SoLocal Group: Timing and Conditions of Implementation of the Financial Restructuring Plan

Regulatory News:

Following its press release issued on 1 August 2016 related to the financial restructuring plan, SoLocal Group (Paris:LOCAL) announces that its board of directors has decided to convene a shareholders’ meeting on 19 October 2016.

During this shareholders’ meeting, the 2015 financial statements and the required draft resolutions to implement the restructuring plan in particular will be submitted for approval. The Commercial Court of Nanterre has extended till 31 October 2016 the date by which the general meeting should take place to submit 2015 financial statements for approval.

The Group aims at finalising the ongoing negotiations with its creditors as well as their consultation on the restructuring plan prior to the shareholders' general meeting.

Furthermore, an independent advisor has been appointed by the board of directors and has been asked to issue an opinion on the fairness of the subscription price of the capital increase reserved to SoLocal Group creditors, as part of the envisaged restructuring plan. All regulatory documents as well as the report of the independent advisor will be made available to shareholders prior to the shareholders’ meeting.

It is reminded that regardless of the approval of creditors and shareholders, the proposed restructuring plan is subject to various conditions. Should the plan be approved and such conditions be withdrawn, the restructuring plan, and especially the capital increases, would be finalised by the end of the year.

SoLocal also states that the main shareholders who indicated their support for the plan and their intention to participate, represented approximately 15% of SoLocal equity as of 8 August 2016.

As a reminder, SoLocal Group holds today an investor day, which presentation is available on the corporate website of the Group.

About SoLocal Group

SoLocal Group, European leader in local online communication, reveals local know-how, and boosts local revenues of businesses. The Internet activities of the Group are structured around two business lines: Local Search and Digital Marketing. With Local Search, the Group offers digital services and solutions to clients which enable them to enhance their visibility and develop their local contacts. Thanks to its expertise, SoLocal Group earned the trust of some 530,000 clients of those services and over 2.2 billions of visits via its 4 flagship brands (PagesJaunes, Mappy, Ooreka and A Vendre A Louer) but also through its partnerships. With Digital Marketing, SoLocal Group creates and provides Internet users with the best local and customised content about professionals. With over 4,400 employees, including a salesforce of 1,900 local communication advisors specialised in five verticals (Home, Services, Retail, Health & Public, BtoB) and Internationally (France, Spain, Austria, United Kingdom), the Group generated in 2015 revenues of 873 millions euros, of which 73% on Internet and ranks amongst the first European players in terms of Internet advertising revenues. SoLocal Group is listed on Euronext Paris (LOCAL). More information may be obtained at www.solocalgroup.com.

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