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style='tab-interval: 35.4pt' leftmargin=0 topmargin=0 marginheight=0 marginwidth=0 onclick="dynOutline()" language=Javascript1.2> <div class=WordSection1> <p align=center style='margin-bottom:12.0pt;text-align:center'><span lang=EN-US style='mso-ansi-language:EN-US'><o:p>&nbsp;</o:p></span></p> <div align=center> <table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width=620 style='width:465.0pt;mso-cellspacing:0cm;border:solid #909090 1.0pt; border-bottom:none;mso-border-top-alt:solid #909090 .75pt;mso-border-left-alt: solid #909090 .75pt;mso-border-right-alt:solid #909090 .75pt;mso-yfti-tbllook: 1184;mso-padding-alt:0cm 0cm 0cm 0cm' height="9%"> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td style='border:none;padding:0cm 0cm 0cm 0cm'> <p><br> <span style='mso-no-proof:yes'><img width=90 height=28 id="_x0000_i1027" src="http://www.stibbe.nl/upload/8ae45a010c103c57bf01290.jpg" alt="Description: Description: Description: Description: Description: http://www.stibbe.nl/upload/8ae45a010c103c57bf01290.jpg"></span></p> <p>&nbsp;</p> </td> </tr> </table> </div> <p class=MsoNormal align=center style='text-align:center'><span style='font-size:9.0pt;font-family:"Helvetica","sans-serif";mso-fareast-font-family: "Times New Roman";color:#14054B;display:none;mso-hide:all'><o:p>&nbsp;</o:p></span></p> <div align=center> <table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width=620 style='width:465.0pt;mso-cellspacing:0cm;border-top:none;border-left:solid #909090 1.0pt; border-bottom:none;border-right:solid #909090 1.0pt;mso-border-left-alt:solid #909090 .75pt; mso-border-right-alt:solid #909090 .75pt;mso-yfti-tbllook:1184;mso-padding-alt: 7.5pt 7.5pt 7.5pt 7.5pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td style='border-top:solid #0E003B 1.0pt;border-left:none;border-bottom: solid #0E003B 1.0pt;border-right:none;mso-border-top-alt:solid #0E003B .75pt; mso-border-bottom-alt:solid #0E003B .75pt;background:#BFCDE2;padding:7.5pt 7.5pt 7.5pt 7.5pt'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 align=left width=400 style='width:300.0pt;mso-cellspacing:0cm;mso-yfti-tbllook:1184; mso-table-lspace:2.25pt;mso-table-rspace:2.25pt;mso-table-anchor-vertical: paragraph;mso-table-anchor-horizontal:column;mso-table-left:left;mso-padding-alt: 0cm 0cm 0cm 0cm'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width=5 style='width:3.75pt;padding:0cm 0cm 0cm 0cm'> <p class=intro><span lang=EN-US style='mso-ansi-language:EN-US'>&nbsp;<o:p></o:p></span></p> </td> <td width=400 style='width:300.0pt;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal><b><span lang=EN-US style='font-size:9.0pt;font-family: "Helvetica","sans-serif";mso-fareast-font-family:"Times New Roman"; color:#14054B;mso-ansi-language:EN-US'>Corporate e-bulletin<o:p></o:p></span></b></p> </td> </tr> </table> <p class=MsoNormal align=right style='text-align:right'><b><span lang=EN-US style='font-size:9.0pt;font-family:"Helvetica","sans-serif";mso-fareast-font-family: "Times New Roman";color:#0E003B;mso-ansi-language:EN-US'>January 2012 </span></b><span lang=EN-US style='font-size:9.0pt;font-family:"Helvetica","sans-serif"; mso-fareast-font-family:"Times New Roman";color:#0E003B;mso-ansi-language: EN-US'><o:p></o:p></span></p> <p class=MsoNormal align=right style='text-align:right'><b><span lang=EN-US style='font-size:9.0pt;font-family:"Helvetica","sans-serif";mso-fareast-font-family: "Times New Roman";color:#0E003B;mso-ansi-language:EN-US'>Issue No. 2012/01 </span></b><span lang=EN-US style='font-size:9.0pt;font-family:"Helvetica","sans-serif"; mso-fareast-font-family:"Times New Roman";color:#0E003B;mso-ansi-language: EN-US'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1;mso-yfti-lastrow:yes'> <td style='border:none;background:white;padding:7.5pt 7.5pt 7.5pt 7.5pt'> <p class=MsoNormal><span lang=EN-US style='font-size:9.0pt;font-family:"Helvetica","sans-serif"; mso-fareast-font-family:"Times New Roman";color:#0E003B;mso-ansi-language: EN-US'>&nbsp;<o:p></o:p></span></p> </td> </tr> </table> </div> <p class=MsoNormal align=center style='text-align:center'><span lang=EN-US style='font-size:9.0pt;font-family:"Helvetica","sans-serif";mso-fareast-font-family: "Times New Roman";color:#14054B;display:none;mso-hide:all;mso-ansi-language: EN-US'><o:p>&nbsp;</o:p></span></p> <div align=center> <table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width=620 style='width:465.0pt;mso-cellspacing:0cm;border:solid #909090 1.0pt; border-top:none;mso-border-left-alt:solid #909090 .75pt;mso-border-bottom-alt: solid #909090 .75pt;mso-border-right-alt:solid #909090 .75pt;mso-yfti-tbllook: 1184;mso-padding-alt:0cm 0cm 0cm 0cm'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=13 valign=top style='width:9.75pt;border:none;padding:0cm 0cm 0cm 0cm'></td> <td width=432 valign=top style='width:324.0pt;border:none;padding:0cm 0cm 0cm 0cm'> <p class=intro><b><span lang=EN-GB style='font-size:13.5pt;color:#14054B; mso-ansi-language:EN-GB'>New Merger and Demerger Procedure<o:p></o:p></span></b></p> <p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; margin-left:36.0pt;text-indent:-18.0pt;mso-list:l2 level1 lfo2;tab-stops: list 36.0pt'><![if !supportLists]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";mso-fareast-font-family:Helvetica; color:#0E003B;mso-ansi-language:EN-US'><span style='mso-list:Ignore'>1.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span lang=EN-GB style='font-size:9.0pt;font-family:"Helvetica","sans-serif"; mso-fareast-font-family:"Times New Roman";color:#0E003B;mso-ansi-language: EN-GB'><a href="#bm1">Introduction and general considerations</a></span><span lang=EN-US style='font-size:9.0pt;font-family:"Helvetica","sans-serif"; mso-fareast-font-family:"Times New Roman";color:#0E003B;mso-ansi-language: EN-US'><o:p></o:p></span></p> <p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; margin-left:36.0pt;text-indent:-18.0pt;mso-list:l2 level1 lfo2;tab-stops: list 36.0pt'><![if !supportLists]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";mso-fareast-font-family:Helvetica; color:#0E003B;mso-ansi-language:EN-US'><span style='mso-list:Ignore'>2.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span lang=EN-US style='font-size:9.0pt;font-family:"Helvetica","sans-serif"; mso-fareast-font-family:"Times New Roman";color:#0E003B;mso-ansi-language: EN-US'><a href="#bm2">New documentation, reporting and publication requirements for mergers and demergers</a><br> <br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> <p style='margin-left:15.85pt;text-indent:-15.85pt;mso-list:l0 level1 lfo4'><a name=A></a><a name=bm1></a><![if !supportLists]><b><span lang=EN-GB style='mso-fareast-font-family:Helvetica;mso-ansi-language:EN-GB'><span style='mso-list:Ignore'>1.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp; </span></span></span></b><![endif]><b><u><span lang=EN-GB style='mso-ansi-language: EN-GB'>Introduction and general considerations<o:p></o:p></span></u></b></p> <p><span lang=EN-GB style='mso-ansi-language:EN-GB'>T</span><span lang=EN-US style='mso-ansi-language:EN-US'>he Act of 8 January 2012 amending the Belgian Companies Code (hereinafter referred to as the  <b style='mso-bidi-font-weight: normal'>BCC</b> ) <span style='mso-bidi-font-weight:bold'>as regards reporting and documentation requirements for mergers and demergers (hereinafter referred to as the  <b>Act</b> ) was published in the Belgian Official Gazette </span>18 January 2012<span style='mso-bidi-font-weight: bold'>. <o:p></o:p></span></span></p> <p><span lang=EN-US style='mso-ansi-language:EN-US;mso-bidi-font-weight:bold'>The Act puts in place </span><span lang=EN-US style='mso-ansi-language:EN-US'>more flexible administrative, reporting and publication requirements for mergers and demergers of companies, while safeguarding the interests of shareholders and other parties involved in these transactions. In this respect the Act implements Directive<b> </b><span style='mso-bidi-font-weight:bold'>2009/109/EC<b> </b>of the European Parliament and Council of 16 September 2009, the implementation deadline for which was 30 June 2011. <o:p></o:p></span></span></p> <p><span lang=EN-US style='mso-ansi-language:EN-US'>This e-bulletin provides a concise outline of the key modifications to the BCC that are introduced by the Act. <o:p></o:p></span></p> <p><span lang=EN-US style='mso-ansi-language:EN-US;mso-bidi-font-weight:bold'>In addition to amendments relating to documentation, reporting and publication requirements (discussed in point 2 below in further detail), the Act also contains a change in respect of the so-called  squeeze-out procedure provided under Article 513 of the BCC. Said Article 513 BCC allows holders of securities representing at least 95% of the voting rights in a Belgian stock company (<span class=SpellE><i style='mso-bidi-font-style:normal'>naamloze</i></span><i style='mso-bidi-font-style:normal'> <span class=SpellE>vennootschap</span> / <span class=SpellE>société</span> <span class=SpellE>anonyme</span></i>) to make an offer to acquire the company s remaining voting securities. Depending on whether the target company is public or not, a different offering procedure will apply (public versus private squeeze-out offer), and in a private stock company the minority<span style='mso-spacerun:yes'>  </span><span class=SpellE>securitiesholder</span>(s)<span style='mso-spacerun:yes'>  </span>are entitled to refuse the squeeze-out offer while their counterparts in a public stock company do not have this right. The Act supplements the foregoing by reducing the 95% threshold to 90% in case the squeeze-out takes place by another Belgian stock company (<span class=SpellE><i style='mso-bidi-font-style:normal'>naamloze</i></span><i style='mso-bidi-font-style: normal'> <span class=SpellE>vennootschap</span> / <span class=SpellE>société</span> <span class=SpellE>anonyme</span></i>) in the framework of a merger by acquisition, and further stipulates that in this case the minority <span class=SpellE>securitiesholder</span>(s) are not entitled to refuse the squeeze-out offer, which will thus be binding; these new rules apply for both public and private target companies.<o:p></o:p></span></p> <p><span lang=EN-US style='mso-ansi-language:EN-US'>The Act enters into force on 28 January 2012 and will apply to mergers and demergers for which the merger/demerger proposal is deposited at the clerk s office of the Commercial Court as of this date.<o:p></o:p></span></p> <p><span lang=EN-US style='mso-ansi-language:EN-US'>The set of rules under the BCC as applicable to mergers and demergers prior to the Act entering into force is for practical purpose hereinafter referred to as  <b style='mso-bidi-font-weight:normal'>the previous legal regime</b> . <br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> <p class=MsoNormal align=right style='text-align:right'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:#0E003B'><a href="#T2"><span lang=EN-US style='mso-ascii-font-family:Arial;mso-hansi-font-family: Arial;mso-bidi-font-family:Arial;mso-ansi-language:EN-US'>Back to top ²%</span></a></span><span lang=EN-US style='font-size:9.0pt;font-family:"Arial","sans-serif"; color:#0E003B;mso-ansi-language:EN-US'><o:p></o:p></span></p> <p><a name=C></a><a name=bm2></a><span lang=EN-GB style='mso-ansi-language: EN-GB;mso-bidi-font-weight:bold'><o:p>&nbsp;</o:p></span></p> <p style='margin-left:15.85pt;text-indent:-15.85pt;mso-list:l0 level1 lfo4'><![if !supportLists]><b><span lang=EN-GB style='mso-fareast-font-family:Helvetica;mso-ansi-language:EN-GB'><span style='mso-list:Ignore'>2.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp; </span></span></span></b><![endif]><b><u><span lang=EN-GB style='mso-ansi-language: EN-GB'>New documentation, reporting and publication requirements for mergers and demergers<br> <br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></u></b></p> <p class=MsoListParagraph style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-add-space:auto'><span lang=EN-US style='font-size:9.0pt;font-family: "Helvetica","sans-serif";color:#14054B;display:none;mso-hide:all;mso-ansi-language: EN-US'><o:p>&nbsp;</o:p></span></p> <p style='margin-left:18.0pt;text-indent:-18.0pt;mso-list:l0 level2 lfo4'><![if !supportLists]><b style='mso-bidi-font-weight:normal'><span lang=EN-US style='mso-fareast-font-family: Helvetica;mso-ansi-language:EN-US'><span style='mso-list:Ignore'>2.1<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp; </span></span></span></b><![endif]><b style='mso-bidi-font-weight:normal'><span lang=EN-US style='mso-ansi-language: EN-US'>Mergers  mergers by acquisition, mergers by incorporation and transactions equivalent to merger by acquisition<o:p></o:p></span></b></p> <p><span lang=EN-US style='mso-ansi-language:EN-US'>Save as expressly set out hereinafter, the discussion under this point 1 relates to Belgian  national merger procedures (i.e. involving only Belgian companies), and not to cross-border mergers under Directive 2005/56/EG, as implemented in Belgium by the Act of 8 June 2008.<o:p></o:p></span></p> <p><b><i><span lang=EN-US style='mso-ansi-language:EN-US'>Alternative method for the publication of the merger proposal<o:p></o:p></span></i></b></p> <p><span lang=EN-US style='mso-ansi-language:EN-US'>The Act introduces amendments to the publication requirements with respect to (the deposition of) the merger proposal.<o:p></o:p></span></p> <p><span lang=EN-US style='mso-ansi-language:EN-US'>Each company involved in a merger<sup><a href="#fn1">1</a><span style='mso-spacerun:yes'>  </span></sup>is required to deposit the merger proposal at the clerk s office of its respective Commercial Court at least six weeks prior to the extraordinary shareholders meeting deciding on the transaction. <o:p></o:p></span></p> <p><span lang=EN-US style='mso-ansi-language:EN-US'>Under the previous legal regime, a notice regarding this deposition was published in the Annexes to the Belgian Official Gazette. This is modified by the Act in that the publication in the Belgian Official Gazette will not be limited to a mere notice, but must contain either an extract from the merger proposal or a hyperlink to the company s website on which the merger proposal itself is made available. <o:p></o:p></span></p> <p><span lang=EN-US style='mso-ansi-language:EN-US'>The foregoing also applies to (Belgian companies involved in) cross-border mergers, it being understood that the publications in the Annexes to the Belgian Official Gazette for this type of merger were under the previous legal regime already required to include an extract from the merger proposal. The only modification introduced by the Act in this respect is the possibility to publish a hyperlink to instead of an extract from the merger proposal.<o:p></o:p></span></p> <p><a name=D></a><b><i><span lang=EN-US style='mso-ansi-language:EN-US'>Exemption from reporting requirements on the part of the management bodies<o:p></o:p></span></i></b></p> <p><span lang=EN-US style='mso-ansi-language:EN-US;mso-bidi-font-weight:bold'>The management bodies of each of the companies involved in a merger by acquisition or by incorporation<sup><a href="#fn2">2</a></sup> are required to draw up a special report in relation to the merger, <i style='mso-bidi-font-style: normal'>inter alia</i> setting out the rationale and implications of the merger, and the valuation methods used for the proposed share exchange ratio. <o:p></o:p></span></p> <p><span lang=EN-US style='mso-ansi-language:EN-US;mso-bidi-font-weight:bold'>Under the previous legal regime the BCC did not provide for exemptions to this reporting requirement. In application of the Act, the special management report is no longer required if all shareholders and holders of other voting securities of all the merging companies unanimously waive compliance with this requirement.<o:p></o:p></span></p> <p><b><i style='mso-bidi-font-style:normal'><span lang=EN-US style='mso-ansi-language:EN-US'>Exemption from information obligations regarding significant changes in the assets and liabilities of the merging companies<o:p></o:p></span></i></b></p> <p><span lang=EN-US style='mso-ansi-language:EN-US;mso-bidi-font-weight:bold'>For mergers by acquisition or by incorporation<sup><a href="#fn3">3</a></sup>, the management body of each merging company is required to inform both the shareholders meeting of its company and the management body/bodies of the other merging company/companies regarding significant changes in the assets or liabilities of its respective company after the date of the merger proposal; after so having been informed by the management body of another merging company, each merging company s management body is then required to pass on this information to its respective shareholders meeting. <o:p></o:p></span></p> <p><span lang=EN-US style='mso-ansi-language:EN-US;mso-bidi-font-weight:bold'>Under the previous legal regime the BCC did not provide for exemptions to these information obligations. By virtue of the Act, the obligations no longer apply if all shareholders and holders of other voting securities of all the merging companies unanimously waive compliance with these requirements.<o:p></o:p></span></p> <p><b><i style='mso-bidi-font-style:normal'><span lang=EN-US style='mso-ansi-language:EN-US'>Exemption from the obligation to draw up interim financial statements<o:p></o:p></span></i></b></p> <p><span lang=EN-US style='mso-ansi-language:EN-US;mso-bidi-font-weight:bold'>Under the previous legal regime, the management body of a company involved in a merger<sup><a href="#fn4">4</a><span style='mso-spacerun:yes'>  </span></sup>was required to draw up interim financial statements in case the most recent annual accounts of this company relate to an accounting year closed more than six months prior to the date of the merger proposal; the accounts date for these interim financial statements may not precede the date of the merger proposal by more than three months. In application of the Act these interim financial statements are no longer required, either if the relevant company has published a semi-annual financial report pursuant to article 13 of the Royal Decree of 14 November 2007<sup><a href="#fn5">5</a></sup> and made this available to the shareholders of the merging companies, or if all shareholders and holders of other voting securities of all the merging companies unanimously waive compliance with this requirement.<o:p></o:p></span></p> <p><b><i style='mso-bidi-font-style:normal'><span lang=EN-US style='mso-ansi-language:EN-US'>Alternative method for the communication of documents to shareholders<o:p></o:p></span></i></b></p> <p><span lang=EN-US style='mso-ansi-language:EN-US;mso-bidi-font-weight:bold'>The previous legal regime required printed copies of the merger proposal, the management body s special report and the statutory auditor s report to be delivered to all holders of registered shares of each company involved in a merger<sup><a href="#fn6">6</a></sup>. The Act provides an alternative possibility to deliver these documents by e-mail to those shareholders that have expressly agreed to this in writing.<o:p></o:p></span></p> <p><span lang=EN-US style='mso-ansi-language:EN-US;mso-bidi-font-weight:bold'>In addition the merging companies were under the previous legal regime required to keep (printed copies of) certain documents<sup><a href="#fn7">7</a></sup> available at their registered office for inspection by the shareholders, and to provide printed copies to the shareholders upon their request (save to the holders of registered shares who would have already received such a printed copy in accordance with the foregoing). These rules are also modified by the Act.<o:p></o:p></span></p> <p style='margin-left:36.0pt;text-indent:-18.0pt;mso-list:l3 level3 lfo6'><![if !supportLists]><span lang=EN-US style='font-family:Wingdings;mso-fareast-font-family:Wingdings; mso-bidi-font-family:Wingdings;mso-ansi-language:EN-US;mso-bidi-font-weight: bold'><span style='mso-list:Ignore'>§<span style='font:7.0pt "Times New Roman"'>&nbsp; </span></span></span><![endif]><span lang=EN-US style='mso-ansi-language: EN-US;mso-bidi-font-weight:bold'>A first modification relates to the obligation to keep hard copies of the documents available at the company s registered office for inspection. Pursuant to the Act it is sufficient to make the relevant documents available on the company s website free of charge for a continuous period of one month prior to the extraordinary shareholders meeting<sup><a href="#fn8">8</a></sup> deciding on the merger. In that case the printed documents will (arguably) not have to be kept available at the registered office of the relevant merging company, although this is not entirely clear in view of the second modification introduced by the Act, as discussed hereinafter. <br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> <p style='margin-left:36.0pt;text-indent:-18.0pt;mso-list:l3 level3 lfo6'><![if !supportLists]><span lang=EN-US style='font-family:Wingdings;mso-fareast-font-family:Wingdings; mso-bidi-font-family:Wingdings;mso-ansi-language:EN-US;mso-bidi-font-weight: bold'><span style='mso-list:Ignore'>§<span style='font:7.0pt "Times New Roman"'>&nbsp; </span></span></span><![endif]><span lang=EN-US style='mso-ansi-language: EN-US;mso-bidi-font-weight:bold'>A second modification relates to the shareholders entitlement to request a printed copy of the relevant documents. In this respect the Act provides that in case the company website allows the documents on which they are made available to be downloaded and printed during the entire aforementioned one month period, the shareholders will not be entitled to request a printed copy. Remarkably, the Act then continues to state that the documents must in this case be kept available at the registered office of the company for inspection by the shareholders, which does not seem to be in line with the objective pursued by the first modification introduced by the Act, as discussed above.<o:p></o:p></span></p> <p><b><i style='mso-bidi-font-style:normal'><span lang=EN-US style='mso-ansi-language:EN-US'>Exemption to the mandatory approval of the merger by the extraordinary shareholders meeting of the acquiring company<o:p></o:p></span></i></b></p> <p><span lang=EN-US style='mso-ansi-language:EN-US;mso-bidi-font-weight:bold'>Under the previous legal regime, all mergers<sup><a href="#fn9">9</a> </sup>had to be approved by the extraordinary shareholders meetings of all the merging companies. <o:p></o:p></span></p> <p><span lang=EN-US style='mso-ansi-language:EN-US;mso-bidi-font-weight:bold'>Under certain conditions the Act exempts the acquiring company from this requirement for mergers by acquisition, provided the acquiring company holds at least 90% of the shares and other voting securities in the acquired company, as well as for transactions equivalent to a merger by acquisition (in which case the acquiring company by definition holds 100% of the shares and other voting securities in the acquired company<span class=GramE>)</span><sup><a href="#fn10">10</a></sup>. In order for the exemption to apply the publication of the merger proposal must have taken place at least six months prior to the merger becoming effective, and the merger documentation must have been kept available at the company s registered office for inspection by the shareholders (irrespective of the new rules introduced by the Act in this respect, as discussed above in this e-bulletin). Furthermore, a minority protection mechanism is provided by the Act, as one or more shareholder(s) holding at least 5% of the acquiring company s share capital<sup><a href="#fn11">11</a></sup> can request an extraordinary shareholders meeting to be nevertheless convened held to decide on the merger; the Act is not entirely clear as to whether these shareholders can themselves convene the shareholders meeting or they must request the company s management body to do so.<o:p></o:p></span></p> <p><b><i style='mso-bidi-font-style:normal'><span lang=EN-US style='mso-ansi-language:EN-US'>Amendments regarding the (existing) exemption for mandatory audit reports<o:p></o:p></span></i></b></p> <p><span lang=EN-US style='mso-ansi-language:EN-US;mso-bidi-font-weight:bold'>The statutory auditor<sup><a href="#fn12">12</a> </sup>of each of the companies involved in a merger by acquisition or by incorporation is required to draw up an audit report regarding the merger (<i style='mso-bidi-font-style:normal'>inter alia</i> containing an assessment of the share exchange ratio and the underlying valuation methods<sup><a href="#fn13">13</a></sup>), unless all shareholders and holders of other voting securities of all the merging companies unanimously waive compliance with this requirement. <o:p></o:p></span></p> <p><span lang=EN-US style='mso-ansi-language:EN-US;mso-bidi-font-weight:bold'>The Act provides that in case application is made of the aforementioned exemption regarding the merger-related audit report, the acquiring company must comply with the special reporting requirements regarding contributions in kind applicable to it<sup><a href="#fn14">14</a></sup> (i.e. report by the management body and the statutory auditor<sup><a href="#fn15">15</a></sup>); inversely these contribution-related reporting requirements will thus not apply in case the merger-related audit report is drawn up. In principle this was arguably already the case under the previous legal regime (at least for the merger by acquisition), but the Act has introduced formal amendments to the relevant BCC provisions in order to avoid interpretation issues in this respect.<o:p></o:p></span></p> <p class=MsoNormal align=right style='text-align:right'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:#0E003B'><a href="#T2"><span lang=EN-US style='mso-ascii-font-family:Arial;mso-hansi-font-family: Arial;mso-bidi-font-family:Arial;mso-ansi-language:EN-US'>Back to top ²%</span></a></span><span lang=EN-US style='font-size:9.0pt;font-family:"Arial","sans-serif"; color:#0E003B;mso-ansi-language:EN-US'><o:p></o:p></span></p> <p><span lang=EN-US style='mso-ansi-language:EN-US;mso-bidi-font-weight:bold'><o:p>&nbsp;</o:p></span></p> <p style='margin-left:18.0pt;text-indent:-18.0pt;mso-list:l0 level2 lfo4'><![if !supportLists]><b><span lang=EN-US style='mso-fareast-font-family:Helvetica;mso-ansi-language:EN-US'><span style='mso-list:Ignore'>2.2<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp; </span></span></span></b><![endif]><b><span lang=EN-US style='mso-ansi-language: EN-US'>Demergers  </span></b><b style='mso-bidi-font-weight:normal'><span lang=EN-US style='mso-ansi-language:EN-US'>demergers<span style='mso-bidi-font-weight: bold'> by acquisition, demergers by incorporation and mixed demergers<o:p></o:p></span></span></b></p> <p><span lang=EN-US style='mso-ansi-language:EN-US;mso-bidi-font-weight:bold'>The Act introduces broadly similar changes to demerger procedures as those discussed above in relation to mergers (and thus a general reference can <i style='mso-bidi-font-style:normal'>mutatis mutandis</i> be made to the foregoing section of this e-bulletin in this respect), subject however to certain demerger-specific considerations as set out hereinafter. <o:p></o:p></span></p> <p><span lang=EN-US style='mso-ansi-language:EN-US;mso-bidi-font-weight:bold'>The management body of a company involved in a demerger was under the previous legal regime already exempted from drawing up a special merger report in case of unanimous consent by the shareholders and holders of other voting securities (cf. point 1.2 above as regards mergers). This is not changed by the Act, which provides an additional exemption for demergers by incorporation in case the shares issued by the newly incorporated company/companies are allocated to the shareholders of the demerged company <i style='mso-bidi-font-style:normal'>pro rata</i> their shareholding in the demerged company. The Act does not introduce a similar additional exemption for demergers by acquisition.<o:p></o:p></span></p> <p><span lang=EN-US style='mso-ansi-language:EN-US;mso-bidi-font-weight:bold'>An exemption from the management bodies information obligations regarding significant changes in the assets or liabilities of their respective companies after the date of the demerger proposal (cf. point 1.3 above as regards mergers) is only put in place by the Act for demergers by incorporation, and not for demergers by acquisition. Under this exemption for demergers by incorporation, the management bodies information obligations will not apply in case the shares issued by the newly incorporated company/companies are allocated to the shareholders of the demerged company <i style='mso-bidi-font-style:normal'>pro rata</i> their shareholding in the demerged company.<o:p></o:p></span></p> <p><span lang=EN-US style='mso-ansi-language:EN-US;mso-bidi-font-weight:bold'>For all types of demergers the Act provides for an exemption from the management bodies obligation to draw up interim financial statements in certain specific circumstances (cf. point 1.4 above as regards mergers) in case the relevant company has published a semi-annual financial report pursuant to article 13 of the Royal Decree of 14 November 2007. For demergers by incorporation the Act provides an additional exemption from the interim financial statements obligation in case the shares issued by the newly incorporated company/companies are allocated to the shareholders of the demerged company <i style='mso-bidi-font-style:normal'>pro rata </i>their shareholding in the demerged company.<o:p></o:p></span></p> <p><span lang=EN-US style='mso-ansi-language:EN-US;mso-bidi-font-weight:bold'>The Act introduces an exemption to the requirement for a demerger by acquisition to be approved by the shareholders meeting of the demerged company (cf. point 1.6 above for the exemption from shareholders meeting approval in relation to mergers by acquisition). This exemption will only be available for a demerging company in case 100% of its shares and other voting securities are held by the acquiring companies, and under certain other conditions that are broadly similar to those set for the exemption from shareholders meeting approval in relation to mergers by acquisition (cf. point 1.6 above). <o:p></o:p></span></p> <p><span lang=EN-US style='mso-ansi-language:EN-US;mso-bidi-font-weight:bold'>The Act provides for amendments to the BCC regarding the exemption from the requirement to draw up an audit report in relation to a demerger in case of unanimous shareholder consent (as already in place under the previous legal regime) that are broadly similar to those in respect of mergers (as discussed in point 1.7 above). For demergers by incorporation the Act introduces an additional exemption from the requirement to draw up an audit report in case the shares issued by the newly incorporated company/companies are allocated to the shareholders of the demerged company <i style='mso-bidi-font-style: normal'>pro rata</i> their shareholding in the demerged company.<o:p></o:p></span></p> <p class=MsoNormal align=right style='text-align:right'><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:#0E003B'><a href="#T2"><span lang=EN-US style='mso-ascii-font-family:Arial;mso-hansi-font-family: Arial;mso-bidi-font-family:Arial;mso-ansi-language:EN-US'>Back to top ²%</span></a></span><span lang=EN-US style='font-size:9.0pt;font-family:"Arial","sans-serif"; color:#0E003B;mso-ansi-language:EN-US'><o:p></o:p></span></p> <p><b><span lang=EN-US style='mso-ansi-language:EN-US'><o:p>&nbsp;</o:p></span></b></p> <div class=MsoNormal align=center style='text-align:center'><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#0E003B'> <hr size=2 width="100%" noshade style='color:#A0A0A0' align=center> </span></div> <p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><b><u><span lang=EN-US style='font-size:9.0pt;font-family:"Helvetica","sans-serif"; color:#14054B;mso-ansi-language:EN-US'>Footnotes<br style='mso-special-character: line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></span></u></b><i><span lang=EN-US style='font-size:8.0pt; font-family:"Arial","sans-serif";color:#909090;mso-ansi-language:EN-US'><o:p></o:p></span></i></p> <p class=MsoListParagraphCxSpFirst style='text-indent:-18.0pt;mso-list:l1 level1 lfo8'><a name=fn1></a><![if !supportLists]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";mso-fareast-font-family:Helvetica; color:#14054B;mso-ansi-language:EN-US;mso-bidi-font-weight:bold'><span style='mso-list:Ignore'>1.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";color:#14054B;mso-ansi-language:EN-US; mso-bidi-font-weight:bold'>All types of mergers, i.e. mergers by acquisition, mergers by incorporation and transactions equivalent to a merger by acquisition.<o:p></o:p></span></p> <p class=MsoListParagraphCxSpMiddle style='text-indent:-18.0pt;mso-list:l1 level1 lfo8'><a name=fn2></a><![if !supportLists]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";mso-fareast-font-family:Helvetica; color:#14054B;mso-ansi-language:EN-US;mso-bidi-font-weight:bold'><span style='mso-list:Ignore'>2.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";color:#14054B;mso-ansi-language:EN-US; mso-bidi-font-weight:bold'>This requirement does not exist for transactions equivalent to a merger by acquisition.<o:p></o:p></span></p> <p class=MsoListParagraphCxSpMiddle style='text-indent:-18.0pt;mso-list:l1 level1 lfo8'><a name=fn3></a><![if !supportLists]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";mso-fareast-font-family:Helvetica; color:#14054B;mso-ansi-language:EN-US;mso-bidi-font-weight:bold'><span style='mso-list:Ignore'>3.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";color:#14054B;mso-ansi-language:EN-US; mso-bidi-font-weight:bold'>These requirements do not exist for transactions equivalent to a merger by acquisition.<o:p></o:p></span></p> <p class=MsoListParagraphCxSpMiddle style='text-indent:-18.0pt;mso-list:l1 level1 lfo8'><a name=fn4></a><![if !supportLists]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";mso-fareast-font-family:Helvetica; color:#14054B;mso-ansi-language:EN-US;mso-bidi-font-weight:bold'><span style='mso-list:Ignore'>4.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";color:#14054B;mso-ansi-language:EN-US; mso-bidi-font-weight:bold'>All types of mergers, i.e. mergers by acquisition, mergers by incorporation and transactions equivalent to a merger by acquisition.<o:p></o:p></span></p> <p class=MsoListParagraphCxSpMiddle style='text-indent:-18.0pt;mso-list:l1 level1 lfo8'><a name=fn5></a><![if !supportLists]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";mso-fareast-font-family:Helvetica; color:#14054B;mso-ansi-language:EN-US;mso-bidi-font-weight:bold'><span style='mso-list:Ignore'>5.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";color:#14054B;mso-ansi-language:EN-US; mso-bidi-font-weight:bold'>Royal Decree of 14 November 2007 concerning the obligations of issuers of financial instruments admitted to trading on a regulated market.<o:p></o:p></span></p> <p class=MsoListParagraphCxSpMiddle style='text-indent:-18.0pt;mso-list:l1 level1 lfo8'><a name=fn6></a><![if !supportLists]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";mso-fareast-font-family:Helvetica; color:#14054B;mso-ansi-language:EN-US;mso-bidi-font-weight:bold'><span style='mso-list:Ignore'>6.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";color:#14054B;mso-ansi-language:EN-US; mso-bidi-font-weight:bold'>All types of mergers, i.e. mergers by acquisition, mergers by incorporation and transactions equivalent to a merger by acquisition.<o:p></o:p></span></p> <p class=MsoListParagraphCxSpMiddle style='text-indent:-18.0pt;mso-list:l1 level1 lfo8'><a name=fn7></a><![if !supportLists]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";mso-fareast-font-family:Helvetica; color:#14054B;mso-ansi-language:EN-US;mso-bidi-font-weight:bold'><span style='mso-list:Ignore'>7.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";color:#14054B;mso-ansi-language:EN-US; mso-bidi-font-weight:bold'>Merger proposal, special report of the management body, report of the statutory auditor, annual accounts over the last three financial years, annual reports of the management body or managing directors and the auditor over the last three financial years. <o:p></o:p></span></p> <p class=MsoListParagraphCxSpMiddle style='text-indent:-18.0pt;mso-list:l1 level1 lfo8'><a name=fn8></a><![if !supportLists]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";mso-fareast-font-family:Helvetica; color:#14054B;mso-ansi-language:EN-US;mso-bidi-font-weight:bold'><span style='mso-list:Ignore'>8.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";color:#14054B;mso-ansi-language:EN-US; mso-bidi-font-weight:bold'>The information must remain available for a further one month period after this shareholders meeting.<o:p></o:p></span></p> <p class=MsoListParagraphCxSpMiddle style='text-indent:-18.0pt;mso-list:l1 level1 lfo8'><a name=fn9></a><![if !supportLists]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";mso-fareast-font-family:Helvetica; color:#14054B;mso-ansi-language:EN-US;mso-bidi-font-weight:bold'><span style='mso-list:Ignore'>9.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";color:#14054B;mso-ansi-language:EN-US; mso-bidi-font-weight:bold'>All types of mergers, i.e. mergers by acquisition, mergers by incorporation and transactions equivalent to a merger by acquisition.<o:p></o:p></span></p> <p class=MsoListParagraphCxSpMiddle style='text-indent:-18.0pt;mso-list:l1 level1 lfo8'><a name=fn10></a><![if !supportLists]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";mso-fareast-font-family:Helvetica; color:#14054B;mso-ansi-language:EN-US;mso-bidi-font-weight:bold'><span style='mso-list:Ignore'>10.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp; </span></span></span><![endif]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";color:#14054B;mso-ansi-language:EN-US; mso-bidi-font-weight:bold'>This is not applicable to a merger by incorporation as the acquiring company is newly incorporated in the process of the merger.<o:p></o:p></span></p> <p class=MsoListParagraphCxSpMiddle style='text-indent:-18.0pt;mso-list:l1 level1 lfo8'><a name=fn11></a><![if !supportLists]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";mso-fareast-font-family:Helvetica; color:#14054B;mso-ansi-language:EN-US;mso-bidi-font-weight:bold'><span style='mso-list:Ignore'>11.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp; </span></span></span><![endif]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";color:#14054B;mso-ansi-language:EN-US; mso-bidi-font-weight:bold'>Shares without voting rights are disregarded for purpose of the calculation of this percentage.<o:p></o:p></span></p> <p class=MsoListParagraphCxSpMiddle style='text-indent:-18.0pt;mso-list:l1 level1 lfo8'><a name=fn12></a><![if !supportLists]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";mso-fareast-font-family:Helvetica; color:#14054B;mso-ansi-language:EN-US;mso-bidi-font-weight:bold'><span style='mso-list:Ignore'>12.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp; </span></span></span><![endif]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";color:#14054B;mso-ansi-language:EN-US; mso-bidi-font-weight:bold'>Or an external accountant or auditor in case the company has not appointed a statutory auditor.<o:p></o:p></span></p> <p class=MsoListParagraphCxSpMiddle style='text-indent:-18.0pt;mso-list:l1 level1 lfo8'><a name=fn13></a><![if !supportLists]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";mso-fareast-font-family:Helvetica; color:#14054B;mso-ansi-language:EN-US;mso-bidi-font-weight:bold'><span style='mso-list:Ignore'>13.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp; </span></span></span><![endif]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";color:#14054B;mso-ansi-language:EN-US; mso-bidi-font-weight:bold'>The requirement to draw up a merger-related audit report does not exist for transactions equivalent to a merger by acquisition.<o:p></o:p></span></p> <p class=MsoListParagraphCxSpMiddle style='text-indent:-18.0pt;mso-list:l1 level1 lfo8'><a name=fn14></a><![if !supportLists]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";mso-fareast-font-family:Helvetica; color:#14054B;mso-ansi-language:EN-US;mso-bidi-font-weight:bold'><span style='mso-list:Ignore'>14.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp; </span></span></span><![endif]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";color:#14054B;mso-ansi-language:EN-US; mso-bidi-font-weight:bold'>These reporting requirements in relation to contributions in kind only exist for certain company types, i.e. private limited companies ( <span class=SpellE><i style='mso-bidi-font-style:normal'>besloten</i></span><i style='mso-bidi-font-style:normal'> <span class=SpellE>vennootschap</span> met <span class=SpellE>beperkte</span> <span class=SpellE>aansprakelijkheid</span> / <span class=SpellE>société</span> <span class=SpellE>privée</span></i> <i style='mso-bidi-font-style:normal'>à <span class=SpellE>responsabilité</span>&nbsp;<span class=SpellE>limitée</span> </i>), cooperative limited companies ( <span class=SpellE><i style='mso-bidi-font-style:normal'>coöperatieve</i></span><i style='mso-bidi-font-style:normal'> <span class=SpellE>vennootschap</span> met <span class=SpellE>beperkte</span> <span class=SpellE>aansprakelijkheid</span> / <span class=SpellE>société</span> <span class=SpellE>coopérative</span></i> <i style='mso-bidi-font-style:normal'>à <span class=SpellE>responsabilité</span>&nbsp; <span class=SpellE>limitée</span> </i>), European cooperative societies (</span><i><span lang=LA style='font-size:9.0pt;font-family:"Helvetica","sans-serif"; color:#14054B;mso-ansi-language:LA;mso-bidi-font-weight:bold'>Societas Cooperativa Europaea</span></i><i><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";color:#14054B;mso-ansi-language:EN-US; mso-bidi-font-weight:bold'> or SCE</span></i><span lang=EN-US style='font-size:9.0pt;font-family:"Helvetica","sans-serif";color:#14054B; mso-ansi-language:EN-US;mso-bidi-font-weight:bold'>), stock companies ( <span class=SpellE><i style='mso-bidi-font-style:normal'>naamloze</i></span><i style='mso-bidi-font-style:normal'> <span class=SpellE>vennootschap</span> / <span class=SpellE>société</span> <span class=SpellE>anonyme</span> </i>), European companies (<span class=SpellE><i style='mso-bidi-font-style:normal'>Societas</i></span><i style='mso-bidi-font-style:normal'> <span class=SpellE>Europaea</span> or SE</i>),<span style='mso-spacerun:yes'>  </span>and partnerships limited by shares ( <span class=SpellE><i style='mso-bidi-font-style:normal'>commanditaire</i></span><i style='mso-bidi-font-style:normal'> <span class=SpellE>vennootschap</span> op <span class=SpellE>aandelen</span> / <span class=SpellE>société</span> en <span class=SpellE>commandite</span> en actions </i>).<o:p></o:p></span></p> <p class=MsoListParagraphCxSpMiddle style='text-indent:-18.0pt;mso-list:l1 level1 lfo8'><a name=fn15></a><![if !supportLists]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";mso-fareast-font-family:Helvetica; color:#14054B;mso-ansi-language:EN-US;mso-bidi-font-weight:bold'><span style='mso-list:Ignore'>15.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp; </span></span></span><![endif]><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";color:#14054B;mso-ansi-language:EN-US; mso-bidi-font-weight:bold'>Or an external accountant or auditor in case the company has not appointed a statutory auditor.<br style='mso-special-character: line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> <p class=MsoListParagraphCxSpLast><span lang=EN-US style='font-size:9.0pt; font-family:"Helvetica","sans-serif";color:#14054B;mso-ansi-language:EN-US; mso-bidi-font-weight:bold'><o:p>&nbsp;</o:p></span></p> <div class=MsoNormal align=center style='text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'> <hr size=2 width="100%" noshade style='color:#A0A0A0' align=center> </span></div> <p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><i><span lang=EN-GB style='font-size:8.0pt;font-family:"Arial","sans-serif"; 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Care has been taken to ensure that the content of this e-bulletin is as accurate as possible. However the accuracy and completeness of the information in this e-bulletin, largely based upon third party sources, cannot be guaranteed. The materials contained in this e-bulletin have been prepared and provided by Stibbe for information purposes only. They do not constitute legal or other professional advice and readers should not act upon the information contained in this e-bulletin without consulting legal counsel. Consultation of this e-bulletin will not create an attorney-client relationship between Stibbe and the reader. The e-bulletin may be used only for personal use and all other uses are prohibited.</span></i><i><span lang=EN-US style='color:#0E003B; mso-ansi-language:EN-US'><o:p></o:p></span></i></p> </td> <td width=30 valign=top style='width:22.5pt;border:none;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal><span lang=EN-US style='font-size:9.0pt;font-family:"Helvetica","sans-serif"; mso-fareast-font-family:"Times New Roman";color:#0E003B;mso-ansi-language: EN-US'>&nbsp;<o:p></o:p></span></p> </td> <td width=140 valign=top style='width:105.0pt;border:none;padding:0cm 0cm 0cm 0cm'> <div align=right> <table class=MsoNormalTable border=1 cellpadding=0 width=167 style='width:125.25pt;mso-cellspacing:1.5pt;background:#E4EAF2;border:solid #0E003B 1.0pt; border-right:none;mso-border-top-alt:solid #0E003B .75pt;mso-border-left-alt: solid #0E003B .75pt;mso-border-bottom-alt:solid #0E003B .75pt;mso-yfti-tbllook: 1184;mso-padding-alt:3.75pt 3.75pt 3.75pt 3.75pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td style='border:none;padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p><b><span lang=EN-US style='color:#0E003B;mso-ansi-language:EN-US'>To unsubscribe or to subscribe to other Stibbe newsletters, click </span></b><b><span style='color:#0E003B'><a href="http://www.stibbe.be/eng/subscribe.asp" target="_blank"><span lang=EN-US style='mso-ansi-language:EN-US'>here</span></a></span></b><b><span lang=EN-US style='color:#0E003B;mso-ansi-language:EN-US'>. </span></b><span lang=EN-US style='mso-ansi-language:EN-US'><o:p></o:p></span></p> </td> </tr> </table> </div> <p class=MsoNormal align=right style='text-align:right'><span lang=EN-US style='font-size:9.0pt;font-family:"Helvetica","sans-serif";mso-fareast-font-family: "Times New Roman";color:#0E003B;mso-ansi-language:EN-US'><o:p>&nbsp;</o:p></span></p> <div align=right> <table class=MsoNormalTable border=1 cellpadding=0 width=167 style='width:125.25pt;mso-cellspacing:1.5pt;background:#E4EAF2;border:solid #0E003B 1.0pt; border-right:none;mso-border-top-alt:solid #0E003B .75pt;mso-border-left-alt: solid #0E003B .75pt;mso-border-bottom-alt:solid #0E003B .75pt;mso-yfti-tbllook: 1184;mso-padding-alt:3.75pt 3.75pt 3.75pt 3.75pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td style='border:none;padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p><b><span style='color:#0E003B'>Contact</span></b></p> </td> </tr> <tr style='mso-yfti-irow:1;mso-yfti-lastrow:yes'> <td style='border:none;padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p><span lang=EN-US style='mso-ansi-language:EN-US'>For more information, please contact <a href="http://www.stibbe.be/ned/lawyers-detail.asp?LawyerId=14">Marc Fyon</a> (via </span><a href="mailto:marc.fyon@stibbe.com"><span lang=EN-US style='mso-ansi-language:EN-US'>e-mail</span></a><span lang=EN-US style='mso-ansi-language:EN-US'> or +32 2 533 53 25), <a href="http://www.stibbe.be/ned/lawyers-detail.asp?LawyerId=155">Pascal Vanden Borre</a> (via <a href="mailto:pascal.vandenborre@stibbe.com">e-mail</a> or +32 2 533 52 93), <a href="http://www.stibbe.be/ned/lawyers-detail.asp?LawyerId=102">Marc Van tieghem</a> (via <a href="mailto:marc.vantieghem@stibbe.com">e-mail</a> or +32 2 533 54 71), or your usual Stibbe contact.&nbsp; 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