LUX » Topics » RayBan Indian Holdings review by Supreme Court of India

This excerpt taken from the LUX 6-K filed May 25, 2007.
RayBan Indian Holdings review by Supreme Court of India

On August 29, 2003, the Securities Appellate Tribunal (“SAT”) in India upheld the decision to require a subsidiary of the Company to make a public offering to acquire up to an additional 20% of the outstanding shares of RayBan Sun Optics India Ltd. On October 30, 2003, the Company announced that it intended to comply with the SAT’s decision and that the Company, through its subsidiary, RayBan Indian Holdings Inc., would launch a public offer to purchase an additional 20% of the outstanding shares of RayBan Sun Optics India Ltd. In accordance with applicable Indian regulation, the Company placed in escrow with the manager of the offer Rs. 226 million (Euro 3.8 million). On November 17, 2003, the Supreme Court of India stayed the SAT’s order and directed that the matter be further reviewed at the end of January 2004, provided that the Company issue a letter of credit in favor of the Indian securities regulatory agency within the following four week period of Rs. 630.6 million (Euro 10.8 million). The Supreme Court of India finally disposed of the appeal by an order dated December 12, 2006, directing the Company and RayBan Indian Holdings Inc. to make a public offer within 45 days of the order, using April 28, 1999 as the reference date for calculating the offer price. The Supreme Court also directed that interest be paid at the rate of 10% per annum for the period between August 27, 1999 and the closing date to all persons who were shareholders of RayBan Sun Optics India Ltd. throughout such period. The Company expects the aggregate cost of the offer to be approximately Euro 11.0 million, including stipulated interest increments and assuming the offer is fully accepted. The offer is expected to close during the second quarter 2007. Costs associated with the Supreme Court of India review incurred for the years ended December 31, 2006 and 2005 were immaterial.

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