Claranova announces Canadian shareholders withdraw legal proceedings

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PlanetArt parent Claranova announced it reached an agreement with its two Canadian minority shareholders, Michael Dadoun and Daniel Assouline, under which the latter agreed to withdraw today, without any compensation, the two separate legal proceedings (appeal and on merits) that were pending against the company.

This decision follows recent governance and management changes at Claranova, including the appointment of Dadoun as a director and Assouline as a non-voting member of the Board of Directors, approved by Claranova shareholders at the Annual General Meeting of April 5, 2024.  The Dadoun Family Trust and the companies 10422339 Canada Inc. and 6673279 Canada Inc., jointly holding 6.99% of Claranova’s share capital, instituted proceedings on Oct. 13, 2023 against Claranova and the members of the officers of the General Meeting before the Nanterre Commercial Court, seeking in particular to annul a decision of the officers of the General Meeting of Nov. 30, 2022, which had deprived them of part of their voting rights, to cancel the said Meeting and to pay them damages.

“We are delighted with this decision, which reflects the pacified climate that now prevails within Claranova,” said Marc Goldberg, Chairman of Claranova’s Board of Directors. “With renewed governance and the recent refinancing of its debt, Claranova can now focus, under the leadership of its CEO Eric Gareau, on defining its new strategic roadmap aimed at further improving the company’s financial and commercial performance.”