Polygon's Communication on the Results of the Offer on Orange Belgium

LONDON, April 27, 2021 /PRNewswire/ -- Polygon Global Partners LLP is the investment manager for the Polygon European Equity Opportunity Master Fund and certain client accounts which collectively are the holders of 5.29% of Orange Belgium's (Ticker: OBEL) total share capital.

Today Orange SA published the results of its voluntary offer on Orange Belgium.

Orange SA now holds 74.68% of Orange Belgium's share capital.

Orange SA has decided to exercise its right to re-open the offer for five trading days.

Polygon still owns 5.29% of Orange Belgium share capital.  Polygon has indeed not tendered its shares into the voluntary offer and does not intend to tender its shares into the re-opened offer.

Consequently Orange SA will not in any event reach the required threshold of 95% of the voting shares in order to launch a squeeze-out bid.  It will therefore not be able to forcibly acquire the shares it does not own at the end of the re-opened offer.

As indicated in its Open Letter to the Board of Directors of Orange Belgium of 7 December 2020 and its public releases of 1 February 2021 and 12 April 2021, Polygon believes that Orange SA's offer of €22 per share is derisory.

Polygon reiterates its view that Orange SA's offer price substantially undervalues Orange Belgium on a standalone basis.  Among other factors, Polygon believes that Orange SA's offer reflects a price that has been, in Polygon's view, temporarily and unjustifiably depressed by COVID-19 and lingering worries of a potential fourth entrant into the Belgian mobile market.

As evidenced in the results for the first quarter of 2021 which it just released on 21 April 2021, Orange Belgium has experienced significant EBITDA growth, perfectly in line with the company's business plan unveiled during the takeover process.  This business plan projects even more ambitious results than the current consensus estimates for the company.

As Orange Belgium continues to execute on its business plan, Polygon believes that other minority shareholders will similarly resist tendering their shares at the current offer price.

About Polygon:

Polygon is a global private investment firm founded in 2002 managing approximately $1.6 billion across a number of asset classes and businesses.  Its investment capabilities are supported by a robust operational and risk infrastructure. Polygon is a part of Tetragon Financial Group Limited's alternative asset management platform, TFG Asset Management.

This press release has been issued for information purposes only and does not constitute investment advice.  Orange Belgium shareholders should seek their own advice in relation to the Orange SA tender offer.  The information in this press release should not be interpreted as implying that Polygon's clients who currently hold positions in Orange Belgium will increase or retain those positions during any particular time period.   Polygon reserves the right to reduce or increase the clients' positions in Orange Belgium at any time.

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