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Simplification of the Ipsos Group Structure
At the end of this month, shareholders of Ipsos and LT Participations will be asked to approve the merger between these two entities of the Ipsos group.
LT Participations is a personal holding company of the Ipsos group, with its capital under the control of Jean-Marc Lech and Didier Truchot, the two Ipsos co-Chairmen, with about 67% of the Ipsos stock. Eurazeo and Societe Generale (through SG Capital Developpement and FCPR Sogecap Developpement) hold most of the remaining stock.
Before Ipsos carries out the merger operation, LT Participations will proceed with a capital increase at market price in order to cover its debt. Jean-Marc Lech and Didier Truchot will jointly participate in this capital increase for approximately 30 million euros. Eurazeo and Societe Generale will contribute their pro-rata share. The merger will be carried out transparently and will have no impact on the Ipsos financial statements.
Upon the merger completion, Jean-Marc Lech and Didier Truchot will hold approximately 21% of Ipsos shares and 28% of the voting rights. The other managers and the employees (including the recently created Ipsos Partnership Fund) will hold approximately 13% of the capital and 12% of the voting rights. Eurazeo and Societe Generale, the two Ipsos historical financial shareholders, will own 7% respectively close to 5% of Ipsos capital, and 9% respectively 6.5% of the voting rights. The free float will be approximately 50%.
Planned for some time, this operation aims to simplify the Ipsos group structure, give a better understanding of the company capital structure and give the stock greater liquidity. For full year 2002, Ipsos plans further growth in its activity, intending to outpace the industry as a whole. Organic growth is predicted to reach at least 8% compared to industry growth of 4%, and its operating margin will see a significant increase for the fifth year in a row.
Jean-Marc Lech and Didier Truchot have stated that they are satisfied with the new Ipsos capital organization, indicating that the agency has passed to a new stage in its development. They confirm that Ipsos is and will stay an independent company controlled by its managers and employees.
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