Publ Coun Acc Lic Offe Nterpar Cording R Prosp
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(This is a translation of the original document, in Portuguese, and in case of doubt the Portuguese version must prevail. This English version was not subject to CMVM’s approval) SONAECOM ‐ S.G.P.S., S.A Public Company Registered Office: Lugar do Espido, Via Norte, Maia Registered at Maia Commercial Registry Sole registration and tax number 502 028 351 Share Capital [fully subscribed and paid up]: €366,246,868 PUBLIC OFFER PROSPECTUS, IN EXCHANGE MODE, FOR THE GENERAL AND VOLUNTARY ACQUISITION OF SHARES REPRESENTING THE SHARE CAPITAL OF SONAECOM ‐ SGPS, S.A. COUNTERPART COMPOSED BY ZON OPTIMUS, SGPS, S.A. SHARES AND, ACCORDING TO THE LEVEL OF ACCEPTANCE OF THE OFFER, OF CASH ORGANISATION AND ASSISTANCE BBanco Português de Investimento, S.A. 5 February 2014 Since this Prospectus is referred to a Public Offer for Acquisition of Sonaecom SGPS, S.A. shares, in which the respective counterpart has a component comprised of Zon OPTIMUS, SGPS, S.A. shares, it not only includes the necessary information for a Public Offer Prospectus, in accordance with CMVM Regulation no. 3/2006, but also the relevant amendments, the mandatory information for a General Public Distribution Prospectus in accordance with (EC) Commission Regulation no. 809/2004, of 29 April, as currently worded. The information that is mandatory under the provisions of CMVM Regulation no. 3/2006 corresponds to the following Chapters in this Prospectus’ table of contents: Prospectus table of contents as prescribed by Regulation Corresponding chapter in this Prospectus no. 3/2006 Chapter 0 – Notices/Introduction Notices Chapter 1 – Responsibility for the information Chapter 3 – Responsibility for the information Chapter 2 – Offer Description Chapter 4 – Public Offer for Acqusisiton Description Chapter 3 – Information on the Offeror, social participations Chapter 5 – Information on the Offeror, company and agreements shares and agreements Chapter 4 – Other information Chapter 16 – Publicly accessible documentation and reference information. TABLE OF CONTENTS Notices _______________________________________________________________ 10 Chapter 1 – Summary ____________________________________________________ 14 Chapter 2 – Risk factors relating to the Issuer and the shares making up the Offer counterpart ____________________________________________________________ 34 2.1. Risks associated with the Issuer and its subsidiaries __________________________________ 34 2.2. Risks related to the shares, which are the counterpart of the Offer ______________________ 40 2.3. Other risks __________________________________________________________________ 41 Chapter 3 – Those responsible for information _______________________________ 44 3.1. Identification of responsible entities ______________________________________________ 44 3.2. Declaration by those responsible for the information contained in the Prospectus __________ 49 PAGE 2/189 Chapter 4 – Description of the Takeover Bid _________________________________ 50 4.1. Amount and nature of the operation ______________________________________________ 50 4.2. Amount, nature and category of the securities in this Offer ____________________________ 50 4.3. Counterpart offered and its justification ___________________________________________ 50 4.4. Counterpart payment method ___________________________________________________ 55 4.5. Counterpart guarantee ________________________________________________________ 56 4.6. Offer Method ________________________________________________________________ 56 4.7. Tax system __________________________________________________________________ 57 4.8. Support Services ______________________________________________________________ 67 4.9. Objectives of the acquisition ____________________________________________________ 67 4.10. Acceptance statements ________________________________________________________ 69 4.11. Result of the Offer ____________________________________________________________ 69 4.12. Applicable law and jurisdiction __________________________________________________ 69 Chapter 5 – Information related to the Offeror, company holdings and agreements _ 70 5.1. Identification of the Offeror _____________________________________________________ 70 5.2. Allocation of voting rights ______________________________________________________ 72 5.3. Holdings of the Offeror in the capital of the Offeree Company _________________________ 81 5.4. Voting rights and holdings by the Offeree Company in the Offeror’s capital _______________ 83 5.5. Shareholder agreements _______________________________________________________ 84 5.6. Agreements entered into with the members of the company bodies of the Offeree Company 84 5.7. Market relations representative _________________________________________________ 84 Chapter 6 – Information about the Issuer of the shares which form part of the counterpart offered in the Bid _____________________________________________ 84 6.1. Legal and commercial name ____________________________________________________ 84 6.2. Place of registration and respective number ________________________________________ 84 6.3. Date of incorporation and period of existence ______________________________________ 84 6.4. Address and legal formation ____________________________________________________ 85 6.5. Share capital _________________________________________________________________ 85 6.6. Equity shares ________________________________________________________________ 86 6.7. Main shareholders of ZON OPTIMUS ______________________________________________ 86 PAGE 3/189 6.8. Rights attached to Shares _______________________________________________________ 89 6.9. Memorandum and Articles of Association __________________________________________ 90 6.10. Important facts regarding the evolution of the Issuer _________________________________ 90 6.11. Legislation regulating the activity of the Issuer ______________________________________ 90 Chapter 7 – Information about the shares which form part of the counterpart offered in the Bid ______________________________________________________________ 91 Chapter 8 – Information about the Issuer’s activity of the shares which form part of the counterpart offered in the Bid _____________________________________________ 92 8.1. ZON OPTIMUS _______________________________________________________________ 93 8.3. Optimus ___________________________________________________________________ 114 8.4. Basis of the Issuer’s statements about its competitive position ________________________ 119 8.5. Description of the Issuer’s main investments ______________________________________ 120 8.6. Employees _________________________________________________________________ 122 8.7. Employee shares and share options _____________________________________________ 122 8.8. Organisational structure ______________________________________________________ 124 8.9. Information on share ownership ________________________________________________ 127 8.10. Operations with related third parties ____________________________________________ 127 8.11. Tangible assets, respective charges and associated environmental questions _____________ 133 8.12. Research and development ____________________________________________________ 135 8.13. Premises on patents, licences, and others _________________________________________ 135 8.14. Legal or arbitration proceedings ________________________________________________ 135 Chapter 9 – Selected financial data, analysis of the operating income, the financial status, the liquidity, and the resources of the Issuer of the shares that constitute the Offer price ____________________________________________________________ 136 9.1. Selected financial data ________________________________________________________ 136 9.2. Income and financial status in the period in the financial history _______________________ 142 9.3. Government, political, tax, and economic factors with impact on activities _______________ 148 9.4. Capitalisation and debt _______________________________________________________ 149 9.5. Restrictions on use of capital resources ___________________________________________ 155 9.6. Issuer’s statement regarding the sufficiency of the working capital _____________________ 155 PAGE 4/189 9.7. Significant changes in the Issuer’s financial or commercial situation ____________________ 155 Chapter 10 – ZON OPTIMUS pro‐forma consolidated financial information _______ 156 10.1. ZON OPTIMUS pro‐forma consolidated financial statements __________________________ 156 10.2. Opinion on ZON OPTIMUS pro‐forma consolidated financial information ________________ 163 Chapter 11 ‐ Administration and supervisory bodies of the Issuer of the shares that constitute the Offering price _____________________________________________ 165 11.1. Names, professional addresses, roles, and other activities ____________________________ 165 11.2. Conflicts of interest __________________________________________________________ 182 11.3. Remuneration and other benefits _______________________________________________ 182 11.4. Shares held by the members of the management and audit bodies _____________________ 183 11.5. Binding employment contracts _________________________________________________ 184 11.6. Amounts constituted for pensions _______________________________________________ 185 11.7. Information about the Audit Committee and the Remunerations Committee _____________ 185 11.8. Compliance by the Issuer with the regime of corporate governance ____________________ 186