Oceanes Bond holders General Meeting
(ISIN Code: FR0000181034)
Paris,
January
31, 2005 -
Bull bondholders General Meeting held on January 31st, 2005 acknowledged the modifications effective December 1st, 2004 as brought to the original exchange offer, following the approval of the European Commission on the restructuring aid granted by the French State :
· Postpone the maturity date to January 1st, 2033,
· Reduce the coupon to 0.1% as of January 1st, 2004,
· The cancellation of the premium, redemption value being fixed at the bond's nominal value, i.e. € 15,75.
The General Meeting also approved the resolution presented by the Board of Bull under the terms of which a parity modification is proposed (10 shares per bond) for a limited period of time between March 1st and March 15th, 2005.
Upon a proposal from a bond holder representing more than a 30th of the total bonds, the General Meeting also unanimously approved a resolution proposing a temporary modification of the parity conversion at 15 shares per bond, subject to the approval of the Board of Directors of Bull. This resolution will be thus shortly presented to the Board of Directors so as to replace the previous one.
The parity will be back to 1 bond per share at the end of the conversion temporary period.
The 519,558 holders of the remaining Oceanes bonds will have the possibility, during this temporary period, to convert their bonds under attractive conditions.
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