Peugeot Invest to take part in the reorganisation of LISI’s ownership structure

Since 1977, the Peugeot family via Peugeot Invest and its affiliates have been supporting the development of LISI, a leading international company specialising in the design and manufacture of assembly solutions for the aerospace, automotive and medical industries. Peugeot Invest holds a 5.1% direct stake in LISI as well as a 25.4% stake in Compagnie Industrielle de Delle (CID), the holding company that owns a 54.8% stake in LISI. Peugeot Invest is a member of LISI’s Board of Directors.

LISI has today announced its intention to file a public buyback offer at a price of €27 per share ex-dividend (€0.15 dividend per share), which represents a premium of +24% over the closing share price on 22 February 2023. This transaction will reorganise its ownership structure, giving its founding families greater control and providing liquidity to minority shareholders, at a price that better reflects the company’s operational performance than LISI’s current market valuation.

Peugeot Invest has undertaken to tender its LISI shares to the offer[1]. The transaction will be followed by a capital reduction by CID, allowing Peugeot Invest to exchange up to 100% of its CID shares, mainly into LISI shares. After these transactions, Peugeot Invest may no longer own any CID shares, and it may become LISI’s second-largest shareholder with a stake of up to 16.0%.

Peugeot Invest would retain at least one seat on LISI’s Board of Directors provided that it owns more than 5% of its capital.

Commenting on this announcement, Bertrand Finet, Chief Executive Officer of Peugeot Invest, declared: “We have been supporting LISI’s development for more than 40 years. I welcome this reorganisation, which will both simplify CID’s ownership structure and allow the Kohler and Viellard families to perpetuate control over LISI. For Peugeot Invest, the transaction will improve the liquidity of our investment. We remain confident in the strategy being pursued by LISI’s management and we will continue to play our role as a long-term minority shareholder with an active role in LISI’s governance.”

[1] Subject to the statutory framework of centralization.