Alfacam Group
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Company incorporated under Belgian law Registered offi ce : Fabriekstraat 38 in B-2547 Lint OFFERING TO SUBSCRIBE FOR UP TO EUR 20 MILLION IN NEW SHARES OFFERING TO SELL UP TO EUR 15 MILLION IN EXISTING SHARES The Offering is a public offering in Belgium and a private placement to institutional investors in Belgium and certain other countries within the European Economic Area and in Switzerland. The Joint Lead Managers will be granted a Greenshoe-option up to 15% of the Offering for the sole purpose of covering possible over-allotments. The Greenshoe-option shall be exercisable as of the Listing Date until 30 days thereafter and will consist of Additional Shares. WARNING The Offering and the distribution of this Prospectus are subject to certain restrictions, set forth in the chapter “Disclaimers and notices”. Investing in the Shares involves substantial risks. Investors should carefully read the risks set forth in the chapter “Risk Factors”. LISTING OF ALL SHARES ON EUROLIST BY EURONEXT BRUSSELS Joint Lead Managers Selling Agents April 2007 SUMMARY .........................................................................................................................................................7 Summary of the activities ............................................................................................................................................................ 7 Corporate governance.................................................................................................................................................................. 7 Key information of the Offering................................................................................................................................................ 8 Selected financial information................................................................................................................................................... 10 Dilution........................................................................................................................................................................................ 11 Risk factors.................................................................................................................................................................................. 12 Additional information .............................................................................................................................................................. 12 RISK FACTORS ............................................................................................................................................... 14 Risks related to the activities of the Group............................................................................................................................. 14 Risks related to the Offering..................................................................................................................................................... 19 DEFINITION OF THE PRINCIPAL GENERAL TERMS USED IN THE PROSPECTUS...................22 DISCLAIMERS AND NOTICES....................................................................................................................24 Approval of the Prospectus ...................................................................................................................................................... 24 Legal notices................................................................................................................................................................................ 24 Available information................................................................................................................................................................. 24 No representation....................................................................................................................................................................... 25 Decision to invest....................................................................................................................................................................... 25 Certain restrictions on the Offering and the distribution of this Prospectus..................................................................... 25 Forward-looking information ................................................................................................................................................... 27 Industry data, market share, ranking and other data.............................................................................................................. 27 Rounding of financial and statistical information .................................................................................................................. 27 1. PARTIES ASSUMING RESPONSIBILITY ........................................................................................28 1.1. Responsibility for the content of the Prospectus........................................................................................... 28 1.2. Responsibility for the auditing of the annual accounts................................................................................. 28 2. KEY INFORMATION ..........................................................................................................................29 2.1. Working capital statement................................................................................................................................. 29 2.2. Capitalisation and indebtedness ....................................................................................................................... 29 2.3. Interests of natural and legal persons involved in the Offering................................................................... 29 2.4. Reasons for the Offering and use of proceeds............................................................................................... 30 3. GENERAL INFORMATION ABOUT THE OFFERING ................................................................ 31 3.1. Intentions of the Existing Shareholders.......................................................................................................... 31 3.2. Conditions to which the Offering is subject .................................................................................................. 31 3.3. Date of the issuance of the New Shares ......................................................................................................... 31 3.4. Terms of the Offering ....................................................................................................................................... 31 3.4.1. Nature of the Offering...................................................................................................................... 31 3.4.2. Offering Price..................................................................................................................................... 32 3.4.3. Offering Period .................................................................................................................................. 32 3.4.4. Subscription procedure ..................................................................................................................... 33 3.4.5. Allocation of the Shares.................................................................................................................... 33 3.4.6. Publication of the results of the Offering....................................................................................... 34 3.4.7. Payment, settlement and delivery of the Shares............................................................................. 34 3.5. Greenshoe - Stabilisation .................................................................................................................................. 34 3.6. Lock up................................................................................................................................................................ 35 3.7. Financial service ................................................................................................................................................. 35 3.8. Underwriting Agreement................................................................................................................................... 35 3.9. Listing .................................................................................................................................................................. 36 3.10. Costs associated with the Offering .................................................................................................................. 36 3.11. Jurisdiction .......................................................................................................................................................... 37 4. GENERAL INFORMATION ABOUT THE SHARES......................................................................38 4.1. Nature of the Shares.......................................................................................................................................... 38 4.2. Currency .............................................................................................................................................................. 38 4.3. General information on the physical delivery of shares................................................................................ 38