The shareholders of SNP Boat Service S.A. and Le Yacht S.A., RODRIGUEZ GROUP’s subsidiaries directly and indirectly owned up to 99.51 % and 99.34 % of their respective share capital, approved on December 31st, 2010 the merger agreement between the two companies.

Rodriquez Group’s subsidiaries SNP Boat Service S.A. and le Yacht S.A. Merge

The merger, with a retroactive effect as of October 1st, 2010 corresponding to the fiscal year is carried out as part of the streamlining measures implemented by Rodriguez Group.

The consolidation of the business activities operated by Le Yacht (shipchandler) into SNP Boat Service is justified by the commercial and financial strings existing between the two companies. SNP Boat Service purchases from Le Yacht decoration, supplies and electronic devices for the equipment of its yachts and, as such, represents a significant part of Le Yacht’s sales.

In a continued effort of improvement of management and day-to-day internal procedures, the merger between the two entities is aimed at optimizing the Group’s corporate and operational structure by consolidating the two activities in one entity, pooling the inventories, simplifying the purchase orders, suppressing intercompany invoicing and, ultimately, reducing costs.

The financial terms and conditions of the merger were determined under the control of the auditor appointed for the purpose thereof. The share capital of SNP Boat Service was raised by € 2,051,401 through the issuance of 4,337 new shares subscribed by the shareholders of Le Yacht, RODRIGUEZ GROUP now holding 99.46 % of SNP Boat Service. Le Yacht will be winded-up without liquidation, all of the assets and liabilities of Le Yacht being transferred to SNP Boat Service.

The merger let to a modification of the Safeguard plan of SNP Boat Service authorized by the Commercial Court of Cannes.