SMCP Sets Up Committee to Review Capital Structure

   By Mauro Orru 
 

SMCP SAS said it decided to establish an ad hoc committee within its board of directors to launch a review of its capital structure, after shareholders voted to remove representatives of the company's former Chinese parent from the board of directors.

The French fashion group said late Tuesday that the committee headed by Orla Noonan also includes Natalia Nicolaidis and Christophe Cuvillier. All three are independent directors.

"The company has considered it necessary to initiate a review of the recomposition of its capital with a view to stabilizing and consolidating its shareholder base," SMCP said.

The decision comes after shareholders agreed to remove five representatives of former parent Shandong Ruyi Technology Group Co. and its Luxembourg-based holding subsidiary European TopSoho SarL.

Bond trustee Glas--which holds a stake of around 29% in SMCP taken from the company's former parent--had requested a shareholders' meeting aimed at pushing through the dismissals.

Write to Mauro Orru at [e-mail]; @MauroOrru94

(END) Dow Jones Newswires

January 26, 2022 01:38 ET (06:38 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.