office is at 50 Lothian Road, Festival Square, Edinburgh, Scotland, EH3 9WJ and any references herein to TDR shall be to TDR acting in its capacity as general partner of the TDR Fund;
"TDR Costs" means all costs, fees and expenses incurred in relation to advice specific only to TDR and its Affiliates;
"Tender Offer Regulations" has the meaning given in the recitals;
"Term Sheet" means the term sheet agreed between the Parties which sets out the principal terms on which the Parties propose to invest in Amber JVCo in connection with the Transaction, a copy of which is set out at Schedule 2 of this Agreement; and
"Transaction" has the meaning given in the recitals.
1.2.1 Clause headings shall not affect the interpretation of this Agreement.
in all cases without the prior consent of the other Party. Notwithstanding the foregoing, Linklaters shall be entitled to communicate with the CNMV on behalf of EquityCo and the Parties (together as joint bidders) to the extent they consider reasonably necessary to do so in relation to their relevant responsibilities in connection with the Offer. In addition, each of the Parties may communicate with the CNMV in relation to its own position under the Tender Offer Regulations provided that it shall promptly notify in writing Linklaters if any such communications with the CNMV take place in connection with the Transaction.
Party's consent shall not be required for the purpose of Clauses 2.1 to 2.6 and 2.8 to 2.11 (inclusive), 9.2.2, 12.4 and 13.1, and any director of the breaching Party appointed to the EquityCo Board or the board of any other JVCo shall not be entitled to attend any meeting of that board or vote on any resolution of that board.
and, subject to the terms of this Agreement, shall contribute some or all of such cash funding (the "Initial Investments") to subscribing (directly or indirectly) for securities or instruments in EquityCo (provided that the Initial Investor(s) of each Party will hold 50 per cent of the voting rights) pari passu in all respects and such Initial Investments will be made in securities or instruments of the same type and class, at the same price, and in the same proportions as between each such type and class. In connection with the Initial Commitments, the Initial Investors shall provide and be party to an equity commitment letter to EquityCo and the CCPs (as defined in the ECL) (the "ECL").
such Affiliate (provided, however, that if the Defaulting Party transfers shares or other securities directly or indirectly held in EquityCo and/or any of the JVCos to the Non-Defaulting Party pursuant to this provision, the Non-Defaulting Party shall refund the Defaulting Party any amounts previously funded by the Defaulting Party, subject to a reasonable right of set- off to cover Losses reasonably related to the default); and
4.4.4 the Defaulting Party shall indemnify the Non-Defaulting Party for any Losses incurred or suffered as a result of the Defaulting Party's failure to satisfy its obligations under the ECL, including Losses arising from any failure by EquityCo to implement the Offer resulting directly or indirectly from the Defaulting Party's failure to fund its Equity Commitment.
(to the extent that any Concert Party has not already been sent a dealing stop notice prior to that date).
to work with the other Party on an exclusive basis to further the Offer; and
6.2.2 until such Party's Relevant Date, to not, and to procure that none of its Affiliates nor its or their Representatives (excluding any lender, proposed lender, professional adviser, auditor or other representative not within such Party's control) or any of its Funds do not, except as part of the Offer, directly or indirectly be involved as an equity investor or as the provider of any other form of financing or otherwise perform any other substantive role or service (or enter into discussions or agree formally or informally to do the same) in respect of any acquisition of Target or any other transaction in relation to Target having a similar effect,
in each case, other than with the prior written consent of the other Party.
leaves an amount equal to the payment which would have been due if no tax deduction had been required.
If any provision in this Agreement shall be held to be illegal, invalid or unenforceable, in whole or in part, under any enactment or rule of law or otherwise, such provision (or part) shall to that extent be deemed not to form part of this Agreement but the legality, validity and enforceability of the remainder of this Agreement shall not be affected.
This Agreement may be executed in any number of counterparts and by the Parties to it on separate counterparts and each such counterpart shall constitute an original of this Agreement but all of which together constitute one and the same instrument. This Agreement shall not be effective until each Party has executed at least one counterpart.
The Contracts (Rights of Third Parties) Act 1999 shall not apply to this Agreement and no person who is not a party to this Agreement may enforce any provision of it.
1. TDR Capital V L.P., an English limited partnership, as constituted from time to time, with registered number LP022040 having its principal place of business at 20 Bentinck Street, London W1U 2EU
Schedule 2 Term Sheet
This non-binding term sheet summarises the principal terms on which TDR Capital General Partner V Limited acting in its capacity as general partner of the TDR Fund ("TDR") and ISQ Global Fund III GP, LLC acting in its capacity as general partner of various ISQ Funds ("ISQ") (each an "Investor" and together the "Investors") propose to hold interests in Amber JVCo in connection with the proposed acquisition of the company code-named "Amber" (the "Transaction"), and which the Investors have agreed to follow in the negotiation and conclusion of a binding shareholders' agreement to govern the arrangements relating to their interests in Amber JVCo (and together with its subsidiary undertakings, the "Amber JVCo Group") (the "Shareholders' Agreement").
Terms used but not defined in this document shall have the meanings given to such terms in the joint bid agreement to be entered into between TDR and ISQ in relation to the Transaction (the "Joint Bid Agreement").
| Provision | Description of Terms |
|---|---|
| General Structure | Amber JVCo will be an English private limited company tax resident in England. |
| The structuring of the Transaction and nature of the instruments to be subscribed by the Investors will be determined in accordance with tax and operational advice to be obtained by the Investors. |
|
| Subject to legal and tax advice, each Investor will fund their Equity Commitment by way of a subscription for the same class and type of securities in Amber JVCo. |
|
| ISQ Holding Structure |
ISQ will hold its interest in Amber JVCo through two entities: one incorporated in the United Kingdom ("ISQ UK Shareholder") and the other incorporated in the Cayman Islands ("ISQ CI Shareholder"). |
| Any provision which is expressed to bind the ISQ UK Shareholder and the ISQ CI Shareholder shall, save where inconsistent with the context, bind each of them severally and not jointly and severally. |
|
| All rights and obligations of the ISQ CI Shareholder shall be exercised by the ISQ UK Shareholder acting on behalf of the ISQ CI Shareholder. For the avoidance of doubt, this includes any consents required to be given by the ISQ CI Shareholder. |
|
| Further Funding | There shall be no obligation on the Investors to provide further funding to the Amber JVCo Group after Completion. |
| Board Composition | The Amber JVCo board (the "Amber JVCo Board") will consist of at least 8 directors. |
| Provision | Description of Terms |
|---|---|
| Each Investor shall have the right to appoint and remove up to four directors (each, an "Investor Director") or such other greater number of directors as agreed between the Investors (provided that each Investor shall be entitled to four board votes, irrespective of the number of Investor Directors they have appointed). |
|
| The Investors also expect that the Amber JVCo Group will establish a board which will be responsible for the operation and management of Amber (the "Operational Board"). The Operational Board is expected to be established post-Completion following discussion with the CEO of Amber and is expected to comprise of senior management of Amber and up to four Investor Directors for each Investor. Voting and quorum of the Operational Board will be as per the Amber JVCo Board (see below), save that certain matters may be reserved to the Amber JVCo Board and the positive vote of each Investor is required for any matter to be resolved at the Operational Board. |
|
| Amber JVCo Board meetings will only be quorate if at least one Investor Director representing each Investor is present. | |
| Amber JVCo Board resolutions will be passed by a simple majority of the Amber JVCo Board (with each Investor having a total of four votes), except for resolutions with respect to the Reserved Matters (as defined below), for which any resolution to be passed by the Amber JVCo Board must include the approval of at least one Investor Director appointed by each of the Investors. Any Investor Director shall be entitled to exercise the votes of all Investor Directors appointed by their respective Investor. |
|
| Each Investor shall have the right to have equal representation on each committee, and the boards or committees of any subsidiary. |
|
| The Shareholders' Agreement will contain customary sunset provisions which reduce the number of Investor Directors which an Investor can appoint if the equity interest in Amber JVCo held by such Investor is reduced. |
|
| Delegation of Authority |
The Investors shall agree a policy for the delegation of authority from the Amber JVCo Board to the management team of Amber for the operational day-to-day management of the business, subject always to the Reserved Matters (as defined below). |
| Reserved Matters | The Shareholders' Agreement shall include a customary list of "reserved matters" in respect of the Amber JVCo Group (including those set out in Appendix 1) that will require the prior written consent of each of the Investors (the "Reserved Matters"). |
| The Shareholders' Agreement will contain customary sunset provisions which reduce the number of Reserved Matters which will require the prior written consent of each of the Investors if the equity interest in Amber JVCo held by such Investor is reduced. |
| Provision | Description of Terms | |
|---|---|---|
| Positive Covenants | The Shareholders' Agreement shall include a customary list of positive covenants (including those set forth in Appendix 2) that each Amber JVCo Group company shall be required to comply with and management shall be required to procure compliance with such covenants. |
|
| Deadlock | A deadlock will arise if either: | |
| (i) the Amber JVCo Board does not pass a resolution put to it two or more times; or |
||
| (ii) two or more consecutive Amber JVCo Board meetings have been adjourned because a quorum is not present. |
||
| If a deadlock arises, the relevant matter shall be escalated to Gary Lindsay in the case of TDR and Mohamed El Gazzar in the case of ISQ. |
||
| If following escalation, the Investors they cannot come to a mutually satisfactory resolution within 10 business days of the matter being put to them, the Amber JVCo Group's business will carry on in the ordinary course and the status quo ante shall prevail. |
||
| For the avoidance of doubt, these deadlock provisions shall only apply to disagreements as between the Investors. | ||
| Information rights | Amber JVCo will provide each Investor with: | |
| (i) annual audited accounts; |
||
| (ii) six-monthly reporting (to include a half-year forecast and presentation from the Amber JVCo Board); |
||
| (iii) quarterly reporting (to include a quarterly report from Amber JVCo); |
||
| (iv) monthly reporting; |
||
| (v) any updates to, or deviations from, the business plan; |
||
| (vi) all materials provided to any Amber JVCo Board; |
||
| (vii) details and copies of all material interactions with regulators regarding the Amber JVCo Group or issues material to the Amber JVCo Group; |
||
| (viii) any information disclosed to the lenders under the Financing Documents (as defined below); |
||
| (ix) any information required by either Investor in relation to environmental, social or governance matters; and |
||
| (x) other information (to include minutes of any Amber JVCo Board meetings, as well as any other information reasonably requested by an Investor from time to time). |
| Provision | Description of Terms |
|---|---|
| Anti-Dilution / Pre emption Rights |
An issue of new equity or debt securities in any Amber JVCo Group company will be a Reserved Matter (as defined below) (unless a default event has occurred). |
| Each Investor will have the right to participate on an issue of new securities in cash pro rata to their holding of shares, with customary exceptions (e.g. intra-group, M&A consideration, management incentive plans etc.). |
|
| Default Event | If there is either a prospective or an actual event of default under the Amber JVCo Group's third party financing documents (the "Financing Documents") or another immediate cash need to solve for a credit issue in respect of the Amber JVCo Group, a default event shall be deemed to have occurred. |
| Following a default event, either Investor shall be entitled to require that new equity is issued without the consent of the other. Any such issue shall provide for a 20 business day catch period for the other party and shall otherwise comply with the procedures for the issue of new equity. |
|
| Any new equity must be issued at fair market value, as agreed between the Investors or, failing agreement, as determined by an independent accountant. |
|
| Transfer Restrictions | The transfer restrictions below (including under right of first offer, drag and tag) shall be subject to customary "permitted transfer" exceptions (including for the avoidance of doubt transfers to affiliates). |
| Lock-Up Period | |
| Neither Investor shall be permitted to dispose of any equity or debt interests in the Amber JVCo Group without the consent of the other for two years from Completion (the "Lock-Up Period"). |
|
| Following Lock-Up Period | |
| All sales by an Investor shall be subject to ROFO, drag and tag as set out below. | |
| Right of First Offer ("ROFO") |
Prior to any sale process for any number, whether in whole or in part, of the shares held by an Investor (the "Sale Shares"), such selling Investor shall inform the other Investor in writing and specify the price per share at which they are willing to sell (the "ROFO Price"). |
| The non-selling Investor shall have two months to submit a binding fully financed offer for all of the selling Investor's Sale Shares (the "ROFO Offer"). |
|
| If the ROFO Offer is for a price greater than or equal to the ROFO Price, the selling Investor shall be required sell its Sale Shares to the non-selling Investor. |
| Provision | Description of Terms |
|---|---|
| If the ROFO is for a price less than the ROFO Price, the selling Investor can either accept this offer or launch a market exercise, in which the non-selling Investor may also participate, join in any discussions regarding the process and other bidders and will have the right to be kept informed of progress. If the market exercise does not result in a price greater than or equal to the ROFO Price, the selling Investor cannot sell its Sale Shares for a period of twelve months following the conclusion of the failed ROFO process. |
|
| Drag Along Rights | Following the second anniversary of Completion, subject to completion of the ROFO process, an Investor which is selling all of its interests in the Amber JVCo Group to a bona fide third party can drag the other Investor, provided that the consideration received by the dragged Investor would represent a multiple of money invested for the dragged Investor of at least 3.0x. For the avoidance of doubt, ISQ may only exercise the drag along rights described above if both the ISQ UK Shareholder and the ISQ CI Shareholder are selling their respective interests in the Amber JVCo Group. |
| The terms of the drag-along sale shall be the same price per security and on the same terms (including as to type of consideration), subject to the following. |
|
| The Investor being dragged shall (i) receive cash or liquid securities as consideration for its Amber JVCo Group securities, and (ii) be required to give the same indemnities, the same warranties, the same non-solicitation covenants (but not non-compete covenants) and place the same amount of proceeds in escrow as the dragging Investor. |
|
| Tag Along Rights | The non-selling Investor shall have pro rata tag along rights on any sale of shares by the selling Investor. |
| Drag and Tag Costs | The Shareholders' Agreement will contain customary provisions relating to the treatment of any costs incurred by Amber JVCo/the Investors in connection with any drag-along/tag-along sales. |
| IPO | Same treatment as sales of shares in that not permissible during the Lock-Up Period unless the Investors otherwise agree. |
| Following the fifth anniversary of Completion, either Investor can initiate an IPO. | |
| No Investor shall be obliged to sell down as part of the IPO. | |
| Each Investor to have the option to tag along and sell secondary shares in the IPO in proportion to its respective shareholding. | |
| Customary IPO co-operation and lock up language to be included. | |
| Each Investor to have equivalent registration rights in respect of the IPO. |
| Provision | Description of Terms |
|---|---|
| Notification / Information Rights on Exit |
All approaches to be disclosed ASAP to the Amber JVCo Board/the Investors. Any appointment of advisers to be a Reserved Matter. Investors to have rights to receive any and all information provided to potential purchasers. Disclosure of all customary financial, technical and legal information to potential bidders permitted by the Amber JVCo Group and/or either Investor, provided that the recipients have entered into confidentiality undertakings for the benefit of the Amber JVCo Group in a customary form. |
| Management incentive plan |
The Investors shall, between them, agree on the terms and the structure of the management incentive plan following Completion, which will dilute each Investor on a pro rata basis. |
| Costs, Fees and Expenses |
Amber JVCo to pay (or procure that another Amber JVCo Group company pays) certain costs, fees and expenses to each Investor on a pro rata basis (in respect of fees only and not costs or expenses) and subject to an overall cap to be agreed between the Investors. |
| Other | The governing law of the transaction documents will be English law. Any costs to be borne by the Amber JVCo Group (including each Investor's costs in relation to negotiating the consortium arrangements) will be agreed in accordance with the Joint Bid Agreement. |
No Amber JVCo Group company shall take any of the following actions without the prior written consent of each of the Investors:
| 1. | Alter its constitutional documents. |
|---|---|
| 2. | Change the name of any Amber JVCo Group company. |
| 3. | Adopt its annual budget and/or business plan, or vary the existing budget/business plan, or exceed the capex provided for in any business plan by more than a percentage threshold to be agreed between the Investors. |
| 4. | Allot or issue any shares or other debt or equity securities or grant to any person any option or right to call for the issue of any shares or other securities (save to another Amber JVCo Group company) other than in accordance with the Shareholders' Agreement or articles, repurchase or redeem any debt or equity securities, or effect any other variation to its issued share capital, share premium account, or its capital structure, or the rights attaching to any equity or debt securities or capitalize any reserves or reduced the amount standing to the credit of any reserve. |
| 5. | Recommend, declare or pay a dividend or other distribution to any person other than another Amber JVCo Group company. |
| 6. | Create or issue or allow to come into being any security interest (other than a lien on assets arising by operation of law in the ordinary course of business and securing sums not more than 30 days overdue or as envisaged by the Financing Documents) over any part of its property or assets or create or issue any debenture or debenture stock. |
| 7. | Appoint or remove (other than as an alternate pursuant to the relevant group company's articles) a person as a director of an Amber JVCo Group company (other than in accordance with the terms of the Shareholders' Agreement and the articles of the relevant Amber JVCo Group company). |
| 8. | Appoint (except for the reappointment of its existing auditors) or remove its auditors, adopt any new accounting policy, make any material changes to any material accounting policies or change its accounting reference date, in each case save as required to comply with law or a new accounting standard. |
| 9. | Adopt the audited accounts of Amber JVCo and the audited consolidated accounts of the Amber JVCo Group. |
| 10. | Acquire an interest (whether on its own behalf or as a nominee) in the share, loan capital or instruments convertible into the share capital of any company or other legal entity or its business or assets or enter into any formal discussions or negotiations in connection therewith. |
| 11. | Whether by a single transaction or by a series of transactions: (a) acquire, sell, transfer or enter into an agreement for the acquisition, sale, transfer, surrender or other disposition of any assets having a book or market value in excess of a € threshold to be agreed between the Investors or acquire or enter into an agreement for the acquisition of any assets having a book or market value in excess of a € threshold to be agreed between the Investors (except, in each case, where already identified and agreed as part of the budget sign off from time to time); or (b) enter into, materially vary or terminate any lease, licence, tenancy or similar arrangement where the rental and all other payments under it exceeds a € threshold per annum to be agreed between the Investors. |
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| 12. | Acquire or dispose of any freehold or leasehold property, grant or surrender a lease in respect of such property or take or omit to take any action which could prejudice the continuation of any such lease. |
| 13. | Make a material variation to, or waive a condition of, the Financing Documents, or voluntarily pre-pay any sums lent under the Financing Documents or refinance any such indebtedness, or enter into formal discussions or negotiations in connection thereto. |
| 14. | Except for any debt facilities entered into in connection with the Offer: (a) borrow any money or obtain credit (other than normal trade credit); (b) make any other arrangement having a similar effect (including, without limitation, debt factoring, invoice discounting, hire purchase, equipment leasing, conditional or credit sales, or any off balance sheet borrowings); or (c) materially vary the terms of any credit arrangement, in each case, with any person other than an Amber JVCo Group company, if the aggregate amount outstanding from time to time (including sums attributable to capital under the then current accounting practice) exceeds a € threshold to be agreed between the Investors. |
| 15. | Make, increase or extend a loan or advance exceeding a € threshold to be agreed between the Investors in aggregate to any person (including any loan and advance to a person connected with that person) (excluding (i) any other Amber JVCo Group company, (ii) trade credit in the ordinary course of trading, or (iii) advances made to employees against expenses properly incurred by them on an Amber JVCo Group company's behalf), or acquire any indebtedness owed by any Amber JVCo Group company or other third party to any lender. |
| 16. | Give, extend or increase any liability a guarantee or indemnity, other than as required pursuant to the Financing Documents or otherwise in the ordinary course of business. |
| 17. | Save in accordance with the Shareholders' Agreement, approve or register the transfer (whether legal or beneficial) of any shares in its capital or the price at which such transfer occurs, sell, liquidate or otherwise dispose of any subsidiary or any interest therein, or all or part of its assets, amalgamate, merge or demerge with any company or concern or otherwise effect any corporate restructuring or group reorganisation. |
| 18. | Carry on part of an Amber JVCo Group company's business other than through an Amber JVCo Group company or become or cease to be party to, or vary materially the terms of participation in, a partnership, joint venture, consortium, or any other incorporated or unincorporated association (except for trade associations and existing partnerships and joint ventures of Amber or its subsidiaries in place as at Completion). |
| 19. | Enter into, modify, waive, fail to enforce or terminate (or give notice to terminate or commit a material or persistent breach of) any material contract (which shall include contracts which: (i) have a net impact on Amber JVCo's consolidated EBITDA of a € threshold to be agreed between the Investors / will involve a payment or commitment by the Amber JVCo Group in excess of a € threshold to be agreed between the Investors or more; (ii) are outside the ordinary course of the Amber JVCo Group's business; (iii) is not terminable by the Amber JVCo Group on less than 12 months' notice; or (iv) is otherwise material). |
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| 20. | Commence, discontinue or settle any dispute, litigation or arbitration proceedings where the amount claimed (either by or against it) together with any costs incurred (or likely to be incurred) by it is in excess of a € threshold (exclusive of VAT) to be agreed between the Investors. |
| 21. | Either (i) propose any resolution to place itself or any other Amber JVCo Group company in voluntary liquidation or administration or receivership or relating to a composition with its creditors generally, (ii) make a proposal for a voluntary arrangement under section 1 of the Insolvency Act 1986 in respect of any Amber JVCo Group company, or obtain a compromise or arrangement under Part 26 of the Act in respect of any Amber JVCo Group company or (iii) do anything similar or analogous to the matters described in (i) or (ii) above. |
| 22. | Adopt, or materially amend the terms of, any management incentive plan or other bonus, profit sharing, share option or other incentive scheme (including related issues or grants of equity and equity-linked securities). |
| 23. | Enter into, materially vary the terms of, terminate or give a board or other consent or approval in relation to, a related party transaction with a senior manager or an Investor and/or its affiliates. |
| 24. | Appointment, dismissal, terms of employment (and any material variation thereto) and remuneration (including bonus and other incentive payments) of the Amber JVCo Group CEO, COO, CFO and other key management. |
| 25. | Material changes to the nature, geographical area, and strategy of any Amber JVCo Group company's business, including carrying on a new business. |
| 26. | Engage any professional advisers (i) with aggregate annual fees in excess of a € threshold to be agreed between the Investors (other than advisers in relation to matters within the ordinary course of its business) or (ii) in connection with an Exit. |
| 27. | Apply for, allow to lapse or materially amend a regulatory approval or licence in any jurisdiction (other than renewals of any approvals or licences in the ordinary course of business). |
| 28. | Make any material alteration to any insurance policy held by any Amber JVCo Group company. |
| 29. | Grant or enter into any licence, agreement or arrangement concerning any part of the name or trading names of any Amber JVCo Group company or the goodwill attaching to the same or any other part of an Amber JVCo Group company's intellectual property. |
| 30. | Make any political or charitable contribution or any other gift of whatsoever nature. |
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| 31. | Make an announcement in relation to any of the actions described in this Appendix 1 or in relation to a proposal to take any such action. |
| 32. | Approve or agree to do any of the matters listed in this Appendix 1. |
Each Amber JVCo Group company shall:
| 1. | Procure that: |
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| (a) any expansion, development or evolution of the business of the Amber JVCo Group, as carried on as at the date of the Shareholders' Agreement, is effected only through Amber JVCo Group companies; |
|
| (b) the business of the Amber JVCo Group is conducted responsibly in accordance with principles of good corporate governance, best practice and high ethical standards and with due consideration to the reputation of the Amber JVCo Group and the Investors; |
|
| (c) introduce and maintain effective and appropriate control systems in relation to the financial, accounting and record-keeping functions of the Amber JVCo Group; and |
|
| (d) it promptly adopts and implements any corporate social responsibility, environmental or anti-corruption policies which either Investor may require from time to time. |
|
| 2. | Keep in force and maintain at all times the policies referred to below or such other policies as may be acceptable to the Investors in substitution for them and will not take or omit to take any action or permit any action to be taken which might invalidate any such policy: |
| (a) full and proper directors' and officers' liability insurance on terms reasonably acceptable to the Investors in respect of such persons (including any Investor Director) as the Investors may require and which shall provide for a minimum cover of a € threshold to be agreed between the Investors; and |
|
| (b) full and proper insurance against such business risks and liabilities as the Investors may require (including key man insurance policies in respect of specific managers) with an insurance company approved by Investor consent on such terms and in such amounts as shall accord with good commercial practice (or as may otherwise be required from time to time by an Investor) and each Amber JVCo Group company shall procure that such insurances are reviewed by a reputable insurance broker at least once in each calendar year and that all reasonable recommendations of such broker are complied with. |
|
| 3. | Maintain all licences, consents and authorisations whatsoever which are required or necessary to carry on the business of each Amber JVCo Group company from time to time. |
| 4. | Comply with the requirements of any relevant regulator from time to time. |
| 5. | Hold meetings of the board of directors in compliance with the terms of the Shareholders' Agreement. |
| 6. | Procure that each of the other Amber JVCo Group companies shall pay to it (or, as the case may be, its immediate holding company) by way of dividend or management charge such sum as such Amber JVCo Group company may lawfully pay and as shall be required to permit the payment by the relevant Amber JVCo Group companies on the relevant date of any dividends payable on shares and of any amount payable on the redemption of any securities, subject to the Financing Documents and Investor consent. |
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| 7. | Act in accordance with any Investor directions in connection with the enforcement of its rights under any of the transaction documents or the Financing Documents. |
| 8. | Maintain appropriate policies and procedures to assess anti-corruption, anti–competition, anti-money laundering and sanctions risk and to ensure compliance with these and any other compliance measures, and report to the Amber JVCo Board annually in relation to the Amber JVCo Group's compliance with these policies and procedures. |
| 9. | Take all steps required by an Investor (or its Affiliates) for the Amber JVCo Group, the Investors and/or their Affiliates to comply with their obligations in relation to compliance measures, on a timely basis, including the payment or reimbursement of any costs for which the Investors and/or their Affiliates become liable. |
| 10. | Procure that, other than with specific Investor consent, transaction, arrangement or agreement between (i) any Amber JVCo Group company and (ii) the Investors or any of its Affiliates, shall be on an arms-length basis. |
THIS AGREEMENT HAS BEEN ENTERED INTO ON THE DATE STATED AT THE BEGINNING OF IT.
……………………………………………………………
duly authorised for and on behalf of
TDR Capital V L.P.
By: TDR Capital General Partner V L.P., its general partner
By: TDR Capital General Partner V Limited, its general partner
Name:
duly authorised for and on behalf of
By: ISQ Global Fund III GP, LLC, its general partner
By: ISQ Holdings, LLC, its sole member
Name:
duly authorised for and on behalf of
By: ISQ Global Fund III GP, LLC, its general partner
By: ISQ Holdings, LLC, its sole member
Name:
duly authorised for and on behalf of
By: ISQ Global Fund III GP, LLC, its general partner
By: ISQ Holdings, LLC, its sole member
Name:
duly authorised for and on behalf of
By: I Squared Capital Advisors (US) LLC, acting in its capacity as alternative investment fund manager
Name:
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