La note d’opération :
http://www.groupama-sa.com/DownloadFile?idfichier=3089
La fameuse clause 3h complète ! Bonne lecture !
(h) Compulsory Interest and Optional Interest
(1) Optional Non-Payment of Interest
On any Interest Payment Date that is neither a Compulsory Interest Payment Date (an Optional
Interest Payment Date) nor a date on which a Mandatory Non-payment of Interest Event (as
defined below) has occurred, the Issuer may, at its option, (i) pay all (but not some only) of the
interest accrued to that date in respect of the Notes (but shall not have any obligation to make
such payment) or (ii) elect, by giving notice to the Noteholders pursuant to Condition 3(h)(4),
not to pay interest on such Interest Payment Date with, in particular, a view to allowing the
Issuer to ensure the continuity of its activities without weakening its financial structure and any
such failure to pay shall not constitute a default by the Issuer under the Notes or for any other
purpose.
Any entitlement to interest not paid on any Optional Interest Payment Dates will be lost and
such interest will therefore no longer be due and payable by the Issuer.
The amount of interest payable on Optional Interest Payment Dates will always be calculated
on the basis of the then Principal Amount.
(2) Compulsory Interest Payment
On any Compulsory Interest Payment Date, the Issuer shall pay interest on the then Principal
Amount of the Notes. Compulsory Interest Payment Date means each Interest Payment Date (i)
in relation to which no Mandatory Non-Payment of Interest Event (as defined below) has
occurred and is continuing, and (ii) prior to which any of the following events has occurred
(each, a Compulsory Interest Payment Event) at any time during a period of one year prior to
such Interest Payment Date:
(i) the Issuer has declared or paid a dividend (whether in cash, shares or any other form), or
more generally made a payment of any nature, on any class of shares (including ordinary
shares or preference shares) or on any other equity securities; or
(ii) the Issuer has made a payment of any nature on or in respect of any other Deeply
Subordinated Obligations unless such payment was a compulsory interest payment under
the terms of any such other Deeply Subordinated Obligations issued by the Issuer; or
(iii) the Issuer has redeemed, repurchased or otherwise acquired any class of its share capital
(whether such shares are represented by ordinary shares or preference shares) by any
means; or
(iv) the Issuer has redeemed, repurchased or otherwise acquired any Deeply Subordinated
Obligations in accordance with their terms; or
(v) for so long as there are Applicable Regulations in force with respect to the Combined
Regulatory Group, any Relevant Affiliated Entity has made Equivalent Payments in an
aggregate amount exceeding the Reference Amount.
Where:
Equivalent Payments means, in relation to any Relevant Affiliated Entity, any of the following
payments made during a period of one year ending on the relevant Interest Payment Date:
(i) any payment of interest in respect of any Deeply Subordinated Notes issued by such
Relevant Affiliated Entity other than compulsory interest payments under the terms of the
relevant Deeply Subordinated Notes, and
(ii) any payment of principal made to holders of Deeply Subordinated Notes issued by such
Relevant Affiliated Entity in respect of any optional redemption or repurchase by it of any
such Deeply Subordinated Notes
Reference Amount means, in relation to any Relevant Affiliated Entity:
(i) any Equivalent Payments made by it falling within sub-paragraph (i) of the definition of
Equivalent Payments, an amount of c10,000,000; and
(ii) any Equivalent Payments made by it falling within sub-paragraph (ii) of the definition of
Equivalent Payments, an amount of c100,000,000.
Notwithstanding the above, it is hereby specified that the following shall not fall within the
scope of the above definition of ‘‘Compulsory Interest Payment Event’’:
(a) payments made to and distribution of shares in favour of any beneficiaries of stock option
plans or their equivalent; or
(b) shares repurchased by the Issuer (a) in the context of its own buy-back programme
(programme de rachat d’actions in accordance with Article L.225-209 of the Code, the
Re`glement Ge´ne´ral of the Autorite´ des marche´s financiers and EU Regulation No.2273/2003
dated 22 December 2003), (b) under any equity derivative hedge structure or transaction,
(c) under any hedging of stock options programme or (d) any other compensation benefit
programme (such as any plan d’attribution gratuite d’actions in accordance with Article
L.225-208 of the Code); or
(c) any reduction of the share capital of the Issuer made in order to set off losses which may
entail a cancellation or redemption of shares.
In addition, a Compulsory Interest Payment Date will not occur if a Mandatory Non-Payment
of Interest Event has occurred prior to the relevant Interest Payment Date and is continuing.
Interest payable on a Compulsory Interest Payment Date will always be calculated on the basis
of the then Principal Amount.
(3) Mandatory Non-Payment of Interest
If a Mandatory Non-Payment of Interest Event occurs and is continuing on any Interest
Payment Date, the Issuer shall not pay interest on the relevant Interest Payment Date. Any
entitlement to interest not paid on any such Interest Payment Date will be lost and such interest
will therefore no longer be due and payable by the Issuer.
A Mandatory Non-Payment of Interest Event will be deemed to have occurred if:
(i) a Solvency Event has occurred prior to such Interest Payment Date and is continuing, or
would occur if the interest payment due on the Notes on such Interest Payment Date were
to be made on such date; or
(ii) the Issuer is notified by the Relevant Supervisory Authority prior to such Interest Payment
Date, that it has determined, in its sole discretion, in the view of the deteriorating financial
condition of the Issuer, that a Solvency Event would occur in the near term.
(4) Notice of Non-Payment
The non-payment of interest in accordance with this Condition 3(h) shall be notified by the
Issuer to the Noteholders in accordance with Condition 8 not later than seven (7) Business Days
prior to the relevant Interest Payment Date. For the avoidance of doubt, the occurrence of a
Mandatory Non-Payment of Interest Event and any resulting notice will be effective only with
respect to the amount of interest due on the immediately following Interest Payment Date. The
Issuer will make a new determination and deliver a further notice with respect to any
subsequent Interest Payment Date in relation to which a Mandatory Non-Payment of Interest
Event is continuing or occurs again.
Rapport financier semestriel de Groupama :
http://www.groupama-sa.com/DownloadFile?idfichier=49725
Quelques morceaux choisis :
Une marge de solvabilité confortée
La marge de solvabilité réglementaire sur fonds propres durs est de 113% au 30 juin 2012, en hausse par rapport à celle au 31
décembre 2011. Elle ne prend pas en compte l’impact favorable des cessions d’activités qui seront définitivement réalisées au second
semestre.
Au 30 juin 2012, les capitaux propres combinés de Groupama progressent de +9,7% par rapport au 31 décembre 2011 et s’élèvent à
5,8 milliards d’euros.
E/ Principaux ratios
30/06/2011
proforma
30/06/2012
Ratio combiné non vie 103,7 % 103,8 %
31/12/2011 30/06/2012
Marge de solvabilité (Solvabilité I) 107 %* 113 %
ouscription par la Caisse des Dépôts d’actions de préférence de Gan Eurocourtage
La Caisse des Dépôts s’était engagée irrévocablement le 30 décembre 2011 à souscrire à une émission de capital de Gan Eurocourtage
sur la base d’actions de préférence bénéficiant d’un dividende prioritaire et sans droits de vote mais donnant accès à certains droits
relatifs à la protection de son investissement.
L’émission des actions de préférence a eu lieu le 15 mars 2012 (après l’assemblée générale de Gan Eurocourtage approuvant les
comptes annuels et le conseil d’administration de Gan Eurocourtage autorisant l’émission des actions de préférence sur délégation de
l’assemblée générale extraordinaire). Un montant de 300 millions d’euros a été ainsi souscrit par la Caisse des Dépôts.
Dans le cadre de la cession des activités de courtage et de transport, il est prévu un remboursement de ces actions de préférence.
Mon résumé :
intérêt pouvant être facultatifs si solvency event (<100% selon la définition) ou si autorité demande non paiement car il y a un risque de ne pas tenir les ratios…
mais pouvant être obligatoire si un événements suivant arrive : dividende, rachat d’actions, etc (opération sur capital en gros). => edit : et si aucun événement rendant les intérêts facultatifs ne se produit
Ainsi, je ne vois ni solvency event dans le communiqué de presse, et pas de demandes officielles des autorités concernat un solvency event possible… Après je ne sais pas si on peut faire appel à la clause de mandatory.
Dernière modification par Super_Pognon (06/10/2012 09h19)
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