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     125  0 Kommentare Results of Upbeat BidCo's simplified public tender offer for Believe shares Evolution of Board structure

    Results of Upbeat BidCo's simplified public tender offer for Believe shares

    Evolution of Board structure

    Paris, June 24, 2024 – On June 24 2024, the Autorité des marchés financiers (the “AMF”) published the results of the simplified tender offer (the “Offer”) initiated by UpBeat Bidco, a consortium formed by funds managed by TCV and EQT X, together with Denis Ladegaillerie, the Chairman and CEO of Believe, on all the outstanding shares of Believe, one of the world’s leading digital music companies following the closing of the Offer on June 21 2024.

    Under the terms of the Offer which ran from June 3 to June 21, 2024, Upbeat Bidco acquired 19,619,422 Believe’s shares.

    Following the Offer, Upbeat Bidco holds 95,664,105 Believe shares1 representing 106,515,425 voting rights, i.e. 94.99% of Believe's share capital and at least 94.29% of its gross theoretical voting rights2 3

    The results’ notice published by the AMF is available on the AMF website (www.amf-france.org).

    Share Capital structure as of June 24, 2024:

    Shareholder Number of shares % of share capital Number of voting rights % of voting rights
    Upbeat Bidco 95,664,105 94.99% 106,515,425 94.29%
    Free float 5,044,680 5.01% 6,455,309 5.71%
    Total 100,708,785 100% 112,970,734 100%

    Aligned with this new shareholding structure, the Board of Directors has also evolved. Following Ventech's departure as a director due to the sale of the entire stake in Believe, the Board co-opted a new director representing EQT X, Andrew Fisher. Andrew Fisher's ratification will be submitted to the vote of the Annual General Meeting to be held next year, in 2025.

    Andrew Fisher will be appointed to both the Audit Committee and the CSR Committee. Andrew Fisher has built several global digital businesses and supported the digital transformation of both private and public companies as Chairperson, CEO, Non-Executive Director and Founder.

    He has extensive experience in the music industry. Over the past 25 years and notably during his tenure at Shazam, he has focused on value creation from technology innovation having delivered new monetization opportunities and deeper fan engagement for many leading artists and composers.

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    Results of Upbeat BidCo's simplified public tender offer for Believe shares Evolution of Board structure Results of Upbeat BidCo's simplified public tender offer for Believe shares Evolution of Board structure Paris, June 24, 2024 – On June 24 2024, the Autorité des marchés financiers (the “AMF”) published the results of the simplified tender …

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