Accor SA convened bondholders meetings for its three outstanding bonds on 25 May 2010 with the purpose of approving by a resolution the asset contribution-spinoff project.
- Accor SA proposed to make a consent payment on 2 July 2010 to all holders of the bonds subject to:
- The approval of the resolution by the relevant bondholders meeting and;
- The record of the final completion of the asset contribution by the General Shareholders Meeting of New Services SA to be held on 29 June 2010
The consent payment represented 0.15% of the nominal if the resolution was approved at first meeting or 0.10% if the resolution was approved at adjourned meeting.
The quorum requirement for the first meeting was 20% with a simple majority of the attendees to vote in favour. No quorum was required for the adjourned meeting.