Econocom - 2019 Universal registration document

05 management report subsequent events Subsequent events 6.

As of 1 st January 2020, Anne Lange, Rafi Kouyoumdjian and Jean Mounet stepped down as directors.

In order to face the COVID-19 pandemic and ensure the continuation of activity, the Group adopted relevant measures and is gradually adapting these over time. The consequences of this pandemic did not have a significant effect on Econocom Group's business in January and February 2020. Its rapid spread across Europe and in particular, Italy, Spain and France, since the beginning of March, has led Econocom to anticipate an ongoing uncertain impact on its first quarter revenue in 2020. Part of the projected decline may only translate into a deferral to the second quarter if the lock-down measures are not further renewed beyond the end of April. At this stage, it is still quite difficult to measure the impact on the full year of 2020. However, regarding the financial position for the year ended 31 December 2019, the Group believes that the consequences of the health crisis did not have a significant impact and do not call into question the assumptions and estimates used for this closing.

On 10 February 2020, Econocom Group was informed an agreement had been entered into under the terms of which Econocom International BV undertook to purchase the 5.4% equity interest ( i.e. 13,278,091 shares) held in Econocom Group SE by two companies controlled by Walter Butler. The selling price agreed was €3 per Econocom Group SE share. The sale is subject to the usual condition precedent that Econocom International BV obtains a bank loan for the full purchase price. Econocom announced it had entered exclusive negotiations with the Chequers Capital investment company with a view to disposing of its subsidiary Econocom Business Continuity which is responsible for all maintenance activities in France. This planned disposal is part of its strategy to refocus its activities, announced and embarked upon in 2019. The disposal is subject to the approval of the competition authorities. On 28 February 2020,

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2019 annual report