2007 - April
2007 - April
2007 - April
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5.0 Special 5.0<br />
Auditors’ report<br />
Special Statutory Auditors’ report<br />
Statutory<br />
Special statutory auditors’ report on regulated<br />
agreements and commitments<br />
Year ended December 31 st , <strong>2007</strong><br />
Dear Shareholders,<br />
In our capacity as your company’s Statutory Auditors, please<br />
find hereafter our report on regulated agreements.<br />
Agreements and commitments authorized during<br />
the year<br />
In accordance with Articles L.225-88 and L. 225-40 of<br />
the French commercial code, we were informed of the<br />
agreements and commitments that were authorized<br />
beforehand, depending on the periods concerned, by your<br />
Supervisory Board or your Board of Directors respectively.<br />
We are not required to ascertain whether any other<br />
contractual agreements exist, but rather, to inform you, on<br />
the basis of the information provided to us, of the terms<br />
and conditions of agreements that have been brought to our<br />
attention, without commenting on their validity or relevance.<br />
It is your responsibility, under the terms of Article R.225-31,<br />
to evaluate the benefits of concluding such agreements prior<br />
to their approval.<br />
We conducted our audit in accordance with the industry<br />
standards applicable in France. These standards require that<br />
we perform procedures to verify that the information given<br />
to us is consistent with the underlying documents.<br />
APRIL GROUP SA taking out a subordinated loan for<br />
Axeria Vie<br />
Nature and purpose<br />
On August 28 th , <strong>2007</strong>, APRIL GROUP SA took out a 30 million<br />
euro subordinated loan issued by Axeria Vie in connection<br />
with the creation of the Life and Savings division. This loan,<br />
concluded for an indefinite period, includes an option for<br />
Axeria Vie to pay it back ahead of schedule, without any<br />
penalty, at the end of the 10 th year. This loan is subject to<br />
interest at 170 basis points over the 10-year CMS rate. This<br />
operation had been authorized by the Supervisory Board on<br />
December 12 th , 2006.<br />
Terms<br />
In <strong>2007</strong>, the interest received by APRIL GROUP SA relative to<br />
this loan totaled 633,863 euros.<br />
Person concerned<br />
Bruno Rousset, Chairman and Chief Executive Officer of<br />
APRIL GROUP SA and Director of Axeria Vie.<br />
166<br />
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