L'Occitane (973 HK): On Activism And The Scrip Alternative

• In the 29th April HK$34/share VGO announcement, a share scrip alternative may be afforded if 10% of L'Occitane (973 HK)'s disinterested shareholders expressed interest by the 15th May

• That pre-condition has been satisfied. However, we are none the wiser whether you receive shares of the levered-up Bidco, at some undetermined scrip ratio; or keep shares of L’Occitane as-is.

• Some shareholders, like Butler Hall, considered terms low-balled. They now have the option to rollover. But there are still other large activists on the register, whose intentions are not known.