EuropaCorp starts to recapitalise

PR Newswire/Les Echos/ 
Communiqué de presse 

                       EuropaCorp starts to recapitalise

Saint-Denis, 10 January 2013: The EuropaCorp Board of Directors has now decided
to initiate the transactions to boost the company's equity that were announced
to the press on 3 January 2013. These transactions include two capital
increases: an in-kind capital increase and a cash capital increase, for which
pre-emptive subscription rights will be maintained.

The in-kind capital increase will enable EuropaCorp to centralise all of the
Group's post-production (sound and vision) and brand entertainment assets. The
contribution of these assets, for which the value of EUR10.3 million was
certified by the independent Contributions Appraisers appointed by the Bobigny
Commercial Court President, will be remunerated with EuropaCorp stock. For the
purposes of the transaction, this stock has been valued at EUR6.04 per share, on
the basis of an independent, multi-criteria evaluation. This value is much
higher than the market price for the share, and will thus probably be higher
than the subscription price for the shares issued as part of the planned cash
capital increase. In accordance with accounting regulations, these assets will
be recognised in EuropaCorp's financial statements for the carrying values of
around EUR5.3 million previously used by the contributing companies.

The cash capital increase, for which pre-emptive subscription rights will be
maintained, will be for an amount of EUR20 million, possibly more under an
extension clause. The company's senior management, acting under the authority of
the board, will determine the exact terms and conditions. The company has
already received EUR14 million in subscription commitments from various
investors, including Front Line, its majority shareholder, which is looking to
invest EUR5 million. The subscription period will open presently, once the
Autorité des Marchés Financiers has approved the prospectus submitted by the

In the very near future, EuropaCorp will provide the market with the details of
these capital increases, for which the subscription period, for the cash
increase, should fall between the end of January and the beginning of February
2013. The in-kind contribution will be implemented as part of the capital
increase, for which pre-emptive subscription rights will be maintained.

EuropaCorp ranks amongst the top European film studios. Founded in 1999,
EuropaCorp's different activities include production, theater distribution, home
entertainment, VOD, sales of TV rights for France as well as sales of
international rights, partnerships and licenses, original soundtrack production
and publishing. The Group has also been producing TV drama since 2010.
EuropaCorp's integrated financial model generates revenues from a wide range of
sources. With films from a wide range of genres and a strong presence in the
international market, the Group has produced some of the latest French worldwide
record-breaking successes. EuropaCorp's catalogue includes 500 films and the
company employs 120 permanent staff members.
For more information go to

Press contacts

Image Sept
Fabrice Rémon - Sylvie Ruggieri / 
Tel: +33 1 53 70 74 70.
    EuropaCorp is listed on Euronext Paris - Compartment C by NYSE Euronext 
                      ISIN: FR0010490920 - Mnemonic: ECP

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-0- Jan/11/2013 16:32 GMT
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