OL GROUPE : "STADE DES LUMIERES" NEW STADIUM PROJECT
04/27/2012| 01:55pm US/Eastern
Recommend:
Over the past few months, the Stade des Lumières project has
passed a certain number of milestones. In particular, the
Greater Lyon Community Council approved the revised land use
plan on 12 December 2011, and the town of Décines granted the
construction permit on 3 February
2012.
Before earthworks can begin, site access and other
preliminary work must be carried out, and this is now
underway. Archaeological soundings regarding exit no. 7 have
also begun, with the French government as the project
sponsor. Greater Lyon has begun moving the rainwater
retention basins.
The framework agreement signed on 26 July 2011 with Vinci,
OL's future partner in the stadium project, contained a
clause under which scheduled dates may be revised, depending
on the various appeals filed against the project. Because the
Stade des Lumières project is very complex and all of the
administrative approvals necessary for it to proceed are not
yet definitive, the framework agreement signed by OL Groupe,
its subsidiary Foncière du Montout and the Vinci group has
been extended, in line with its original terms, to enable the
parties to continue negotiating and to sign the definitive
agreement.
The full structure of this project (design/build contract,
shareholders agreement, etc.), important not only for
Olympique Lyonnais but also for the Lyon region, should be
finalised soon and will be announced in a press release.
Investors are reminded that the risk factors related to the
construction of the new stadium are detailed on page 44 of
the 2010/11 registration document. These relate in particular
to potential appeals or challenges, disputes, unexpected
events, failure of service providers, financing difficulties,
etc. and might have a material adverse effect on the
strategy, business, financial condition and earnings of OL
Groupe.
OL Groupe
Stock market: Euronext Paris - Compartment C
Tel: +33 (0)4 26 29 67 00
Fax: +33 (0)4 26 29 67 18
Email:
dirfin@olympiquelyonnais.com www.olweb.fr
Indices: CAC Small - CAC Mid & Small - CAC All- Tradable, CAC
All-Share - CAC Consumer Services - CAC Travel & Leisure
ISIN code: FR0010428771
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ICB: 5755 Recreational services
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