GROUPE PAREDES made an offer to acquire additional 63.195914% stake of Orapi SA (ENXTPA:ORAP) from Kartesia Advisor LLP and others for ?27.28 million on November 21, 2023. At the opening of the Offer, Groupe Paredes held 34.85% of the capital and 33.38% of the theoretical voting rights of Orapi. A draft tender offer for the acquisition by Groupe Paredes of a total number of 4,198,442 ordinary shares of Orapi, representing, to the best of Groupe Paredes' knowledge, approximately 63.20% of the share capital and 64.76% of the theoretical voting rights of this company. If the Offer is successful, the Offer will be automatically reopened no later than 10 trading days following the publication of the final result of the Offer, under the same conditions as the Offer, within 10 trading days from the publication of the notice of result of the Offer or, where applicable, within a period of three 3 months from the closing of the reopened Offer, a squeeze-out procedure. The recommendations of the ad hoc committee, the reasoned opinion of Orapi's supervisory board, as well as the independent expert's report are presented in the response note of Orapi which received visa no. 23-523 from the AMF dated December 21, 2023. The Offer, declared compliant on December 21, 2023 by the Financial Markets Authority, has been open since December 27, 2023 and will close on January 31, 2024. As of January 31, 2024, in accordance with the provisions of article 232-4 of the AMF general regulations, in the event that, at the end of the Offer, the lapsing threshold is reached, the Offer would be automatically reopened at the latest in the ten trading days following the publication of the final result of the Offer, under the same conditions as the Offer. As of February 9, 2024, the public purchase offer initiated by Groupe Paredes on the shares ordinary ORAPI (the ?Offer?) will be reopened from February 12 to March 8, 2024 inclusive, according to the same terms as the first Offer period. During this reopened Offer period, Groupe Paredes irrevocably undertakes to acquire, at the unit price which remains unchanged at ?6.50, all 1,047,109 shares ORAPI ordinary shares that it does not hold, directly or indirectly, representing 15.76% of the capital of ORAPI.

David Swinburne of Jones Day acted as legal advisor to Kartesia Management SA in the sale of the shares held in Orapi SA to Groupe Paredes as part of Groupe Parades' public tender offer for Orapi SA.

GROUPE PAREDES completed the acquisition of 52.92% stake of Orapi SA (ENXTPA:ORAP) from Kartesia Advisor LLP and others for approximately ?23 million on March 8, 2024. Groupe Paredes will hold, after assimilation of the treasury shares, 5,961,124 ordinary shares representing 89.73% of the capital and 88.08% of the theoretical voting rights of ORAPI. Following settlement and delivery of the Offer, which must take place on March 19, 2024. As of March 15, 2024, Groupe Paredes, declared that it had crossed the threshold of 90% of the capital of the company Orapi on March 14, 2024. The Paredes group has become the Paredes Orapi Group. After this crossing, Groupe Paredes holds 6,024,759 Orapi shares, representing 90.69% of the capital and 89.56% of the voting rights. This threshold crossing results from the acquisition of Orapi shares on the market. Paredes Group also holds 3,195,519 bonds redeemable in shares (ORA 2), which no longer have the status of securities giving access to capital since October 19, 2023.
To date, the group owns 90.69% of Orapi's capital and 89.56% of the voting rights and should be able to delist in the coming weeks if 90% of voting rights are reached.