ARGAN: The Le Lan Family and Predica renew their pact for a 5-year period

The Le Lan Family and Predica  renew their pact for a 5-year period

The Le Lan family^[1] and Predica, the Crédit Agricole Assurances subsidiary, confirm their mutual trust by signing a new five-year agreement^[2]. Effective from October 15, 2024, it replaces the previous agreement made in 2019^[3], while reaffirming not acting in concert with regard to Argan (noting that members of the Le Lan family act in concert with each other regarding Argan).

As part of this renewal, it is planned that Argan's governance will evolve with a streamlined Supervisory Board of six members, down from the current eight, aiming to increase the effectiveness of this central governance body. This change will be submitted for approval at the next Ordinary General Assembly, which will rule on the accounts for the financial year ending December 31, 2024. The Supervisory Board would then be composed of^[4]:

-          3 members proposed by the Le Lan family;

-         
2 independent members, in accordance with the recommendations of the Middlenext and AFEP-MEDEF corporate governance codes; - Predica, as a legal entity. 

The new pact also provides the Le Lan family and Predica with the ability each to propose the appointment of a non-voting observer (censor) on the Supervisory Board. The two permanent committees of the Supervisory Board (the Audit, risks and sustainability Committee & the Nomination and remuneration Committee) will be maintained in their current configuration, each continuing to be chaired by one of the two independent members of the Supervisory Board. 

The stakeholders have agreed to meet again before the pact's expiration, on October 14, 2029, to potentially define the terms of a new agreement.

Note that since Argan’s capital increase on April 23^[5], the respective holdings in Argan's capital are  36.7% for the Le Lan family and 15.0% for Predica.

2025 financial calendar (Publication of the press release after closing of the stock exchange)

▪   January 3: Net sales of 4^th quarter 2024

▪   January 16: Annual results 2024 

▪   March 20: General Assembly 2025

About ARGAN

ARGAN is the only French real estate company specializing in the DEVELOPMENT & RENTAL OF PREMIUM WAREHOUSES listed on EURONEXT and is the leading player of its market. Building on a unique client-tenantcentric approach, ARGAN builds pre-let PREMIUM warehouses for blue-chip clients and supports them throughout all project phases from the development milestones to the rental management.

Profitability, tight control over our debt and sustainability are at the heart of ARGAN’s DNA. Its strongly proactive ESG policy has very concrete results with our Aut0nom®  concept, the “in-use” Net Zero warehouse.   As at June 30, 2024, our portfolio represented 3.6 million sq.m, across about a hundred warehouses, exclusively located in the continental part of France, and this portfolio was valued €3.8 billion for a yearly rental income of about €200 million. 

ARGAN is a listed real estate investment company (French SIIC), on Compartment A of Euronext Paris (ISIN FR0010481960 - ARG) and is included in the Euronext SBF  120, CAC All-Share, EPRA Europe and IEIF SIIC France indices.

www.argan.fr

Francis Albertinelli – CFO                                                                                 Marlène Brisset – Media relations

Aymar de Germay – General Secretary                                                         Phone: +33 6 59 42 29 35

Samy Bensaid – Head of Investor Relations                                                  E-mail: argan@citigatedewerogerson.com

Phone: +33 1 47 47 47 40                                                                               

E-mail: contact@argan.fr www.argan.fr