PSA restructure approved
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  1. #1
    1000+ Posts gerry freed's Avatar
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    Default PSA restructure approved

    At the AGM yesterday, the restructure was approved by 98% of shareholders. This removes the Peugeot family control and puts it in the joint hands of the French State, the Peugeot family and Dongfeng (owned by the Chinese government). The shares rose yesterday on the news of the improved sales and then dropped over 3.5%.

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  2. #2
    Contented Peugeot Driver addo's Avatar
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    Default

    So who of this fabulous troika do I now bitch to, about loss of PSA subscriber services access?

  3. #3
    1000+ Posts gerry freed's Avatar
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    Default and now the implementation

    PSA have now started the fundraising and share holding changes. As a result the shares dropped 8.5% this morning.
    Dongfeng and the French State will subscribe 276 million each and the Peugeot family 142 million euros.
    The balance of the 3 billion needed is to raised by an offering via preference shares to existing share holders at a subscription price of 6.67 euros to be taken up between the 2 and 14 May. The eventual price level will depend on the subcription and a complex calculation of the new average value.
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  4. #4
    1000+ Posts gerry freed's Avatar
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    Default

    The money from the State and Donfeng is now in the company and the control structure is in place.

    Le Conseil de surveillance or review Committee is the effective control body, replacing the golden share rights of the Peugeot family. It is chaired by Louis Gallois,independent and it includes Bruno Bézard, Thierry Peugeot and Xu Ping,
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