Corporacion America Airports S.A F-3, filed Aug 28, 2023
Corporacion America Airports S.A. (CAAP)
As filed with the Securities and Exchange Commission on August 28, 2023
No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM F-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Corporación América Airports S.A.
(Exact name of registrant as specified in its charter)
| Luxembourg | N/A | |
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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128, Boulevard de la Pétrusse, L-2330, Luxembourg, Grand Duchy of Luxembourg
Tel.: +35226258274
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Puglisi & Associates
850 Library Avenue, Suite 204
Newark, Delaware 19711
(302) 738-6680
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies to:
Alejandro A. Gordano, Esq.
Shearman & Sterling LLP
599 Lexington Avenue
New York, New York 10022
(212) 848-5350
Approximate date of commencement of proposed sale to the public: From time to time after this Registration Statement becomes effective.
If only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ¨
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. x
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨
If this Form is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ¨
If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ¨
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.
Emerging growth company ¨
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act. ¨
Corporación América Airports S.A. (the “Registrant”) hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.
The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
SUBJECT TO COMPLETION DATED AUGUST 28, 2023
Prospectus
Corporación América Airports S.A.
U.S.$250,000,000 Common Shares and
7,022,471 Common Shares Offered by the Selling Shareholder
Corporación América Airports S.A. (the “Company”) may use this prospectus to offer from time to time in one or more offerings up to an aggregate of U.S.$250,000,000 of common shares with a nominal value of U.S.$1.00 per share (“Common Shares”). The selling shareholder named in this prospectus (the “Selling Shareholder”) may offer and sell from time to time up to 7,022,471 of Common Shares, covered by this prospectus. The Common Shares will be offered in amounts, at prices and on terms to be determined at the time of their offering and will be described in the supplement to this prospectus. We will not receive any proceeds from sales of our Common Shares sold by the Selling Shareholder.
The Common Shares covered by this prospectus may be offered and sold from time to time in one or more offerings, which may be through one or more underwriters, dealers and agents, or directly to the purchasers. See “Plan of Distribution.” The names of any underwriters, dealers or agents, if any, will be included in a supplement to this prospectus.
Our Common Shares are traded on The New York Stock Exchange (“NYSE”) under the symbol “CAAP”. On August 25, 2023, the last reported sales price of the Common Shares was U.S.$14.09 per Common Share.
See “Risk Factors” on page 2 to read about factors you should consider before investing in our Common Shares.
This prospectus may not be used to offer and sell any securities unless accompanied by a prospectus supplement.
Neither the Securities and Exchange Commission (“SEC”) nor any state securities commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.
This prospectus has not been approved by and will not be submitted for approval to (i) the Luxembourg financial sector regulator (the Commission de surveillance du secteur financier) for the purposes of (a) a public offering or sale of the notes in Luxembourg, (b) admission to the official list of the Luxembourg Stock Exchange (“LuxSE”) or (c) trading on the LuxSE’s regulated market or (ii) the LuxSE for the purposes of admitting the notes to the official list of the LuxSE and trading on the LuxSE’s Euro MTF market (the “Euro MTF Market”). Accordingly, the notes may not be offered or sold to the public in Luxembourg, directly or indirectly, or listed or traded on the LuxSE’s regulated market or the Euro MTF Market, and neither this prospectus nor any other circular, prospectus, form of application, advertisement or other material may be distributed, or otherwise made available in or from, or published in, Luxembourg except in circumstances which do not constitute a public offer of securities to the public subject to prospectus requirements in accordance with Regulation (EU) 2017/1129 of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market and repealing Directive 2003/71/EC, as amended or the Luxembourg act of July 16, 2019 on prospectuses for securities, as applicable.
The date of this prospectus is , 2023.
TABLE OF CONTENTS
Neither we nor the Selling Shareholder have authorized any dealer, salesperson or other person to give any information or to make any representation other than those contained or incorporated by reference in this prospectus and the accompanying supplement to this prospectus. You must not rely upon any information or representation not contained or incorporated by reference in this prospectus or the accompanying prospectus supplement. This prospectus and the accompanying prospectus supplement do not constitute an offer to sell or the solicitation of an offer to buy any securities other than the registered securities to which they relate, nor do this prospectus and the accompanying prospectus supplement constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. The information contained or incorporated by reference in this prospectus and any supplement to this prospectus is accurate as of the dates of the applicable documents. Our business, financial condition, results of operations and prospects may have changed since the applicable dates. When this prospectus or a supplement is delivered or a sale pursuant to this prospectus or a supplement is made, neither we nor the Selling Shareholder is implying that the information is current as of the date of the delivery or sale. You should not consider any information in this prospectus or in the documents incorporated by reference herein to be investment, legal or tax advice. We encourage you to consult your own counsel, accountant and other advisors for legal, tax, business, financial and related advice regarding an investment in our securities. You should not assume that the information contained in this prospectus and the accompanying prospectus supplement is accurate on any date subsequent to the date set forth on the front of the document.
i
This prospectus is part of a registration statement on Form F-3 that we filed with the SEC using a “shelf” registration process. Under this shelf process, we may, from time to time, sell up to U.S.$250,000,000 of our Common Shares in one or more offerings and the Selling Shareholder may, from time to time, offer and sell an aggregate of 7,022,471 of our Common Shares in one or more offerings.
We will not receive any proceeds from the sale of Common Shares to be offered by the Selling Shareholder pursuant to this prospectus. The Selling Shareholder will pay any underwriting discounts and commissions and expenses incurred by it for brokerage, accounting, tax or legal services or any other expenses incurred by it in disposing of its Common Shares. We will bear all other costs, fees and expenses incurred in effecting the registration of the shares covered by this prospectus, including, without limitation, all registration and filing fees, NYSE listing fees and fees and expenses of our counsel and our independent registered public accountants. We and the Selling Shareholder, as applicable, will deliver a prospectus supplement with this prospectus to update the information contained in this prospectus. The prospectus supplement may also add, update or change information included in this prospectus. You should read both this prospectus and any applicable prospectus supplement, together with additional information described below under the captions “Where You Can Find More Information and Incorporation of Certain Information by Reference.”
Unless the context indicates otherwise, the terms “Company,” “we,” “us” and “our” refer to Corporación América Airports S.A.
WHERE YOU CAN FIND MORE INFORMATION AND INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
As required by the Securities Act of 1933 (the “Securities Act”), we have filed a registration statement relating to the securities offered by this prospectus with the SEC. This prospectus is a part of that registration statement, which includes additional information.
We file annual and other reports with the SEC. You may read and copy any document we file at the SEC’s public reference room located at 100 F Street, N.E., Washington, D.C. 20549. The public may obtain information on the operation of the SEC’s Public Reference Room by calling the SEC in the United States at 1-800-SEC-0330. The SEC also maintains a web site at http://www.sec.gov that contains reports, proxy statements and other information regarding registrants that file electronically with the SEC.
The SEC allows us to “incorporate by reference” information into this prospectus, which means that we can disclose important information about us by referring you to another document filed separately with the SEC. The information incorporated by reference is considered to be a part of this prospectus. Any information that we file later with the SEC and that is deemed incorporated by reference will automatically update and supersede the information in this prospectus. In all such cases, you should rely on the later information over different information included in this prospectus.
This prospectus incorporates by reference the documents and reports listed below, unless otherwise indicated therein:
| · | our Annual Report on Form 20-F for the year ended December 31, 2022 (our “Annual Report”) filed with the SEC on March 31, 2023; |
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| · | the description of our Common Shares included in the Registration Statement on Form 8-A, filed with the SEC on January 19, 2018 (File No. 001-38354); |
| · | any future annual reports on Form 20-F filed with the SEC after the date of this prospectus and prior to the termination of the offering of the securities offered by this prospectus; and |
| · | any future reports on Form 6-K that we furnish to the SEC after the date of this prospectus that are identified in such reports as being incorporated by reference in this prospectus. |
If you make a request for such information in writing or by telephone, we will provide you, without charge, a copy of any or all of the information incorporated by reference into this prospectus. Any such request should be directed to:
Corporación América Airports S.A.
128, Boulevard de la Pétrusse, L-2330, Luxembourg, Grand Duchy of Luxembourg
Tel.: +35226258274
CAUTIONARY STATEMENT WITH RESPECT TO FORWARD-LOOKING STATEMENTS
This prospectus, any accompanying prospectus supplement and the documents incorporated by reference may contain and refer to certain forward-looking statements with respect to our financial condition, results of operations and business. These statements constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among others, statements concerning the potential exposure to market risks, statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions and statements that are not limited to statements of historical or present facts or conditions.
Forward-looking statements are typically identified by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “objectives,” “outlook,” “probably,” “project,” “will,” “seek,” “target” and other words of similar meaning.
Our estimates and forward-looking statements are based mainly on our current expectations and estimates on projections of future events and trends, which affect or may affect our businesses and results of operations. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to certain risks and uncertainties and are made in light of information currently available to us. Our estimates and forward-looking statements may be influenced by the following factors, among others:
| · | our business strengths and future results of operations; |
| · | delays or unexpected casualties related to construction under our investment plan and master plans; |
| · | our ability to generate or obtain the requisite capital to fully develop and operate our airports; |
| · | the COVID-19 pandemic impact, as well as other epidemics, pandemics, and public health crises; |
| · | general economic, political, demographic and business conditions in the geographic markets we serve; |
| · | decreases in passenger traffic; |
| · | changes in the fees we may charge under our concession agreements; |
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| · | inflation and hyperinflation, depreciation, and devaluation of the Argentine peso, euro, Brazilian real, Uruguayan peso or Armenian dram, against the U.S. dollar; |
| · | the early termination, revocation, or failure to renew or extend any of our concession agreements; |
| · | the right of the Argentine government to buy out the AA2000 Concession Agreement; |
| · | changes in our investment commitments or our ability to meet our obligations thereunder; |
| · | existing and future governmental regulations; |
| · | natural disaster-related losses which may not be fully insurable; |
| · | escalation of conflicts between Russia and Ukraine and other war events; and |
| · | cyberterrorism in the international markets we serve. |
Estimates and forward-looking statements are intended to be accurate only as of the date they were made, and we undertake no obligation to update or to review any estimate and/or forward-looking statement because of new information, future events or other factors. Estimates and forward-looking statements involve risks and uncertainties and are not guarantees of future performance. Our future results may differ materially from those expressed in these estimates and forward-looking statements. You should therefore not make any investment decision based on these estimates and forward-looking statements.
See “Risk Factors” herein and incorporated from our Annual Report and other filings we make with the SEC for a more complete discussion of the risks and uncertainties mentioned above and for a discussion of other risks and uncertainties. All forward-looking statements attributable to us are expressly qualified in their entirety by these cautionary statements as well as others made in this prospectus, our Annual Report and hereafter in our other SEC filings and public communications. You should evaluate all forward-looking statements made by us in the context of these risks and uncertainties. Note that forward-looking statements speak only as of the date of this prospectus or, in the case of any accompanying prospectus supplement or documents incorporated by reference, the date of any such document. Except as required by applicable law, we do not undertake any obligation to publicly correct or update any forward-looking statement.
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This summary highlights information contained elsewhere in this prospectus and should be read together with the information contained in other parts of this prospectus, any prospectus supplement and the documents we incorporate by reference. It may not contain all the information that may be important to you. You should carefully read this prospectus and the document referred to in “Where You Can Find More Information and Incorporation of Certain Information by Reference” for more information about us, including our financial statements.
Our Company
We acquire, develop, and operate airport concessions. We are a leading private airport operator in the world. As of the date of this prospectus, we operate 53 airports globally in Latin America, Europe, and Eurasia. Since 1998, when we acquired the AA2000 Concession Agreement, we have expanded the environments and geographies in which we operate by acquiring airport concessions in Armenia, Uruguay, Ecuador, Brazil, Italy, and additional concessions in Argentina.
We operate some of the largest and most important airports in the countries where we conduct operations, including a large international airport, such as Ezeiza Airport in Argentina, domestic airports, such as Brasilia Airport in Brazil and Aeroparque Airport in Argentina, airports in tourist destinations, such as Bariloche and Iguazu in Argentina, Galapagos Ecological Airport in Ecuador and Florence Airport in Italy, as well as mid-sized domestic and tourist destination airports.
Our Common Shares began trading on the NYSE under the symbol “CAAP,” in connection with our initial public offering, on February 1, 2018.
Corporate Information
We are a public limited liability company (société anonyme) incorporated under, and governed by, the laws of the Grand Duchy of Luxembourg. We are registered with the Luxembourg Trade and Companies Register under the number B174140. We were incorporated on December 14, 2012, under the name A.C.I. Airports International S.à r.l. The name changed to Corporación América Airports S.A. on September 14, 2017, upon conversion from a private limited liability company (société à responsabilité limitée) to a public limited liability company (société anonyme). Our registered office is located at 128, Boulevard de la Pétrusse, L-2330, Luxembourg, Grand Duchy of Luxembourg. Our phone number is +35226258274. Our corporate website is http://www.caap.aero. The information on our website is not part of, and is not incorporated into, this prospectus or the registration statement of which it forms a part. We have appointed Puglisi & Associates as our agent for service of process in the United States, located at 850 Library Avenue, Suite 204, Newark, Delaware 19711.
1
Investing in the securities to be offered pursuant to this prospectus may involve a high degree of risk. You should carefully consider the important factors set forth under the heading “Risk Factors” in our Annual Report, incorporated herein by reference, and in the accompanying prospectus supplement for such issuance before investing in our Common Shares. We may include further risk factors in future annual reports on Form 20-F and future reports on Form 6-K incorporated by reference in this prospectus or in a prospectus supplement. For further details, see the section entitled “Where You Can Find More Information and Incorporation of Certain Information by Reference.”
Any of the risk factors referred to above could significantly and negatively affect our business, prospects, results of operations and financial condition, which may reduce our ability to pay dividends and lower the trading price of our Common Shares. The risks referred to above are those that we currently believe may materially affect us. You may lose all or a part of your investment.
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OFFER STATISTICS AND EXPECTED TIMETABLE
We will set forth in a prospectus supplement or other offering materials a description of the offer statistics and expected timetable of any offering of securities which may be offered under this prospectus. The prospectus supplement or any other offering materials may also add, update or change information contained in this prospectus. You should carefully read this prospectus, any prospectus supplement or other offering materials before you invest in any of our securities.
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CAPITALIZATION AND INDEBTEDNESS
Our capitalization and indebtedness will be set forth in a prospectus supplement to this prospectus or in a report on Form 6-K subsequently furnished to the SEC and specifically incorporated herein by reference.
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The use of proceeds from any offering of Common Shares by us will be set forth in a prospectus supplement to this prospectus or in a report on Form 6-K subsequently furnished to the SEC and specifically incorporated herein by reference.
All of the Common Shares offered by the Selling Shareholder pursuant to this prospectus will be sold by the Selling Shareholder for its account. We will not receive any of the proceeds from these sales. The Selling Shareholder will pay any underwriting discounts and commissions and expenses incurred by it for brokerage, accounting, tax or legal services or any other expenses incurred by it in disposing of its Common Shares. We will bear all other costs, fees and expenses incurred in effecting the registration of the shares covered by this prospectus, including, without limitation, all registration and filing fees, NYSE listing fees and fees and expenses of our counsel and our independent registered public accountants.
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This prospectus relates to the possible resale by the Selling Shareholder of up to 7,022,471 of our Common Shares. The Selling Shareholder may from time to time offer and sell any or all of the Common Shares set forth below pursuant to this prospectus. When we refer to the “Selling Shareholder” in this prospectus, we mean the entity listed in the table below, and the pledgees, donees, transferees, assignees, successors and others who later come to hold any of the Selling Shareholder’s interest in Common Shares other than through a public sale.
The following table sets forth, as of the date of this prospectus, the name of the Selling Shareholder and the aggregate amount of Common Shares that the Selling Shareholder may offer pursuant to this prospectus. The percentage of Common Shares owned by the Selling Shareholder both prior to and following the offering of any Common Shares pursuant to this prospectus, is based on 163,222,707 Common Shares outstanding as of the date hereof and does not take into account any Common Shares issued by us pursuant to this prospectus.
We cannot advise you as to whether the Selling Shareholder will in fact sell any or all of such Common Shares. See “Plan of Distribution.”
| Before the Offering | Number of Ordinary Shares Being Offered |
After the Offering | ||||||||||||||||||
|
Name and Address of Beneficial Owner |
Number of Common Shares |
Percentage of Outstanding Ordinary |
Number of Common Shares |
Percentage of Outstanding Common Shares |
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| A.C.I. Airports S.à r.l. (1) | 131,450,833 | 80.53 | % | 7,022,471 | — | — | ||||||||||||||
| (1) | A.C.I. Airports S.à r.l., a private limited liability company (société à responsabilité limitée) incorporated in the Grand Duchy of Luxembourg, is 100% controlled by Corporación América International S.à r.l. (“CAI”), a private limited liability company (société à responsabilité limitée) also incorporated in the Grand Duchy of Luxembourg. CAI is 100% controlled by Southern Cone Foundation (“SCF”), a foundation created under the laws of Liechtenstein, our ultimate controlling shareholder. SCF manages assets for the benefit of the foundation’s beneficiaries. The potential beneficiaries of the foundation are certain members of the Eurnekian family as well as religious, charitable and educational institutions designated by the foundation’s board of directors. The foundation’s board of directors is currently composed of four individuals and decisions are made by majority vote. The foundation’s board of directors has broad authority to manage the affairs of the foundation and to designate its beneficiaries and additional board members. The registered address of both ACI Airports S.à r.l. and CAI is 128, Boulevard de la Pétrusse, L-2330, Luxembourg, Grand Duchy of Luxembourg. The address of SCF is Zollstrasse 9, FL-9490, Vaduz, Liechtenstein. |
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We are a public limited liability company (société anonyme) incorporated in the Grand Duchy of Luxembourg. The following is a summary of some of the terms of our Common Shares, based on our articles of association and the Luxembourg corporate law. The following summary is subject to, and is qualified in its entirety by reference to, the provisions of our articles of association, as last amended on May 23, 2023, the form of which has been filed as an exhibit hereto. You may obtain copies of our articles of association as described under “Where You Can Find More Information and Incorporation of Certain Information by Reference” in this prospectus.
Type and Class of Securities
Our authorized share capital consists of 225,000,000 Common Shares with a nominal value of U.S.$1.00 per share. We have 163,222,707 Common Shares issued and outstanding, of which 2,311,896 are held as treasury shares as of the date of this prospectus. All of our issued and outstanding Common Shares are fully paid, and the board of directors may not call on or compel our shareholders to contribute additional amounts to the Company.
Our Common Shares are listed on the NYSE under the symbol “CAAP” and may be freely transferred under our amended articles of association, subject to applicable law.
Common Shares
Common Shares are issued in registered form only and no certificates will be issued. The Company is entitled to treat the registered holder of any share as the absolute owner thereof and is not bound to recognize any equitable claim or other claim or interest in such share on the part of any other person.
Issuance of Common Shares
Our shareholders have authorized the board of directors to issue Common Shares up to the maximum amount of the authorized unissued share capital of the Company for a period of five years from the date of the deed renewing such authorization, which period may be further renewed, to such persons, and on such terms and for such consideration as the board of directors may determine.
Pre-emptive Rights
In the event of any capital increase whether in cash or in kind, the holders of our Common Shares shall have pre-emptive rights to subscribe for additional Common Shares proportionally to their existing equity in our share capital, except as noted below. The exercise period for such pre-emptive rights is determined by the board of directors, but must be at least 14 days from the date of the publication of the offering in the Luxembourg Official Gazette (Recueil électronique des sociétés et associations) and a journal published in the Grand Duchy of Luxembourg. If holders of Common Shares do not elect to exercise their pre-emptive rights, the other holders of pre-emptive rights shall benefit from secondary pre-emptive subscription rights for unsubscribed shares; provided, however, that the general meeting (or the board of directors, as authorized from time to time by the general meeting) may limit or withdraw such pre-emptive subscription rights in accordance with applicable law and our articles of association. The board of directors is also authorized for a period of five years commencing on May 23, 2023, to cancel or limit the pre-emptive rights of the shareholders in accordance with our articles of association and in connection with the issuance of shares (i) for payment in cash or in kind, or (ii) in connection with a conversion of profits and reserves (including share premium and capital surplus).
Meetings of Shareholders
The board of directors shall convene at least one general shareholders meeting each calendar year (the “annual general meeting”) for the purpose of, among other things, approving the annual accounts, deciding on the allocation of the annual profit, if any, and as the case may be, electing or renewing the mandates of directors. Under Luxembourg law, the annual general meeting must be held within six months of the end of the fiscal year. A general meeting can be adjourned at the request of one or more shareholders representing at least 10.0% of the issued share capital.
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The board of directors may convene a general meeting whenever in its judgment such a meeting is necessary. The board of directors must convene a general meeting within a period of one month upon notice, which notice must set forth certain information specified in the articles of association, to the Company from shareholders holding at least the 10.0% threshold on the date of such notice. In addition, one or more shareholders who together hold at least 10.0% of the issued share capital on the date of the notice to the Company, which notice must set forth certain information specified in the articles of association, may require that the Company include on the agenda of such general meeting one or more additional items. At least eight days’ notice to shareholders is required for a general meeting. No business may be transacted at a general meeting, other than business that is properly brought before the general meeting in accordance with our articles of association.
Voting Rights
Holders of our Common Shares are entitled to one vote per share on all matters submitted to a vote of holders of Common Shares. Luxembourg law does not provide for cumulative voting in the election of directors. Voting of shareholders at a general meeting may be in person, by proxy or by voting bulletin. Our articles of association specify how the Company shall determine the shareholders of record entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof.
Amendments to the Articles of Association
Except where our articles of association authorize the board of directors to approve an increase in share capital and change the registered office and subsequently record such change in the presence of a Luxembourg notary, our articles of association require a special resolution approved at an extraordinary general shareholders’ meeting to amend the articles of association. The agenda of the extraordinary general shareholders’ meeting must indicate the proposed amendments to the articles of association. Any resolutions to amend the articles of association must be taken before a Luxembourg notary and such amendments must be published in accordance with Luxembourg law. Resolutions to amend the articles of association may only be passed in a general meeting where at least one half of the share capital is represented, and the agenda indicates the proposed amendments to the articles of association, and the text of those which pertain to the purpose or the form of the Company. If the required quorum is not obtained, a second general meeting may be convened by an announcement filed with the Luxembourg Trade and Companies Register and published in the Luxembourg Official Gazette (Recueil Électronique des Sociétés et Associations) and in a Luxembourg newspaper at least 15 days before the relevant meeting. The applicable majority shall be 66.67% of all votes validly cast.
Variation of Share Rights
Under Luxembourg law, where a resolution of an extraordinary general shareholders meeting will change the rights of our Common Shares or any other outstanding class of shares, the resolution must, in order to be valid, fulfill the quorum and voting requirements for an extraordinary general meeting with respect to each such class.
Permitted Transfers of Common Shares
The Common Shares are freely transferable subject to compliance with transfer formalities under applicable law.
Dividend Rights
Under Luxembourg law, dividends may only be declared from the freely available distributable reserves of the Company. Interim dividends may be declared by the board of directors, subject to certain mandatory legal requirements as detailed in the articles of association. The general shareholders meeting would in the normal course be asked to declare as final the interim dividends paid during the year. The shareholders may declare dividends at a general meeting.
Dividends may be paid in U.S. dollars, Euro or any other currency chosen by the board of directors or the general meeting and dividends may be paid at such places and times as may be determined by the board of directors within the limits of any decision made at the general shareholders meeting. Dividends may also be paid in kind in assets of any nature, and the valuation of those assets shall be established by the board of directors according to valuation methods determined in its discretion.
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Distributions on winding up of the Company
The Company may be dissolved, at any time, by a resolution of the general meeting adopted in the manner required for amendment of the articles of association. In the event of dissolution of the Company, the liquidation shall be carried out by one or more liquidators (who may be physical persons or legal entities) appointed by the general meeting which authorized such liquidation. The general meeting shall also determine the powers and the remuneration of the liquidator(s). Under the liquidation of the Company, the surplus assets of the Company available for distribution among shareholders shall be distributed in accordance with the rules on distributions set forth in our articles of association, by way of advance payments or after payment (or provisions, as the case may be) of the Company’s liabilities.
Registration Rights and Indemnification Agreement
We entered into a registration rights and indemnification agreement with the Selling Shareholder. This agreement grants the Selling Shareholder the right to demand up to five registrations for the sale of our Common Shares. Additionally, the agreement provides the Selling Shareholder and its affiliate transferees customary “piggyback” registration rights. The registration rights and indemnification agreement also provide that we will pay certain expenses relating to such registrations and indemnify such holders of registrable securities against certain liabilities, which may arise under the Securities Act.
Board of Directors
Our articles of association provide that our business is to be managed and conducted by or under the direction of our board of directors. In managing the business of the Company, the board of directors is vested with the broadest powers to perform or cause to be performed any actions necessary or useful in connection with the purpose of the Company. All powers not expressly reserved by the Luxembourg corporate law or by the articles of association to the general shareholders meeting shall fall within the authority of the board of directors.
Our board of directors is composed of up to nine directors, appointed by the general shareholders meeting. The members of the board of directors shall be elected for a term not exceeding six years, and shall be eligible to stand for re-election. A director may be removed with or without cause and/or replaced, at any time, by a resolution adopted at the general shareholders meeting. The general shareholders meeting shall also determine the number of directors, the remuneration and their term of office. In the event of any director vacancy, the remaining directors may elect at a meeting of the board of directors, by majority vote, to fill such vacancy or vacancies, as the case may be, until the following general shareholders meeting.
Executive Committee
The management of the Company is delegated to an executive committee (comité de direction) consisting of a maximum of five members including, inter alia, a Chief Executive Officer, a Chief Financial Officer, a Head of Legal and Compliance and other members of the senior management designated from time to time by the board of directors. The executive committee has the broadest powers possible under Luxembourg law and remains under the supervision and control of the board of directors.
Mergers and de-mergers
A merger by absorption whereby a Luxembourg company, after its dissolution without liquidation, transfers to the absorbing company all of its assets and liabilities in exchange for the issuance to the shareholders of the company being acquired of shares in the acquiring company, or a merger effected by transfer of assets to a newly incorporated company, must, in principle, subject to certain exceptions, be approved by a special resolution of shareholders of the Luxembourg company to be held before a notary. Similarly, a de-merger of a Luxembourg company is, in principle, subject to certain exceptions subject to the approval by a special resolution of shareholders.
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Shareholder Suits and Information Rights
Class actions and derivative actions are generally not available to shareholders under Luxembourg law. Minority shareholders holding securities entitled to vote at the general meeting that resolved on the granting of discharge to the directors and holding at least 10.0% of the voting rights of the Company may bring an action against the directors on behalf of the Company.
Minority shareholders holding at least 10.0% of the voting rights of the Company may also ask the directors questions in writing concerning acts of management of the Company or one of its subsidiaries, and if the Company fails to answer these questions within one month, these shareholders may apply to the Luxembourg courts to appoint one or more experts instructed to submit a report on these acts of management. Furthermore, consideration would be given by a Luxembourg court in summary proceedings to acts that are alleged to constitute an abuse of majority rights against the minority shareholders.
Indemnification of Directors and Officers
Our articles of association provide that we will, to the extent permitted by law, indemnify our directors and officers against liability and expenses reasonably incurred or paid by them in connection with claims, actions, suits or proceedings in which they become involved as a party or otherwise by virtue of performing or having performed as a director or officer, and against amounts paid or incurred by them in the settlement of such claims, actions, suits or proceedings, if such person acted in good faith and in a manner the person reasonably believed to be in, and not opposed to, the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person’s conduct was unlawful. The indemnification extends, among other things, to legal fees, costs and amounts paid in the context of a settlement. We have entered into separate indemnification agreements with our directors and executive officers. Except for proceedings to enforce rights to indemnification or advancement of expenses, we shall not be obligated to indemnify any such officer or director in connection with a proceeding initiated by such person when such proceeding (or part thereof) was consented to by the board of directors.
Our articles of association provide that we may purchase and maintain insurance or furnish similar protection or make other arrangements, including, but not limited to, providing a trust fund, letter of credit or surety bond on behalf of our directors or officers against any liability asserted against them in their capacity as a director or officer.
Access to Books and Records and Dissemination of Information
The register of shareholders of the Company is available for inspection, at the Company’s registered office, by shareholders.
Each year, the shareholders have the right to inspect, at the Company’s registered office, for at least eight calendar days prior to the annual general meeting, among other things, (i) the annual accounts, as well as the list of directors and of the approved statutory auditor(s) (réviseur(s) d’entreprises agréé(s)), (ii) the report of the approved statutory auditors, and (iii) in case of amendments to our articles of association, the text of the proposed amendments and the draft of the resulting consolidated articles of association. Each shareholder is entitled to obtain these free of charge, upon request. Under Luxembourg law, it is generally accepted that a shareholder has the right to receive responses to questions concerning items on the agenda for a general meeting of shareholders, if such responses are necessary or useful for a shareholder to make an informed decision concerning such agenda item, unless a response to such questions could be detrimental to our interests.
Registrar and Transfer Agent
We have appointed Equiniti Trust Company, LLC (formerly known as American Stock Transfer & Trust Company, LLC) as our U.S. registrar and transfer agent.
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Repurchase of Common Shares
Pursuant to our articles of association, our board of directors may redeem our Common Shares in accordance with Luxembourg law on such terms and in such manner as may be authorized by the general meeting of shareholders in an ordinary resolution, subject to the rules of any stock exchange on which our Common Shares are traded.
Reduction of Share Capital
The share capital of the Company may be reduced by a resolution adopted by the general meeting of shareholders in the manner required for the amendment of the articles of association.
Non-Distributable Reserve
Our articles of association provide for the creation of a non-distributable reserve. We recorded this non-distributable reserve in the amount of U.S.$1,353.6 million. The non-distributable reserve may be reduced by a resolution adopted by the general meeting of shareholders in the manner required for in the amendment of the articles of association.
Annual Accounts
The board of directors shall draw up the annual accounts of the Company that shall be submitted to the approval of the shareholders at the annual general meeting. Except in some cases provided for by Luxembourg law, our board of directors must also annually prepare management reports on the annual accounts and consolidated accounts. The annual accounts and consolidated accounts are audited by an approved statutory auditor (réviseur d’entreprises agréé).
The annual accounts and the consolidated accounts, after approval by the annual general meeting of shareholders, will be filed with the Luxembourg Trade and Companies Register.
11
ENFORCEMENT OF CIVIL LIABILITIES
We are organized under the laws of Luxembourg. The majority of our assets are located outside the United States. Furthermore, the majority of our directors and officers and some experts named in this prospectus reside outside the United States and a substantial portion of their assets are located outside the United States. Investors may not be able to effect service of process within the United States upon us or these persons or to enforce judgments obtained against us or these persons in U.S. courts, including judgments in actions predicated upon the civil liability provisions of the U.S. federal securities laws. Likewise, it may also be difficult for an investor to enforce in U.S. courts judgments obtained against us or these persons in courts located in jurisdictions outside the United States, including judgments predicated upon the civil liability provisions of the U.S. federal securities laws. It may also be difficult for an investor to bring an original action in a Luxembourg court predicated upon the civil liability provisions of the U.S. federal securities laws against us or these persons. Furthermore, Luxembourg law does not recognize a shareholder’s right to bring a derivative action on behalf of the Company, except in limited cases. Minority shareholders holding securities entitled to vote at the general meeting and holding at least 10.0% of the voting rights of the Company may bring an action against the directors on behalf of the Company. Minority shareholders holding at least 10.0% of the voting rights of the Company may also ask the directors questions in writing concerning acts of management of the Company or one of its subsidiaries, and if the Company fails to answer these questions within one month, these shareholders may apply to the Luxembourg courts to appoint one or more experts instructed to submit a report on these acts of management.
As there is no treaty in force on the reciprocal recognition and enforcement of judgments in civil and commercial matters between the United States and Luxembourg, courts in Luxembourg will not automatically recognize and enforce a final judgment rendered by a U.S. court. A valid judgment in civil or commercial matters obtained from a court of competent jurisdiction in the United States may be entered and enforced through a court of competent jurisdiction in Luxembourg, subject to compliance with the enforcement procedures (exequatur). The enforceability in Luxembourg courts of judgments rendered by U.S. courts will be subject prior any enforcement in Luxembourg to the procedure and the conditions set forth in the Luxembourg procedural code, which conditions may include the following as of the date of this prospectus (which may change):
| · | the judgment of the U.S. court is final and enforceable (exécutoire) in the United States; |
| · | the U.S. court had jurisdiction over the subject matter leading to the judgment (that is, its jurisdiction was in compliance with both Luxembourg private international law rules and with the applicable domestic U.S. federal or state jurisdictional rules); |
| · | the U.S. court has applied to the dispute the substantive law that would have been applied by Luxembourg courts; |
| · | the judgment was granted following proceedings where the counterparty had the opportunity to appear and, if it appeared, to present a defense, and the decision of the foreign court must not have been obtained by fraud, but in compliance with the rights of the defendant; |
| · | the U.S. court has acted in accordance with its own procedural laws; |
| · | the judgment of the U.S. court does not contravene Luxembourg international public policy; and |
| · | the U.S. court proceedings were not of a criminal or tax nature. |
We indemnify our directors for and hold them harmless against all claims, actions, suits, or proceedings brought against them, subject to limited exceptions. The rights and obligations among or between us and any of our current or former directors and officers will be generally governed by the laws of Luxembourg and subject to the jurisdiction of the Luxembourg courts, unless such rights or obligations do not relate to or arise out of their capacities listed above. Although there is doubt as to whether U.S. courts would enforce such provision in an action brought in the United States under U.S. federal or state securities laws, such provision could make enforcing judgments obtained outside Luxembourg more difficult to enforce against our assets in Luxembourg or jurisdictions that would apply Luxembourg law.
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We may offer and sell and the Selling Shareholder, which as used herein includes donees, pledgees, transferees or other successors-in-interest selling our Common Shares or interests in our Common Shares received after the date of this prospectus from the Selling Shareholder as a gift, pledge, partnership distribution or other transfer, may, from time to time, sell, transfer or otherwise dispose of certain of its Common Shares or interests in Common Shares, on any stock exchange, market or trading facility on which the Common Shares are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices.
We and the Selling Shareholder may use any one or more of the following methods when disposing of shares or interests therein:
| · | on the NYSE or any other national securities exchange or U.S. inter-dealer system of a registered national securities association on which our Common Shares may be listed or quoted at the time of sale; |
| · | ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; |
| · | one or more underwritten offerings; |
| · | block trades in which the broker-dealer will attempt to sell the shares as agent, but may position and resell a portion of the block as principal to facilitate the transaction; |
| · | purchases by a broker-dealer as principal and resale by the broker-dealer for its account; |
| · | an exchange distribution in accordance with the rules of the applicable exchange; |
| · | privately negotiated transactions; |
| · | short sales effected after the date the registration statement of which this prospectus is a part is declared effective by the SEC; |
| · | through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise; |
| · | broker-dealers may agree with the Selling Shareholder to sell a specified number of such shares at a stipulated price per share; and |
| · | a combination of any such methods of sale. |
The Selling Shareholder may, from time to time, pledge or grant a security interest in some of the Common Shares owned by it and, if the Selling Shareholder defaults in the performance of its secured obligations, the pledgees or secured parties may offer and sell the Common Shares, from time to time, under this prospectus, or under an amendment or supplement to this prospectus amending the list of the Selling Shareholder to include the pledgee, transferee or other successors in interest as the Selling Shareholder under this prospectus. The Selling Shareholder also may transfer the Common Shares in other circumstances, in which case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.
In connection with the sale of our Common Shares or interests therein, we and the Selling Shareholder may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of our Common Shares in the course of hedging the positions they assume. We and the Selling Shareholder may also sell our Common Shares short and deliver these securities to close out our or their short positions, as applicable, or loan or pledge our Common Shares to broker-dealers that in turn may sell these securities. We and the Selling Shareholder may also enter into option or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial Institution of shares offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).
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The aggregate proceeds to us or the Selling Shareholder from the sale of our Common Shares, as applicable, will be the purchase price of our Common Shares less discounts or commissions, if any. We and the Selling Shareholder reserve the right to accept and, together with our or its agents from time to time, as applicable, to reject, in whole or in part, any proposed purchase of our Common Shares to be made directly or through agents. We will not receive any of the proceeds from any offering by the Selling Shareholder.
The Selling Shareholder also may in the future resell a portion of the Common Shares in open market transactions in reliance upon Rule 144 under the Securities Act, provided that they meet the criteria and conform to the requirements of that rule, or pursuant to other available exemptions from the registration requirements of the Securities Act.
The Selling Shareholder and any underwriters, broker-dealers or agents that participate in the sale of our Common Shares or interests therein may be “underwriters” within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions or profit they earn on any resale of the Common Shares may be underwriting discounts and commissions under the Securities Act. If the Selling Shareholder is an “underwriter” within the meaning of Section 2(11) of the Securities Act, then the Selling Shareholder will be subject to the prospectus delivery requirements of the Securities Act. Underwriters and their controlling persons, dealers and agents may be entitled, under agreements entered into with us and the Selling Shareholder, to indemnification against and contribution toward specific civil liabilities, including liabilities under the Securities Act.
To the extent required, the Common Shares to be sold, the respective purchase prices and public offering prices, the names of any agents, dealer or underwriter, and any applicable discounts, commissions, concessions or other compensation with respect to a particular offer will be set forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration statement that includes this prospectus.
To facilitate the offering of the Common Shares offered by us or the Selling Shareholder, certain persons participating in the offering may engage in transactions that stabilize, maintain or otherwise affect the price of our Common Shares. This may include over-allotments or short sales, which involve the sale by persons participating in the offering of more shares than were sold to them. In these circumstances, these persons would cover such over-allotments or short positions by making purchases in the open market or by exercising their over-allotment option, if any. In addition, these persons may stabilize or maintain the price of our Common Shares by bidding for or purchasing shares in the open market or by imposing penalty bids, whereby selling concessions allowed to dealers participating in the offering may be reclaimed if shares sold by them are repurchased in connection with stabilization transactions. The effect of these transactions may be to stabilize or maintain the market price of our Common Shares at a level above that which might otherwise prevail in the open market. These transactions may be discontinued at any time.
The Selling Shareholder may use this prospectus in connection with resales of the Common Shares. The Selling Shareholder may be deemed to be an underwriter under the Securities Act in connection with the Common Shares they resell and any profits on the sales may be deemed to be underwriting discounts and commissions under the Securities Act. Unless otherwise set forth in a prospectus supplement, the Selling Shareholder will receive all the net proceeds from the resale of the Common Shares sold by it.
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The validity of the Common Shares will be passed upon for us by Allen & Overy, Luxembourg with respect to matters of Luxembourg law, and certain legal matters in connection with this offering will be passed upon for us by Shearman & Sterling LLP.
The financial statements and management’s assessment of the effectiveness of internal control over financial reporting (which is included in Management’s Report on Internal Control over Financial Reporting) incorporated in this prospectus by reference to the Annual Report on Form 20-F for the year ended December 31, 2022 have been so incorporated in reliance on the report of Price Waterhouse & Co. S.R.L., an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
15
Corporación América Airports S.A.
U.S.$250,000,000 Common Shares and
7,022,471 Common Shares Offered by the Selling Shareholder
PROSPECTUS
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
| Item 8. | Indemnification of Directors and Officers |
Under Luxembourg law, the Registrant may not indemnify a director or officer for criminal liability, gross negligence, willful misconduct, or an intentional breach of his/her statutory duties.
The Registrant’s articles of association provide for the following provisions: a director or agent of the Registrant shall be indemnified by the Registrant to the fullest extent permitted by Luxembourg law, against liability and expenses, judgements, fines and amounts paid in settlement actually and reasonably incurred or paid by him in connection with any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative brought by a third party in which he becomes involved in as a party by virtue of his being or having been such a director or agent and against all amounts incurred in settlement thereof.
The Registrant provides directors’ and officers’ liability insurance for the members of its Board of Directors against civil liabilities and liabilities under the Securities Act, which they may incur in connection with their activities on behalf of the Registrant.
| Item 9. | Exhibits |
The exhibit index attached hereto is incorporated herein by reference.
| Item 10. | Undertakings |
(a) The Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Filing Fee Tables” in the effective Registration Statement; and
(iii) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;
provided, however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of this Registration Statement;
(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof;
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;
(4) To file a post-effective amendment to this Registration Statement to include any financial statements required by Item 8.A of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial Statements and information otherwise required by Section 10(a)(3) of the Securities Act need not be furnished, provided that the Registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration statements on Form F-3, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Securities Act or Item 8.A of Form 20–F if such financial statements and information are contained in periodic reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Form F-3;
(5) That, for the purpose of determining liability under the Securities Act to any purchaser:
(A) Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of this Registration Statement as of the date the filed prospectus was deemed part of and included in this Registration Statement; and
(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in this Registration Statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of this Registration Statement relating to the securities in this Registration Statement to which the prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of this Registration Statement or made in a document incorporated or deemed incorporated by reference into this Registration Statement or prospectus that is part of this Registration Statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in this Registration Statement or prospectus that was part of this Registration Statement or made in any such document immediately prior to such effective date;
(6) That, for the purpose of determining liability of a registrant under the Securities Act to any purchaser in the initial distribution of the securities, the Registrant undertakes that in a primary offering of securities of the Registrant pursuant to this Registration Statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: (i) any preliminary prospectus or prospectus of the Registrant relating to the offering required to be filed pursuant to Rule 424; (ii) any free writing prospectus relating to the offering prepared by or on behalf of the Registrant or used or referred to by the Registrant; (iii) the portion of any other free writing prospectus relating to the offering containing material information about the Registrant or its securities provided by or on behalf of the Registrant; and (iv) any other communication that is an offer in the offering made by the Registrant to the purchaser.
(b) The Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant’s annual report pursuant to section 13(a) or section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Buenos Aires, Argentina, on August 28, 2023.
| CORPORACIÓN AMÉRICA AIRPORTS S.A. | |||
|
By: |
/s/ Andres Zenarruza | ||
|
Andres Zenarruza Head of Legal & Compliance | |||
|
By: |
/s/ Jorge Arruda Filho | ||
| Jorge Arruda Filho Chief Financial Officer | |||
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Each person whose signature appears below constitutes and appoints each of Andres Zenarruza and Jorge Arruda Filho as his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all (i) amendments (including post-effective amendments) and additions to this Registration Statement and (ii) any and all additional registration statements pursuant to Rule 462(b) of the Securities Act, as amended, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the SEC, granting unto each said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that each of said attorneys-in-fact and agent or either of them or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
| Signature | | Title | | Date |
|
/s/ Martín F. Antranik Eurnekian Martín Francisco Antranik Eurnekian |
|
Chief Executive Officer and Director (Principal Executive Officer) |
August 28, 2023 | |
|
/s/ Jorge Arruda Filho Jorge Arruda Filho |
|
Chief Financial Officer (Principal Financial Officer)
|
August 28, 2023 | |
|
/s/ Martin Cossatti Martin Cossatti |
|
Head of Accounting, Planning and Tax (Principal Accounting Officer) |
August 28, 2023 | |
|
/s/ Máximo Luis Bomchil Máximo Luis Bomchil |
| Director | August 28, 2023 | |
|
/s/ Roderick H. McGeoch Roderick H. McGeoch |
| Director | August 28, 2023 | |
|
/s/ David Arendt David Arendt |
| Director | August 28, 2023 | |
|
/s/ Valérie Pechon Valérie Pechon |
| Director | August 28, 2023 | |
|
/s/ Carlo Alberto Montagna Carlo Alberto Montagna |
| Director | August 28, 2023 | |
|
/s/ Daniel Marx Daniel Marx |
| Director | August 28, 2023 |
Signature of Authorized Representative in the United States
Pursuant to the Securities Act, the undersigned, the duly authorized representative in the United States of Corporación América Airports S.A., has signed this Registration Statement in the city of Newark, State of Delaware, on August 28, 2023.
| Authorized U.S. Representative | |||
|
By:
|
/s/ Donald J. Puglisi
| ||
| Donald J. Puglisi Managing Director | |||
EXHIBIT INDEX
|
* |
To be filed, if necessary, after effectiveness of this Registration Statement by an amendment thereto or incorporated by reference from documents filed or to be filed with the SEC under the Exchange Act. |
Exhibit 4.1
CORPORACIÓN AMÉRICA AIRPORTS S.A.
Société anonyme
128, Boulevard de la Pétrusse, L-2330 Luxembourg,
Grand Duchy of Luxembourg
R.C.S. Luxembourg: B 174140
| STATUTS COORDONNES AU 23 MAI 2023 |
| 1. | Form, name and number of shareholders |
| 1.1 | Form and name |
There exists a public limited liability company (société anonyme) under the name of “Corporación América Airports S.A.” (the Company), governed by the laws of the Grand Duchy of Luxembourg and in particular the law dated 10 August 1915 on commercial companies, as amended (the Companies Act), and by the present articles of incorporation (the Articles, and a reference to an “Article” shall be construed as a reference to an article of these Articles).
| 1.2 | Number of shareholders |
The Company may have one shareholder (the Sole Shareholder) or several shareholders. The Company shall not be dissolved upon the death, suspension of civil rights, insolvency, liquidation or bankruptcy of the Sole Shareholder.
Where the Company has only one shareholder, any reference to the shareholders in the Articles shall be a reference to the Sole Shareholder.
| 2. | Registered office |
| 2.1 | Place and transfer of the registered office |
The registered office of the Company is established in the municipality of Luxembourg. It may be transferred within such municipality or to any other place in the Grand Duchy of Luxembourg by a resolution of the board of directors of the Company (the Board), which is authorised to amend the Articles, to the extent necessary, to reflect the transfer and the new location of the registered office.
| 2.2 | Branches, offices, administrative centres and agencies |
The Board shall further have the right to set up branches, offices, administrative centres and agencies wherever it shall deem fit, either within or outside the Grand Duchy of Luxembourg.
| 3. | Duration |
The Company is formed for an unlimited duration.
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| 4. | Purpose |
The corporate purpose of the Company is (i) the acquisition, holding and disposal, in any form, by any means, whether directly or indirectly, of participations, rights and interests in, and obligations of, Luxembourg and foreign companies, (ii) the acquisition by purchase, subscription, or in any other manner, as well as the transfer by sale, exchange or in any other manner of stock, partnership interests, bonds, debentures, notes and other securities or financial instruments of any kind (including notes or parts or units issued by Luxembourg or foreign mutual funds or similar undertakings) and receivables, claims or loans or other credit facilities and agreements or contracts relating thereto, and (iii) the ownership, administration, development and management of a portfolio of assets (including, among other things, the assets referred to in (i) and (ii) above).
The Company may borrow in any form. It may enter into any type of loan agreement and it may issue notes, bonds, debentures, certificates, shares, beneficiary parts, warrants and any kind of debt or equity securities including under one or more issuance programmes. The Company may further list all or part of its shares on a regulated or unregulated stock exchange in or outside of the European Union. The Company may lend funds including the proceeds of any borrowings and/or issues of securities to its subsidiaries, affiliated companies or any other company.
The Company may also give guarantees and grant security interests over some or all of its assets including, without limitation, by way of pledge, transfer or encumbrance, in favour of or for the benefit of third parties to secure its obligations or the obligations of its subsidiaries, affiliated companies or any other company.
The Company may enter into, execute and deliver and perform any swaps, futures, forwards, derivatives, options, repurchase, stock lending and similar transactions. The Company may generally use any techniques and instruments relating to investments for the purpose of their efficient management, including, but not limited to, techniques and instruments designed to protect it against credit, currency exchange, interest rate risks and other risks.
The Company may carry out any commercial, industrial, and financial operations, which are directly or indirectly connected with its purpose or which may favour its development. In addition, the Company may acquire and sell real estate properties, for its own account, either in the Grand Duchy of Luxembourg or abroad and it may carry out all operations relating to real estate properties.
In general, the Company may take any controlling and supervisory measures and carry out any operation or transaction which it considers necessary or useful in the accomplishment and development of its purpose.
The descriptions above are to be construed broadly and their enumeration is not limiting. The Company's purpose shall include any transaction or agreement which is entered into by the Company, provided it is not inconsistent with the foregoing matters.
| 5. | Share capital |
| 5.1 | Issued share capital |
The share capital is set at one hundred sixty-three million two hundred twenty-two thousand seven hundred and seven US dollars (USD 163,222,707), represented by one hundred sixty-three million two hundred twenty-two thousand seven hundred and seven (163,222,707) shares having a nominal value of one US dollar (USD 1) each.
| 5.2 | Share capital increase and share capital reduction |
The share capital of the Company may be increased or reduced by a resolution adopted by the general meeting of the shareholders of the Company (the General Meeting) in the manner required for amendment of the Articles, as provided for in Article 11.
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| 5.3 | Contributions to a non-distributable reserves account |
The General Meeting is authorised to approve capital contributions to a non-distributable reserves account of the Company by way of a payment in cash or a payment in kind or otherwise. Such a capital contribution shall be booked in the non-distributable reserves account of the Company.
The capital contributions that are booked in the non-distributable reserves account of the Company may only be distributed and/or reduced in any other manner by a resolution of the General Meeting adopted in the manner required for the amendment of these Articles, as set out in Article 11. Such distributions and/or reductions shall be made in accordance with Article 22.3.
| 5.4 | Pre-emptive rights |
In the case of an issuance of (i) shares or (ii) those instruments covered in article 420-27 of the Companies Act, including, without limitation, convertible bonds that entitle their holders to subscribe for or to be allocated with shares in consideration for a payment in cash, in kind or by a conversion of reserves, the shareholders shall have pro rata pre-emptive rights with respect to any such issuance. The preferential subscription period is decided by the Board but must be of at least fourteen (14) days as from the date of the publication of the offering in the RESA (Recueil électronique des sociétés et associations) and a journal published in Luxembourg (the Preferential Subscription Period).
Third parties may take part in the capital increase at the end of the Preferential Subscription Period, except if the Board decides that preferential subscription rights (the PSR) shall be exercised in proportion to the capital represented by their shares, by the holders of such PSR (the PSR Holders) who already exercised their PSR during the Preferential Subscription Period. In that case, the subscription terms of the PSR Holders shall be determined by the Board.
The General Meeting may limit or withdraw the PSR or authorise the Board to do so (as the case may be) under the conditions prescribed for under article 420-26(5) of the Companies Act.
| 5.5 | Authorisation for the Board to increase the share capital |
| (a) | Size of the authorisation |
The authorised capital of the Company is set at two hundred twenty-five million US dollars (USD 225,000,000) (the Authorised Capital Amount) represented by a maximum of two hundred twenty-five million (225,000,000) shares having a nominal value of one US dollar (USD 1.-) each.
| (b) | Terms of the authorisation |
The Board is authorised, during a period starting on May 23, 2023, regardless of the date of publication of such deed, and expiring on the fifth anniversary of such date (the Period), to increase the current share capital up to the Authorised Capital Amount, in whole or in part from time to time: (i) by way of issuance of shares in consideration for a payment in cash, (ii) by way of issuance of shares in consideration for a payment in kind, and/or (iii) by way of capitalisation of distributable profits and reserves, including share premium.
The Board is authorised to determine the terms and conditions attaching to any subscription and issuance of shares pursuant to the authority granted under this Article 5.5, including by setting the time and place of the issuance or the successive issuances of shares, the issue price, with or without share premium, and the terms and conditions of payment for the shares under any documents and agreements including, without limitation, convertible loans, option agreements or stock option plans.
During the Period, the Board is authorised to issue convertible bonds, or any other convertible debt instruments, bonds carrying subscription rights or any other instruments entitling their holders to subscribe for or be allocated with shares, such as, without limitation, warrants (the Instruments), within the limits of the Authorised Capital Amount. The issuance of the shares to be issued following the exercise of the rights attached to the Instruments may be carried out by a payment in cash, a payment in kind or a capitalisation of distributable profits and reserves, including share premium during or after the Period.
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The Board is authorised to (i) determine the terms and conditions of the Instruments, including the price, the interest rate, the exercise rate, conversion rate or the exchange rate, and the repayment conditions, and (ii) issue such Instruments.
| (c) | Authorisation to cancel or limit the pre-emptive rights |
The Board is authorised to cancel or limit the pre-emptive rights of the shareholders set out in the Companies Act, as reflected in Article 5.4, in connection with an issue of new shares and Instruments made pursuant to the authority granted under this Article 5.5.
| (d) | Recording of capital increases in the Articles |
Article 5 of the Articles shall be amended so as to reflect each increase in share capital pursuant to the use of the authorisation granted to the Board under this Article 5 and the Board shall take or authorise any person to take any necessary steps for the purpose of the recording of such increase and the consequential amendments to the Articles before a notary.
| 6. | Shares |
| 6.1 | Form of the shares |
The shares of the Company are in registered form (actions nominatives) only.
| 6.2 | Share register and share certificates |
A share register will be kept at the registered office, where it will be available for inspection by any shareholder. Such register shall set forth the name of each shareholder, its residence or elected domicile, the number of shares held by it, the nominal value or accounting par value paid in on each such share, the issuance of shares, the transfer of shares and the dates of such issuance and transfers. The ownership of the registered shares will be established by the entry in this register, or in the event separate registrars have been appointed pursuant to the below, in such separate register(s).
The Company may appoint registrars in different jurisdictions who will each maintain a separate register for the registered common shares entered therein and the holders of common shares may elect to be entered in one of the registers and to be transferred from time to time from one register to another. The Board may however impose transfer restrictions for common shares that are registered, listed, quoted, dealt in or have been places in certain jurisdictions in compliance with the requirements applicable therein.
| 6.3 | Deposit |
Notwithstanding the foregoing in this Article 6, where common shares are recorded in the register of shareholders in the name of or on behalf of a securities settlement system or the operator of such system and recorded as book-entry interests in the accounts of a professional depositary or any sub-depositary (any depositary and any sub-depositary being referred to hereinafter as a Depositary), the Company - subject to having received from the Depositary a certificate in proper form - will permit the Depository of such book-entry interests to exercise the rights attaching to the common shares corresponding to the book-entry interests of the relevant shareholder, including receiving notices of General Meetings, admission to and voting at General Meetings, and shall consider the Depository to be the holder of the shares corresponding to the book-entry interests for all purposes in these Articles. The Board may determine the formal requirements with which such certificates must comply.
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Notwithstanding the other provisions of this Article 6, the Company will make any and all payments (including any dividend payments and any other distributions) in respect of shares recorded in the name of a Depositary, or deposited with any of them, as the case may be, whether in cash, shares or other assets, only to such Depositary, or otherwise in accordance with such Depositary’s instructions, and that payment shall release the Company from any and all obligations for such payments.
| 6.4 | Ownership and co-ownership of shares |
The Company will recognise only one holder per share. In the event that a share is held by more than one person, the Company has the right to suspend the exercise of all rights attached to that share until one person has been appointed as sole holder in relation to the Company. The person appointed as the sole holder of the shares towards the Company in all matters by all the joint holders of those shares shall be named first in the register.
Only the joint holder of a share first named in the register, as appointed by all the joint holders of such share, shall be entitled, in its capacity as sole holder towards the Company of that share jointly held, to exercise the rights attached to such share, including without limitation: (i) to be served notices by the Company, including convening notices relating to General Meetings, (ii) to attend General Meetings and to exercise the voting rights attached to the share jointly held at any such meetings, and (iii) to receive dividend payments in respect of the share jointly held.
| 6.5 | Share redemptions |
Unless otherwise indicated, the Company may redeem its own shares within the limits set forth by law.
Any shares redeemed in accordance with this Article 6.5 may be cancelled or held for an unlimited duration as treasury shares by the Company without any voting rights and, unless otherwise decided, as the case may be, by the Board or the General Meeting without any right to any distributions whatsoever, in which case the distributions otherwise payable under such treasury shares will be allocated, and become payable, on a pro rata basis to the benefit of the remaining outstanding shares).
Such treasury shares may be distributed at any time to existing shareholders or third parties, subject to compliance with Article 7, by a decision of the Board.
| 7. | Transfer of registered shares |
A transfer of registered shares may be effected by a written declaration of transfer entered in the share register of the Company, such declaration of transfer to be executed by the transferor and the transferee or by persons holding suitable powers of attorney, and in accordance with the provisions applying to the transfer of claims provided for in article 1690 of the Luxembourg civil code.
The Company may also accept as evidence of transfer other instruments of transfer evidencing the consent of the transferor and the transferee satisfactory to the Company.
| 8. | Debt Securities |
Debt securities issued by the Company shall be in registered form only.
| 9. | Powers of the General Meeting |
As long as the Company has only one shareholder, the Sole Shareholder has the same powers as those conferred on the General Meeting. In such a case, any reference in these Articles to decisions made or powers exercised by the General Meeting shall be a reference to decisions made or powers exercised by the Sole Shareholder. Decisions made by the Sole Shareholder are documented in the form of minutes or written resolutions, as the case may be.
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In the case of a plurality of shareholders, any regularly constituted General Meeting shall represent the entire body of shareholders of the Company.
| 10. | Annual General Meeting of the shareholders – Other meetings |
The annual General Meeting shall be held, in accordance with Luxembourg law, in the Grand Duchy of Luxembourg at the address of the registered office of the Company or at such other place in the Grand Duchy of Luxembourg.
Other General Meetings may be held at such a place as specified in the respective convening notices of the meeting.
| 11. | Notice, quorum, convening notices, powers of attorney and vote |
| 11.1 | Right and obligation to convene a General Meeting |
The Board may convene a General Meeting. They shall be obliged to convene it so that it is held within a period of one month, if shareholders representing one-tenth of the capital require this in writing, with an indication of the agenda. One or more shareholders representing at least one-tenth of the subscribed capital may request that the entry of one or more items be added to the agenda of any General Meeting. This request must be addressed to the Company at least five (5) days before the relevant General Meeting.
| 11.2 | Procedure to convene a General Meeting |
General Meetings shall be convened in accordance with the provisions of the Companies Act and as long as the common shares of the Company are listed on a foreign stock exchange, in accordance with the requirements of such foreign stock exchange applicable to the Company.
If all shareholders are present or represented at a General Meeting and state that they have been informed of the agenda of the meeting, the General Meeting may be held without prior notice.
The documents mentioned under article 461-6 of the Companies Act shall be made available at the registered office of the Company for inspection by the shareholders at least eight (8) days prior to the General Meeting.
| 11.3 | Voting rights attached to the shares |
Each share entitles its holder to one vote, subject to the following:
| (i) | If the common shares of the Company are not listed on any foreign stock exchange, all shareholders recorded in the register of shareholders on the date of the General Meeting are entitled to be admitted to the General Meeting. |
| (ii) | If the common shares of the Company are listed on a foreign stock exchange, all shareholders recorded in any register of shareholders of the Company are entitled to be admitted and vote at the General Meeting based on the number of shares they hold on a date and time preceding the General Meeting as the record date for admission to the General Meeting, which the Board may determine as specified in the convening notice. |
The Board may, in its sole discretion, suspend the voting rights of any shareholder in the case that such shareholder has, by action or omission, failed to fulfil its obligations under the Articles or under its subscription agreement.
Any shareholder may, partly or entirely, waive the exercise of its voting rights with respect to some or all of its shares. Such waiver will be binding on the relevant shareholder and will be enforceable towards the Company following its notification by the relevant shareholder in writing.
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| 11.4 | Quorum, majority requirements and reconvening of General Meeting for lack of quorum |
Except as otherwise required by law or by these Articles, resolutions at a General Meeting will be passed by the majority of the votes expressed by the shareholders present or represented, no quorum of presence being required.
However, resolutions to amend the Articles or to change the nationality of the Company may only be passed in a General Meeting where at least one half of the share capital is represented (the Presence Quorum) and the agenda indicates the proposed amendments to the Articles and, as the case may be, the text of those which pertain to the purpose or the form of the Company. If the Presence Quorum is not reached, a second General Meeting may be convened by an announcement filed with the Trade and Companies Register and published in the RESA (Recueil électronique des sociétés et associations) and in a Luxembourg newspaper at least fifteen (15) days before the relevant meeting. Such convening notice shall reproduce the agenda and indicate the date and the results of the previous General Meeting. The second General Meeting shall deliberate validly regardless of the proportion of the capital represented. At both meetings, resolutions, in order to be passed, must be carried by at least two-thirds of the votes expressed at the relevant General Meeting.
In calculating the majority with respect to any resolution at a General Meeting, the votes expressed shall not include the votes relating to shares in which the shareholder abstains from voting, casts a blank (blanc) or spoilt (nul) vote or does not participate.
The commitments of the shareholders may only be increased with the unanimous vote of all the shareholders.
A mere dilution shall not be considered a triggering event for the special majority rules provided for in article 450-4 of the Companies Act.
| 11.5 | Participation by proxy |
A shareholder may act at any General Meeting by appointing another person, who need not be a shareholder, as its proxy in writing. Copies of written proxies that are transmitted by telefax or e-mail may be accepted as evidence of such written proxies at a General Meeting.
| 11.6 | Vote by correspondence |
The shareholders may vote in writing (by way of a voting bulletin) provided that the written voting bulletins include (i) the name, first name, address and signature of the relevant shareholder, (ii) an indication of the shares for which the shareholder will exercise such right, (iii) the agenda as set forth in the convening notice with the proposals for resolutions relating to each agenda item and (iv) the vote (approval, refusal, abstention) on the proposals for resolutions relating to each agenda item. In order to be taken into account, a copy of voting bulletins must be received by the Company at least five (5) days before the relevant General Meeting.
| 11.7 | Participation in a General Meeting by conference call, video conference or similar means of communications |
Any shareholder may participate in a General Meeting by conference call, video conference or similar means of communication whereby: (i) the shareholders attending the meeting can be identified, (ii) all persons participating in the meeting can hear and speak to each other, (iii) the transmission of the meeting is performed on an on-going basis, and (iv) the shareholders can properly deliberate. Participation in a meeting by such means shall constitute presence in person at such meeting.
| 11.8 | Bureau |
The shareholders shall elect a chairperson of the General Meeting. The chairperson shall appoint a secretary and the shareholders shall appoint a scrutineer. The chairperson, the secretary and the scrutineer together form the bureau of the General Meeting.
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| 11.9 | Minutes and certified copies |
The minutes of the General Meeting will be signed by the members of the bureau of the General Meeting and by any shareholder who wishes to do so.
However, where decisions of the General Meeting have to be certified, copies or extracts for use in court or elsewhere must be signed by the chairperson of the Board or the secretary of such General Meeting (as may be appointed from time to time) or by any two (2) other directors.
| 12. | Management |
| 12.1 | Minimum number of directors and term of directorship |
The Board of the Company shall be composed of up to nine (9) directors, appointed by the General Meeting. The members of the Board shall be elected for a term not exceeding six (6) years and shall be eligible for re-appointment.
| 12.2 | Permanent representative |
Where a legal person is appointed as a director (the Legal Entity), the Legal Entity must designate a natural person as permanent representative (représentant permanent) who will represent the Legal Entity as a member of the Board in accordance with article 441-3 of the Companies Act.
| 12.3 | Appointment, removal and co-optation |
The director(s) shall be elected by the General Meeting. The General Meeting shall also determine the number of directors, their remuneration and their term of office.
A director may be removed with or without cause and/or replaced, at any time, by a resolution adopted by the General Meeting.
In the event of vacancy in the office of one or more directors because of death, resignation or otherwise, the remaining directors may elect at a meeting of the Board the director(s), by a majority vote, to fill such vacancy or vacancies, as the case may be, until the following General Meeting.
| 12.4 | Internal regulation and corporate governance code |
The Board may from time to time approve corporate governance code(s) that may establish various rules and regulations of corporate governance of the Company for the Board, the executive committee (comité de direction) and any other committees of the Company that the Board may establish, including, but not limited to, an audit committee and a business and acquisitions committee, as designated from time to time.
| 13. | Meetings of the Board |
| 13.1 | Chairperson |
The Board may appoint a chairperson (the Chairperson) from among its members and may choose a secretary, who need not be a director, and who shall be responsible for keeping the minutes of the meetings of the Board. The Chairperson will chair all meetings of the Board. In his/her absence, the other members of the Board will appoint another chairperson pro tempore who will chair the relevant meeting by simple majority vote of the directors present or represented at such meeting.
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| 13.2 | Procedure to convene a board meeting |
The Board shall meet upon call by either of the Chairperson, the secretary of the Board (as may be appointed from time to time), the Company secretary or any two directors at the place indicated in the meeting notice.
Written meeting notice of the Board shall be given to all the directors at least twenty-four (24) hours in advance of the day and the hour set for such meeting, except in circumstances of emergency, in which case the nature of such circumstances shall be set forth briefly in the convening notice of the meeting of the Board.
No such written meeting notice is required if all the members of the Board are present or represented during the meeting and if they state they have been duly informed and have had full knowledge of the agenda of the meeting. In addition, if all the members of the Board are present or represented during the meeting and they agree unanimously to set the agenda of the meeting, the meeting may be held without having been convened in the manner set out above.
A member of the Board may waive the written meeting notice by giving his/her consent in writing. Copies of consents in writing that are transmitted by telefax or e-mail may be accepted as evidence of such consents in writing at a meeting of the Board. Separate written notice shall not be required for meetings that are held at times and at places determined in a schedule previously adopted by a resolution of the Board.
| 13.3 | Participation by proxy |
Any member of the Board may act at any meeting of the Board by appointing in writing another director as his or her proxy. Copies of written proxies that are transmitted by telefax or by e-mail may be accepted as evidence of such written proxies at a meeting of the Board.
| 13.4 | Participation by conference call, video conference or similar means of communication |
Any director may participate in a meeting of the Board by conference call, video conference or by similar means of communication whereby (i) the directors attending the meeting can be identified, (ii) all persons participating in the meeting can hear and speak to each other, (iii) the transmission of the meeting is performed on an on-going basis and (iv) the directors can properly deliberate. Participation in a meeting by such means shall constitute presence in person at such meeting. A meeting of the Board held by such means of communication will be deemed to be held in Luxembourg.
| 13.5 | Proceedings |
| (a) | Quorum and majority requirements |
The Board may validly deliberate and make decisions only if at least one half of its members are present or represented. Decisions are made by the majority of the votes expressed by the members present or represented. If a member of the Board abstains from voting or does not participate to a vote, this abstention or non-participation are not taken into account in calculating the majority.
| (b) | Participation by proxy |
A director may represent more than one director by proxy, under the condition however that at least two directors are present at the meeting.
| (c) | Casting vote of Chairperson |
In the case of a tied vote, the Chairperson or the chairperson pro tempore, as the case may be, shall have a casting vote.
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| 13.6 | Conflicts of interest |
| (a) | Procedure regarding a conflict of interest |
In the event that a director of the Company has, directly or indirectly, a financial interest opposite to the interest of the Company in any transaction of the Company that is submitted to the approval of the Board, such director shall make known to the Board such opposite interest at that board meeting and shall cause a record of his statement to be included in the minutes of the meeting. The director may not take part in the deliberations relating to that transaction, will not count in the quorum, and may not vote on the resolutions relating to that transaction. The transaction and the director’s interest therein, shall be reported to the next following General Meeting.
| (b) | Exceptions regarding a conflict of interest |
Article 13.6(a) does not apply to resolutions of the board of directors concerning transactions made in the ordinary course of business of the Company which are entered into on arm's length terms.
A Director of the Company who serves as director, manager, officer, agent or employee of any company or firm with which the Company shall contract or otherwise engage in business shall not, solely by reason of such affiliation with such other company or firm, be held as having an interest conflicting with the interest of the Company for the purpose of this Article 13.6.
| (c) | Impact on quorum |
Where, by reason of a conflicting interest, the number of directors required in order to validly deliberate and vote is not met, the Board may decide to submit the decision on this specific item to the General Meeting.
| 13.7 | Written resolutions |
Notwithstanding the foregoing, a resolution of the Board may also be passed in writing. Such resolution shall consist of one or more documents containing the resolutions, signed by each director, manually or electronically by means of an electronic signature which is valid under Luxembourg law. The date of such resolution shall be the date of the last signature.
| 14. | Minutes of meetings of the Board |
| 14.1 | Signature of board minutes |
The minutes of any meeting of the Board shall be signed by the Chairperson or the chairperson pro tempore, as the case may be or by all the directors present at such meeting.
| 14.2 | Signature of copies or extracts of board minutes |
Copies or extracts of minutes or resolutions in writing from the Board, which may be produced in judicial proceedings or otherwise shall be signed by either the Chairperson, the secretary of the Board (as may be appointed from time to time), or any two members of the Board.
| 15. | Powers of the Board |
The Board is vested with the broadest powers to perform or cause to be performed any actions necessary or useful in connection with the purpose of the Company. All powers not expressly reserved by the Companies Act or by the Articles to the General Meeting fall within the authority of the Board.
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| 16. | Delegation of powers |
| 16.1 | Daily management |
The Board may appoint one or more persons (délégué à la gestion journalière), who may be a shareholder or not, or who may be a member of the Board or not, who shall have full authority to act on behalf of the Company in all matters pertaining to the daily management and affairs of the Company.
| 16.2 | Executive committee (comité de direction) |
The management of the Company shall be delegated to an executive committee (comité de direction), consisting of a maximum of five (5) members including, inter alia, a Chief Executive Officer, a Chief Financial Officer, a Head of Legal and Compliance and other members of the senior management, designated from time to time by the Board.
The executive committee (comité de direction) shall have the broadest powers possible under Luxembourg law, including in particular the following:
| • | managing all day-to-day operations of the Company from an operational perspective; |
| • | assessing and proposing business strategies, and implementing strategies and policies approved by the Board; |
| • | developing processes for the identification, evaluation, monitoring and mitigation of risks; |
| • | implementing appropriate internal control systems and follow-up of such system’s effectiveness, and reporting compliance with its goals to the Board; |
| • | analysing and proposing the full year budget, and assessing mitigation of internal and market variables; |
| • | identifying and implementing business synergies among the Company and the Company’s subsidiaries; |
| • | proposing the delegation of powers to agents and supervising managers, which are consistent with the policies and procedures established by the Board; and |
| • | approving and implementing (i) any borrowings in any form by the Company, (ii) lending of any funds to the Company’s subsidiaries, affiliated companies or any other company, (iii) any guarantees by the Company and the granting of security interests over any of the Company’s assets including, without limitation, by way of pledge, transfer or encumbrance, in favour of or for the benefit of third parties to secure the Company’s obligations or the obligations of the Company’s subsidiaries, affiliated companies or any other company and (iv) any other swaps, futures, forwards, derivatives, options, repurchase, stock lending and similar transactions. |
When an executive committee (comité de direction) is appointed, the Board is in charge of the supervision and control of the executive committee (comité de direction).
| 16.3 | Permanent representative of the Company |
The Board may appoint a person, who may be a shareholder or not, and who may be a director or not, as permanent representative for any entity in which the Company is appointed as a member of the board of directors. This permanent representative will act with all discretion, in the name and on behalf of the Company, and may bind the Company in its capacity as a member of the board of directors of any such entity.
| 16.4 | Delegation to perform specific functions |
The Board is also authorised to appoint a person, either a director or not, for the purposes of performing specific functions at every level within the Company.
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| 16.5 | Delegation to special committees |
The Board may decide to put in place special committees in accordance with article 441-6 of the Companies Act including, without limitation, an audit committee, a remuneration committee and/or a nomination committee. The composition of the special committees and the powers conferred to them are determined by the Board. The special committees perform their duties under the Board’s responsibility.
| 17. | Binding signatures |
| 17.1 | Signatory powers of directors |
The Company shall be bound towards third parties in all matters by the joint signatures of any two members of the Board.
| 17.2 | Signatory powers in respect of the daily management |
In respect of the daily management, the Company will be bound towards third parties by the joint signatures of the persons appointed to that effect in accordance with Article 16.1 or by the joint signature of the daily manager (délégué à la gestion journalière) together with the signature of any member of the executive committee (comité de direction).
| 17.3 | Signatory powers of the members of the executive committee (comité de direction) |
The Company shall be bound towards third parties by the joint signature of (i) any two members of the executive committee (comité de direction) or (ii) any member of the executive committee (comité de direction) together with any member of the Board.
| 17.4 | Grant of specific powers of attorney |
The Company shall further be bound by the joint signatures of any persons or by the sole signature of the person to whom specific signatory power is granted by the Company, but only within the limits of such power.
| 18. | Indemnification of directors and agents |
| 18.1 | No liability for breach of fiduciary duty |
To the fullest extent permitted by Luxembourg law or any other applicable law as it now exists and as it may hereafter be amended, no director of the Company shall be personally liable to the Company or its shareholder(s) for monetary damages for breach of fiduciary duty as a director.
| 18.2 | Indemnification in actions brought by others |
The Company shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Company) by reason of the fact that the person is or was a director or agent of the Company, or is or was serving at the request of the Company as a director or agent of another Company, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding if the person acted in good faith and in a manner the person reasonably believed to be in, or not opposed to, the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person’s conduct was unlawful; provided, that, except for proceedings to enforce rights to indemnification or advancement of expenses, the Company shall not be obligated to indemnify any such director or agent (or his or her heirs, executors or personal or legal representatives) in connection with a proceeding (or part thereof) initiated by such person unless such proceeding (or part thereof) was authorized or consented to by the Board. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which the person reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, has reasonable cause to believe that the person’s conduct was unlawful.
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| 18.3 | Indemnification in actions by or in the right of the Company |
The Company shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Company to procure a judgment in its favor by reason of the fact that the person is or was a director or agent of the Company, or is or was serving at the request of the Company as a director or agent of another Company, partnership, joint venture, trust or other enterprise against expenses (including counsels’ and attorneys’ fees) actually and reasonably incurred by the person in connection with the defense or settlement of such action or suit if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the Company and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Company unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the court shall deem proper; provided, that, except for proceedings to enforce rights to indemnification or advancement of expenses, the Company shall not be obligated to indemnify any such director or agent (or his or her heirs, executors or personal or legal representatives) in connection with a proceeding (or part thereof) initiated by such person unless such proceeding (or part thereof) was authorized or consented to by the Board.
| 18.4 | Advancement of Expenses |
The right to indemnification conferred in Articles 18.2 and 18.3 shall include the right to advancement by the Company of any and all expenses (including, without limitation, attorneys’ fees and expenses) incurred in defending any such proceeding in advance of its final disposition (an Advancement of Expenses); provided, however, that, if applicable law so requires, an Advancement of Expenses incurred by an indemnitee in his or her capacity as a director or agent shall be made only upon delivery to the Company of an undertaking (an Undertaking), by or on behalf of such indemnitee, to repay, without interest, all amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal that such indemnitee is not entitled to be indemnified for such expenses.
| 18.5 | Insurance and other similar protection |
The Company may purchase and maintain insurance or furnish similar protection or make other arrangements, including, but not limited to, providing a trust fund, letter of credit or surety bond on behalf of the Company’s directors or agents against any liability asserted against them in their capacity as a director or agent of the Company.
| 19. | Approved statutory auditor(s) (réviseur d'entreprises agréé or cabinet de révision agréé) |
The General Meeting shall appoint one or more approved statutory auditors (réviseurs d'entreprises agréés or cabinets de révision agréés) to perform the statutory audit of the annual accounts in accordance with applicable Luxembourg law. The approved statutory auditor(s) shall be appointed by the General Meeting in accordance with the terms of a service agreement to be entered into from time to time by the Company and the approved statutory auditor(s). The approved statutory auditor(s) may only be removed by the General Meeting for serious causes (justes motifs).
| 20. | Accounting year |
The accounting year of the Company shall begin on 1 January and shall end on 31 December of each year.
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| 21. | Annual accounts |
| 21.1 | Responsibility of the Board |
The Board shall draw up the annual accounts of the Company that shall be submitted to the approval of the General Meeting at the annual General Meeting.
| 21.2 | Submission of the annual accounts to the approved statutory auditor |
At the latest one (1) month prior to the annual General Meeting, the Board will submit the annual accounts together with the report of the Board (if any) and such other documents as may be required by law to the approved statutory auditor(s), who will thereupon draw up its (their) report(s).
| 21.3 | Availability of documents at the registered office |
At the latest eight (8) days prior to the annual General Meeting, the annual accounts, the report(s) of the Board (if any) and of the approved statutory auditor(s) and such other documents as may be required by law shall be deposited at the registered office of the Company, where they will be available for inspection by the shareholders during regular business hours.
| 22. | Allocation of results |
| 22.1 | Allocation to the legal reserve |
From the annual net profits of the Company (if any), five per cent (5%) shall be allocated to the reserve required by law. This allocation shall cease to be required as soon as such legal reserve amounts to ten per cent (10%) of the share capital of the Company, but shall again be compulsory if the legal reserve falls below ten per cent (10%) of the share capital of the Company.
| 22.2 | Allocation of results by the General Meeting at the annual General Meeting |
At the annual General Meeting, the General Meeting shall decide on the allocation of the annual results and the declaration and payments of dividends, as the case may be, in accordance with Article 22.1 and the rules regarding distributions set out in this Article 22.
| 22.3 | Rules regarding distributions |
Unless otherwise provided herein or decided by the General Meeting, distributions to the shareholders, whether by dividend, share redemption or otherwise, out of profits and distributable reserves available for that purpose, including share premium and the non-distributable reserve, if and when decided by the General Meeting, shall be made on all the shares on a pro rata basis considering the total number of outstanding shares.
| 22.4 | Interim dividends |
| (a) | Distribution of interim dividends by the Board |
In accordance with article 461-3 of the Companies Act, interim dividends may be distributed, at any time, by the Board if all of the following conditions are satisfied:
| (i) | an interim accounting statement (état comptable) is drawn up by the Board (the Interim Accounting Statement), which shall be reviewed by an approved statutory auditor (réviseur d’entreprises agréé or cabinet de révision agréé), as the case may be; |
| (ii) | the Interim Accounting Statement shows that sufficient profits and other reserves (including without limitation the share premium) are available for distribution, it being understood that the amount to be distributed may not exceed net profits made since the end of the last financial year for which the annual accounts have been approved, if any, increased by carried forward profits and distributable reserves, and decreased by carried forward losses and the amount to be allocated to the legal reserves; |
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| (iii) | the decision to distribute interim dividends must be taken by the Board within two (2) months from the date of the Interim Accounting Statement; and |
| (iv) | the rights of the creditors of the Company are not threatened, taking into account the assets of the Company. |
Where the interim dividends paid exceed the distributable net profits at the end of the financial year, the relevant excess as acknowledged at the annual General Meeting, shall, unless otherwise decided by the Board at the time of the dividend declaration, be deemed to be an advance payment for future dividends.
| (b) | Distribution of interim dividends by the General Meeting |
Without prejudice to the authority of the Board set out under Article 22.4(a), the General Meeting may also distribute interim dividends from time to time, subject to complying with the same conditions (including review of an Interim Accounting Statement).
| 22.5 | Payment of dividends |
Dividends may be paid in US dollars or any other currency chosen by the Board or the General Meeting and they may be paid at such places and times as may be determined by the Board within the limits of any decision made by the General Meeting (if any).
Dividends may be paid in kind in assets of any nature, and the valuation of those assets shall be set by the Board according to valuation methods determined at its discretion.
| 23. | Dissolution and liquidation |
| 23.1 | Principles regarding the dissolution and the liquidation |
The Company may be dissolved, at any time, by a resolution of the General Meeting adopted in the manner required for amendment of these Articles, as set out in Article 11. In the event of dissolution of the Company, the liquidation shall be carried out by one or more liquidators (who may be physical persons or legal entities) appointed by the General Meeting deciding such liquidation. The General Meeting shall also determine the powers and the remuneration of the liquidator(s).
| 23.2 | Distribution of liquidation surplus |
Under the liquidation of the Company, the surplus assets of the Company available for distribution among shareholders shall be distributed in accordance with the rules on distributions set out in Article 23, by way of advance payments or after payment (or provisions, as the case may be) of the Company's liabilities.
| 24. | Applicable law |
All matters not expressly governed by these Articles shall be determined in accordance with Luxembourg law.
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Suit la traduction française de ce qui précède :
| 1. | Forme, dénomination et nombre d'actionnaires |
| 1.1 | Forme et dénomination |
Il est établi une société anonyme sous la dénomination de "Corporación América Airports S.A." (la Société), régie par les lois du Grand-Duché de Luxembourg et, en particulier, par la loi du 10 août 1915 sur les sociétés commerciales, telle que modifiée (la Loi de 1915), et par les présents statuts (les Statuts, et toute référence à un « Article » s’entend comme une référence à un article de ces Statuts).
| 1.2 | Nombre d'actionnaires |
La Société peut avoir un actionnaire unique (l'Actionnaire Unique) ou plusieurs actionnaires. La Société n'est pas dissoute par le décès, la suspension des droits civiques, l'insolvabilité, la liquidation ou la faillite de l'Actionnaire Unique.
Lorsque la Société n'a qu'un seul actionnaire, toute référence aux actionnaires dans les Statuts est une référence à l'Actionnaire Unique.
| 2. | Siège social |
| 2.1 | Lieu et transfert du siège social |
Le siège social de la Société est établi dans la commune de Luxembourg. Il peut être transféré dans cette commune ou en tout autre lieu au Grand-Duché de Luxembourg par simple décision du conseil d’administration de la Société (le Conseil d’Administration), qui est autorisé à modifier les Statuts, dans la mesure nécessaire, pour prendre en compte le transfert et la nouvelle localisation du siège social.
| 2.2 | Succursales, bureaux, centres administratifs et agences |
Le Conseil d'Administration a par ailleurs le droit de créer des succursales, bureaux, centres administratifs et agences en tous lieux appropriés, tant au Grand-Duché de Luxembourg qu'à l'étranger.
| 3. | Durée de la société |
La Société est constituée pour une période indéterminée.
| 4. | Objet social |
La Société a pour objet social (i) l'acquisition, la détention et la cession, sous quelque forme que ce soit et par tous moyens, par voie directe ou indirecte, de participations, droits, et intérêts, ainsi que les obligations de sociétés luxembourgeoises ou étrangères, (ii) l'acquisition par achat, souscription ou de toute autre manière, ainsi que l'aliénation par vente, échange ou de toute autre manière, de titres de capital, parts d’intérêts, obligations, créances, billets et autres valeurs ou instruments financiers de toutes espèces (notamment d'obligations ou de parts émises par des fonds communs de placement luxembourgeois ou étrangers, ou tout autre organisme similaire), de prêts ou toute autre ligne de crédit, ainsi que les contrats y relatifs et (iii) la détention, l'administration, le développement et la gestion d'un portefeuille d'actifs (composé notamment des actifs décrits aux points (i) et (ii) ci-dessus).
La Société peut emprunter sous quelque forme que ce soit. Elle peut être partie à tout type de contrat de prêt et elle peut procéder à l'émission de titres de créance, d'obligations, de certificats, d'actions, de parts bénéficiaires, de warrants et de tous types de titres de dettes et de titres de capital, y compris en vertu d'un ou plusieurs programmes d'émissions. La Société peut également coter toutes ou une partie de ses parts sur des marchés réglementés ou non-réglementés dans ou à l’extérieur de l’Union Européenne. La Société peut prêter des fonds, y compris ceux résultant d'emprunts et/ou d'émissions de titres, à ses filiales, à ses sociétés affiliées et à toute autre société.
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La Société peut également consentir des garanties et octroyer des sûretés réelles portant sur tout ou partie de ses biens, notamment par voie de nantissement, cession, ou en grevant de charges tout ou partie de ses biens au profit de tierces personnes afin de garantir ses obligations ou les obligations de ses filiales, de ses sociétés affiliées ou de toute autre société.
La Société peut conclure, délivrer et exécuter toutes opérations de swaps, opérations à terme (futures), opérations sur produits dérivés, marchés à prime (options), opérations de rachat, prêts de titres ainsi que toutes autres opérations similaires. La Société peut, de manière générale, employer toutes techniques et instruments liés à des investissements en vue de leur gestion efficace, y compris des techniques et instruments destinés à la protéger contre les risques de crédit, de change, de taux d'intérêt et autres risques.
La Société peut accomplir toutes les opérations commerciales, industrielles et financières se rapportant directement ou indirectement à son objet ou susceptibles de favoriser son développement. De plus, la Société peut faire l'acquisition et procéder à la vente de propriétés immobilières pour son compte, tant au Grand-Duché de Luxembourg qu'à l'étranger et elle peut réaliser toutes les opérations afférentes à ces propriétés immobilières.
D'une façon générale, la Société peut prendre toutes mesures de surveillance et de contrôle et effectuer toute opération ou transaction qu'elle considère nécessaire ou utile pour l'accomplissement et le développement de son objet social de la manière la plus large.
Les descriptions ci-dessus doivent être interprétées dans leur sens le plus large et leur énumération n'est pas restrictive. L'objet social couvre toutes les opérations auxquelles la Société participe et tous les contrats passés par la Société, dans la mesure où ils restent compatibles avec l'objet social décrit ci-avant.
| 5. | Capital social |
| 5.1 | Capital social émis |
Le capital social est fixé à cent soixante-trois millions deux cent vingt-deux mille sept cent sept dollars des Etats–Unis d’Amérique (163.222.707 USD), représenté par cent soixante-trois millions deux cent vingt-deux mille sept cent sept (163.222.707) actions ayant une valeur nominale d’un dollar des Etats–Unis d’Amérique (1 USD) chacune.
| 5.2 | Augmentation du capital social et réduction du capital social |
Le capital social de la Société peut être augmenté ou réduit par une résolution prise par l’assemblée générale des actionnaires de la Société (l'Assemblée Générale) statuant comme en matière de modification des Statuts, tel que prévu à l’Article 11.
| 5.3 | Apports à un compte de réserve non-distribuable |
L’Assemblée Générale est autorisée à approuver les apports effectués sur un compte de réserve non-distribuable de la Société, effectués au moyen de paiements en numéraires ou en nature ou de toute autre manière. Un tel apport en capital sera enregistré dans le compte de réserve non-distribuable de la Société.
Les apports en capital qui sont enregistrés sur ledit compte de réserve non-distribuable de la Société ne peuvent être distribués et/ou réduits qu’en vertu d’une résolution de l’Assemblée Générale adoptée comme en matière de modification des Statuts, conformément à l’Article 11. De telles distributions et/ou réductions peuvent être effectuées conformément à l’Article 22.3.
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| 5.4 | Droits préférentiels de souscription |
En cas d'émission (i) d'actions ou (ii) d'instruments qui entrent dans le champ d'application de l'article 420-27 de la Loi de 1915, y compris et de manière non exhaustive, des obligations convertibles permettant à leur détenteur de souscrire à des actions ou de s'en voir attribuer libérées par apport en numéraire, en nature ou par incorporation de réserves, les actionnaires disposent de droits préférentiels de souscription au pro rata de leur participation en ce qui concerne toutes ces émissions. Le droit de souscription peut être exercé pendant un délai fixé par le Conseil d’Administration, mais ne peut être inférieur à quatorze (14) jours à compter de la date de publication de l’offre au RESA (Recueil électronique des sociétés et associations) et dans un journal publié au Luxembourg (la Période d’Exercice).
A l’issue de la Période d’Exercice, les tiers pourront participer à l’augmentation du capital, sauf au Conseil d’Administration de décider que le droit préférentiel de souscription (le DPS) doit être exercé, proportionnellement à la partie du capital que représentent leurs actions, par les détenteurs d’un DPS (les Détenteurs de DPS) qui avaient déjà exercé leur droit durant la Période d’Exercice. Les modalités de souscription par les Détenteurs de DPS sont, dans ce cas, définies par le Conseil d’Administration.
L’Assemblée Générale peut supprimer ou limiter le DPS ou autoriser le Conseil d’Administration à le faire (le cas échéant) sous les conditions prescrites à l’article 420-26(5) de la Loi de 1915.
| 5.5 | Autorisation pour le Conseil d'Administration d'augmenter le capital social |
| (a) | Montant de l'autorisation |
Le capital autorisé de la Société est fixé à un montant de deux cent vingt-cinq millions de Dollars des Etats Unis d’Amérique (225.000.000 USD) (le Montant de Capital Autorisé) représenté par un maximum de deux cent vingt-cinq millions (225.000.000) actions, ayant une valeur nominale d’un Dollar des Etats Unis d’Amérique (1 USD) chacune.
| (b) | Conditions de l'autorisation |
Le Conseil d'Administration est autorisé à augmenter le capital social existant jusqu'au Montant de Capital Autorisé, en une ou plusieurs fois, au cours d'une période commençant le 23 mai 2023 et se terminant au cinquième anniversaire de cette date (la Période) au moyen de : (i) l'émission d'actions en raison d'apports en numéraire, (ii) l'émission d'actions en raison d'apports en nature, et/ou (iii) l'incorporation des bénéfices et réserves distribuables, y compris la prime d'émission.
Le Conseil d'Administration est autorisé à définir les conditions applicables à toute souscription et émission d'actions conformément au pouvoir qui lui est conféré aux termes de cet Article 5.5, et notamment de déterminer le lieu et la date de l'émission ou des émissions successives d'actions, le prix d'émission, l'existence ou non d'une prime d'émission, ainsi que les modalités de paiement des actions en vertu de tout document ou contrat y compris et de manière non-exhaustive un prêt convertible, un contrat d'option ou un plan d'options sur actions.
Durant la Période, le Conseil d'Administration est autorisé à émettre des obligations convertibles ou tous autres instruments de dettes convertibles, des obligations assorties d'un droit de souscription et autres instruments permettant à leur détenteur de souscrire à des actions ou de se voir attribuer des actions, tels que, de manière non-exhaustive, des warrants (les Instruments), dans les limites du Montant de Capital Autorisé. Les actions devant être émises en conséquence de l'exercice des droits attachés aux Instruments peuvent être payées par un apport en numéraire, un apport en nature, ou au moyen de l'incorporation de bénéfice et de réserves distribuables, en ce compris la prime d'émission, pendant ou après la Période.
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Le Conseil d'Administration est autorisé à (i) déterminer les conditions applicables aux Instruments, y compris le prix, le taux d'intérêt, le prix d'exercice, le taux de conversion ou le taux de change, ainsi que les modalités de remboursement, et (ii) émettre lesdits Instruments.
| (c) | Autorisation de supprimer ou de limiter les droits préférentiels de souscription |
Le Conseil d'Administration est autorisé à supprimer ou limiter les droits préférentiels de des actionnaires prévus par la Loi de 1915, tels que reflétés dans l'Article 5.4, portant sur l'émission de nouvelles actions et d'Instruments effectuée conformément à l’autorisation accordée en vertu de l’Article 5.5.
| (d) | Modification des Statuts consécutive à une augmentation de capital |
L'Article 5 des présents Statuts sera modifié de façon à refléter chaque augmentation du capital effectuée en vertu de l'autorisation accordée au Conseil d'Administration conformément à l'Article 5, et le Conseil d'Administration prendra lui-même ou autorisera toute personne à prendre toutes les mesures nécessaires afin de faire constater par-devant notaire l'augmentation de capital social et les modifications consécutives des Statuts.
| 6. | Actions |
| 6.1 | Forme des actions |
Les actions de la Société sont exclusivement nominatives.
| 6.2 | Registre des actionnaires et certificats constatant les inscriptions dans le registre |
Un registre des actionnaires est tenu au siège social de la Société où il peut être consulté par tout actionnaire. Ce registre contient le nom de chaque actionnaire, sa résidence ou son domicile élu, le nombre d'actions qu'il détient, la valeur nominale ou le pair comptable payé pour chacune des actions, les émissions d'actions, les cessions d'actions et les dates desdites émissions et cessions d'actions. La propriété des actions nominatives est établie par l'inscription dans le registre ou dans les cas ou des registres différents auraient été désignés, en vertu de ce qui est décrit ci-dessous.
La Société peut nommer des teneurs de registre dans différentes juridictions qui tiendront chacun un registre séparé pour les actions nominatives y inscrites et les détenteurs d'actions ordinaires pourront choisir d'être inscrits dans l'un des registres et d'être transférés au fil du temps d'un registre à un autre registre. Le conseil d'administration peut toutefois imposer des restrictions au transfert pour les actions ordinaires inscrites, cotées, traitées ou placées dans certaines juridictions conformément aux exigences applicables dans ces juridictions.
| 6.3 | Dépôt |
Sous réserve des dispositions de cet Article 6, lorsque les actions ordinaires sont enregistrées dans le registre des actionnaires au nom et pour le compte d’un système de compensation ou de l'opérateur d’un tel système et enregistré comme entrée dans les comptes d’un dépositaire professionnel ou d’un sous-dépositaire (tout dépositaire et sous-dépositaire désigné ci-après comme un Dépositaire), la Société - sous réserve d'avoir reçu du Dépositaire un certificat en bonne et due forme - permettra au Dépositaire de telles entrées en compte d'exercer les droits attachés aux actions ordinaires correspondant aux entrées en compte de l’actionnaire concerné, y compris de recevoir les convocations aux Assemblées Générales, l'admission et le vote aux Assemblées Générales et doit considérer le Dépositaire comme étant l’actionnaire des actions ordinaires aux fins des présents Statuts. Le Conseil d'Administration peut déterminer les conditions de forme auxquelles devront répondre ces certificats.
Sous réserve des dispositions de cet Article 6, la Société fera tous paiements (y compris les paiements de dividendes ou toutes autres distributions) en rapport avec les actions inscrites en le nom du Dépositaire, ou, le cas échéant, déposées auprès d’un d’entre eux, que ce soit en numéraire, en actions ou en d’autre bien, uniquement à un tel Dépositaire, ou selon les instructions d’un tel Dépositaire, et tout paiement effectué de cette façon à un Dépositaire libèrera la Société de toute obligation de paiement.
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| 6.4 | Propriété et co |
La Société ne reconnaît qu'un seul détenteur par action. Au cas où une action appartiendrait à plusieurs personnes, la Société aura le droit de suspendre l'exercice de tous droits y attachés jusqu'au moment où une personne aura été désignée comme détenteur unique vis-à-vis de la Société. La personne désignée par les codétenteurs des actions comme détenteur unique des actions envers la Société en toute circonstance doit être nommée en premier dans le registre.
Seul le détenteur unique d’une action nommé en premier dans le registre, tel qu’il a été désigné par tous les codétenteurs de cette action, pourra, en sa capacité d’unique détenteur envers la Société de cette action détenue collectivement, exercer les droits attachés à cette action, y compris mais de façon non limitative : (i) recevoir tout avis de la Société, y compris les convocations aux Assemblées Générales, (ii) assister aux Assemblées Générales et y exercer les droits de vote rattachés à l’action détenue collectivement, et (iii) percevoir les dividendes relatifs à cette action détenue collectivement.
| 6.5 | Rachat d'actions |
Sous réserve de dispositions contraires, la Société peut racheter ses propres actions dans les limites définies par la loi.
Les actions rachetées conformément à cet Article 6.5 seront annulées ou détenues pour une durée illimitée par la Société en tant qu’actions de trésorerie (treasury shares) et seront dépourvues de droits de vote et, à moins qu’il en soit décidé autrement par le Conseil d’Administration ou l’Assemblée Générale, selon le cas, de tout droit de distribution que ce soit, auquel cas les distributions exigibles en vertu de ces actions de trésorerie seront allouées, et deviendront exigibles au profit des actions restantes.
De telles actions de trésorerie peuvent être distribuées de temps à autres par le Conseil d’Administration, aux actionnaires existants ou à des tiers, sous réserve du respect de l’Article 7.
| 7. | Transfert d'actions nominatives |
Le transfert des actions nominatives peut se faire par une déclaration de transfert écrite qui sera inscrite au registre des actionnaires de la Société, après avoir été datée et signée par le cédant et le cessionnaire ou par des personnes détenant les pouvoirs de représentation nécessaires pour agir à cet effet, et conformément aux dispositions de l'article 1690 du code civil luxembourgeois relatives à la cession de créances.
La Société peut également accepter comme preuve de transfert d'actions d'autres instruments de transfert, dans lesquels les consentements du cédant et du cessionnaire sont établis de manière satisfaisante pour la Société.
| 8. | Obligations |
Les obligations émises par la Société seront exclusivement sous forme nominative.
| 9. | Pouvoirs de l'Assemblée Générale |
Aussi longtemps que la Société n'a qu'un seul actionnaire, l'Actionnaire Unique a les mêmes pouvoirs que ceux conférés à l'Assemblée Générale. Dans ce cas, toute référence aux décisions prises ou aux pouvoirs exercés par l'Assemblée Générale sera une référence aux décisions prises ou aux pouvoirs exercés par l'Actionnaire Unique. Les décisions de l'Actionnaire Unique sont enregistrées dans des procès-verbaux ou prises par des résolutions écrites, le cas échéant.
Dans l'hypothèse d'une pluralité d'actionnaires, toute Assemblée Générale valablement constituée représente l'ensemble des actionnaires de la Société.
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| 10. | Assemblée Générale annuelle des actionnaires – autres Assemblées Générales |
L'Assemblée Générale annuelle se tient, conformément à la loi luxembourgeoise, au Grand-Duché de Luxembourg, au siège social de la Société ou à tout autre endroit au Grand-Duché de Luxembourg et à la date indiquée dans l’avis de convocation à l’assemblée.
Les autres Assemblées Générales peuvent se tenir aux lieux et dates spécifiés dans les avis de convocation des assemblées générales en question.
| 11. | Convocation, quorum, avis de convocation, procurations et vote |
| 11.1 | Droit et obligation de convoquer une Assemblée Générale |
Une Assemblée Générale peut être convoquée par le Conseil d'Administration ou par le(s) commissaire(s) aux comptes, le cas échéant. Ils sont obligés de la convoquer de façon à ce qu'elle soit tenue dans un délai d'un mois si des actionnaires représentant un dixième du capital social l'exigent par écrit, en précisant l'ordre du jour. Un ou plusieurs actionnaires représentant au moins un dixième du capital social souscrit peuvent demander l'inscription d'un ou de plusieurs points à l'ordre du jour de toute Assemblée Générale. Cette demande doit être envoyée à la Société au moins cinq (5) jours avant la tenue de l'Assemblée Générale en question.
| 11.2 | Procédure de convocation d'une Assemblée Générale |
Les Assemblées Générales sont convoquées conformément aux dispositions de la Loi de 1915 et pour autant que les actions ordinaires de la Société sont inscrites à la cote d'une bourse de valeurs étrangère, conformément aux exigences de ladite bourse étrangère applicables à la Société.
Si tous les actionnaires sont présents ou représentés à l'Assemblée Générale et déclarent avoir été informés de l'ordre du jour de l'Assemblée Générale, celle-ci peut être tenue sans avis de convocation préalable.
Les documents dont il est fait mention à l’article 461-6 de la Loi de 1915 doivent être mis à disposition au siège social de la Société pour consultation par les actionnaires au moins huit (8) jours avant l’Assemblée Générale.
| 11.3 | Droits attachés aux actions |
Chaque action confère une voix à son détenteur, sous réserve de ce qui suit :
| (i) | Si les actions ordinaires de la Société ne sont pas inscrites à la cote d'une bourse de valeurs étrangère, tous les actionnaires inscrits au registre des actionnaires à la date de l'Assemblée Générale ont le droit d'être admis à l'Assemblée Générale. |
| (ii) | Si les actions ordinaires de la Société sont inscrites à la cote d'une bourse de valeurs étrangère, tous les actionnaires inscrits dans tout registre des actionnaires de la Société ont le droit d'être admis et de voter aux Assemblées Générales en fonction du nombre d'actions qu'ils détiennent à une date et à une heure précédant l'Assemblée Générale comme étant la date de clôture des registres pour l'admission à l'Assemblée Générale, que le Conseil d'Administration peut fixer telle qu’indiquée dans l'avis de convocation. |
Le Conseil d’Administration peut, à sa seule discrétion, suspendre les droits de vote de tout actionnaire dans le cas où cet actionnaire a, par action ou omission, manqué au respect de ses obligations en vertu des Statuts ou de son acte de souscription.
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Tout actionnaire peut renoncer, partiellement ou totalement, à l’exercice des droits de vote attachés à tout ou partie de ses actions. Une telle renonciation lie l’actionnaire concerné et s’impose à la Société dès sa notification, par écrit, par l’actionnaire concerné.
| 11.4 | Conditions de quorum et de majorité, et nouvelle convocation d'une Assemblée Générale en cas de quorum non atteint |
Sauf disposition contraire de la loi ou des présents Statuts, les décisions de l’Assemblée Générale sont prises à la majorité des voix exprimées par les actionnaires présents ou représentés, aucun quorum de présence n'étant requis.
Toutefois, les décisions visant à modifier les Statuts ou la nationalité de la Société ne peuvent être adoptées que par une Assemblée Générale représentant au moins la moitié du capital social (le Quorum de Présence) et dont l'ordre du jour indique les modifications statutaires proposées, et le cas échéant, le texte de celles qui touchent à l'objet ou à la forme de la Société. Si le Quorum de Présence n'est pas atteint, une nouvelle Assemblée Générale peut être convoquée par des annonces déposées auprès du registre de commerce et des sociétés et publiées quinze (15) jours au moins avant l'assemblée générale au RESA (Recueil électronique des sociétés et associations) et dans un journal luxembourgeois. Cette convocation reproduit l'ordre du jour et indique la date et le résultat de la précédente Assemblée Générale. La deuxième Assemblée Générale délibère valablement, quelle que soit la portion du capital représentée. Dans les deux assemblées, les résolutions, pour être valables, doivent réunir les deux tiers au moins des voix exprimées à chacune des Assemblées Générales.
Pour le calcul de la majorité concernant toute résolution d'une Assemblée Générale, les voix exprimées ne doivent pas inclure les voix attachées aux actions pour lesquelles l'actionnaire s'est abstenu de voter, a voté blanc ou nul ou n'a pas pris part au vote.
L’augmentation des engagements des actionnaires ne peut être décidée qu'avec l'accord unanime exprimé par un vote de tous les actionnaires.
Une simple dilution ne sera pas considérée comme un évènement déclencheur pour les règles de super-majorité de l’article 450-4 de la Loi de 1915.
| 11.5 | Participation par procuration |
Chaque actionnaire peut prendre part à une Assemblée Générale de la Société en désignant par écrit une autre personne, actionnaire ou non, comme son mandataire. Des copies des procurations écrites envoyées par télécopie ou par courriel peuvent être acceptées par l'Assemblée Générale comme preuves de procurations écrites.
| 11.6 | Vote par correspondance |
Les actionnaires peuvent voter par écrit au moyen d'un formulaire, à condition que les formulaires portent : (i) les noms, prénoms, adresse et signature de l'actionnaire concerné, (ii) la mention des actions pour lesquelles l'actionnaire exerce son droit, (iii) l'ordre du jour tel que décrit dans la convocation ainsi que les projets de résolutions relatifs à chaque point de l'ordre du jour, et (iv) le vote (approbation, refus, abstention) pour chaque projet de résolution relatif aux points de l'ordre du jour. Pour pouvoir être pris en compte, une copie des formulaires devra être reçue par la Société au moins cinq (5) jours avant la tenue de l'Assemblée Générale.
| 11.7 | Participation à une Assemblée Générale par conférence téléphonique, vidéo conférence ou tout autre moyen de communication similaire |
Tout actionnaire de la Société peut participer à une Assemblée Générale par conférence téléphonique, vidéo conférence ou tout autre moyen de communication similaire grâce auquel : (i) les actionnaires participant à la réunion peuvent être identifiés, (ii) toute personne participant à la réunion peut entendre les autres participants et leur parler, (iii) la réunion est retransmise de façon continue, et (iv) les actionnaires peuvent valablement délibérer. La participation à une réunion tenue par un tel moyen de communication équivaudra à une participation en personne à ladite réunion.
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| 11.8 | Bureau |
Les actionnaires élisent en leur sein un(e) président(e) de l'Assemblée Générale. Le/la président(e) nomme un secrétaire et les actionnaires nomment un scrutateur. Le/la président(e), le secrétaire et le scrutateur forment le bureau de l'Assemblée Générale.
| 11.9 | Procès-verbaux et copies certifiées des réunions de l'assemblée générale |
Les procès-verbaux des réunions de l'Assemblée Générale sont signés par les membres du bureau de l'Assemblée Générale et par tout actionnaire qui exprime le souhait de signer.
Cependant, si les décisions de l'Assemblée Générale doivent être certifiées, des copies ou extraits à utiliser devant un tribunal ou ailleurs doivent être signés par le/la président(e) du Conseil d'Administration, par le secrétaire de ladite Assemblée Générale (qui peut être nommé de temps à autre) ou par deux (2) administrateurs conjointement.
| 12. | Administration de la société |
| 12.1 | Nombre d'administrateurs minimum et conditions du mandat d'administrateur |
Le Conseil d’Administration est composé d’au moins neuf (9) Administrateurs désignés par le l’Assemblée Générale. Les membres du Conseil d'Administration sont élus pour un mandat de six (6) ans au maximum et sont rééligibles.
| 12.2 | Représentant permanent |
Lorsqu'une personne morale est nommée administrateur de la Société (la Personne Morale), la Personne Morale doit désigner une personne physique en tant que représentant permanent qui la représentera comme membre du Conseil d'Administration de la Société, conformément à l'article 441-3 de la Loi de 1915.
| 12.3 | Nomination, révocation et cooptation |
Les administrateurs sont élus par l'Assemblée Générale. L'Assemblée Générale détermine également le nombre d'administrateurs, leur rémunération et la durée de leur mandat.
Un administrateur peut être révoqué ad nutum et/ou peut être remplacé à tout moment par décision de l'Assemblée Générale.
En cas de vacance d'un poste d'administrateur pour cause de décès, démission ou toute autre motif, les administrateurs restants pourront lors d’une réunion du Conseil d’Administration élire à la majorité des voix un nouvel administrateur afin de pourvoir au remplacement du poste devenu vacant jusqu'à la prochaine Assemblée Générale.
| 12.4 | Règlement intérieur et code de gouvernance sociale |
Le Conseil d’Administration peut à tout moment décider d’adopter un/des code(s) de gouvernance sociale stipulant les diverses règles et règlements de gouvernance sociale de la Société applicables au Conseil d’Administration, au comité de direction, et à tous autres comités existant au sein de la Société, y inclus mais sans limitation un comité d’audit et un comité d’affaires et d’acquisitions, le cas échéant.
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| 13. | Réunions du conseil d'administration |
| 13.1 | Président(e) |
Le Conseil d'Administration peut nommer un(e) président(e) (le/la Président(e)) parmi ses membres et peut désigner un secrétaire, administrateur ou non, qui sera en charge de la tenue des procès-verbaux des réunions du Conseil d'Administration. Le/la Président(e) préside toutes les réunions du Conseil d'Administration. En son absence, les autres membres du Conseil d'Administration élisent un(e) président(e) pro tempore qui préside ladite réunion, au moyen d'un vote à la majorité simple des administrateurs présents ou représentés à la réunion.
| 13.2 | Procédure de convocation d'une réunion du Conseil d'Administration |
Les réunions du Conseil d'Administration sont convoquées par le/la Président(e), par le secrétaire du Conseil d’Administration (qui peut être nommé de temps à autre), par le secrétaire de la Société ou par deux administrateurs, au lieu indiqué dans l'avis de convocation de la réunion du Conseil d'Administration.
Un avis écrit de toute réunion du Conseil d'Administration est donné à tous les administrateurs au moins vingt-quatre (24) heures avant le jour et l'heure prévus pour la réunion, sauf en cas d'urgence, auquel cas la nature et les motifs de cette urgence sont mentionnés brièvement dans l'avis de convocation.
La réunion peut être valablement tenue sans avis de convocation préalable si tous les administrateurs de la Société sont présents ou représentés lors de la réunion du Conseil d'Administration et déclarent avoir été dûment informés de la réunion et de son ordre du jour. En outre, si tous les membres du Conseil d'Administration sont présents ou représentés à une réunion et décident à l'unanimité d'établir un ordre du jour, la réunion pourra être tenue sans convocation préalable effectuée de la manière décrite ci-dessus.
Tout membre du Conseil d'Administration peut décider de renoncer à la convocation écrite en donnant son accord par écrit. Les copies de ces accords écrits qui sont transmises par télécopie ou par courriel peuvent être acceptées comme preuve des accords écrits à la réunion du Conseil d'Administration. Une convocation écrite spéciale n'est pas requise pour une réunion du Conseil d'Administration se tenant aux lieux et dates prévus dans une résolution préalablement adoptée par le Conseil d'Administration.
| 13.3 | Participation par procuration |
Tout membre du Conseil d'Administration peut se faire représenter au Conseil d'Administration en désignant par écrit un autre administrateur comme son mandataire. Des copies des procurations écrites transmises par télécopie ou par courriel peuvent être acceptées comme preuve des procurations à la réunion du Conseil d'Administration.
| 13.4 | Participation par conférence téléphonique, vidéo conférence ou tout autre moyen de communication similaire |
Tout administrateur peut participer à une réunion du Conseil d'Administration par conférence téléphonique, vidéo conférence ou tout autre moyen de communication similaire grâce auquel (i) les administrateurs participant à la réunion peuvent être identifiés, (ii) toute personne participant à la réunion peut entendre les autres participants et leur parler, (iii) la réunion est retransmise de façon continue, et (iv) les administrateurs peuvent valablement délibérer. La participation à une réunion du Conseil d'Administration tenue par un tel moyen de communication équivaut à une participation en personne à une telle réunion. Une réunion du Conseil d'Administration tenue par un tel moyen de communication est réputée avoir lieu à Luxembourg.
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| 13.5 | Procédure |
| (a) | Conditions de quorum et de majorité |
Le Conseil d'Administration ne peut valablement délibérer et prendre des décisions que si la moitié au moins des administrateurs est présente ou représentée. Les décisions sont prises à la majorité des voix exprimées par les administrateurs présents ou représentés. Si un administrateur s'est abstenu de voter ou n'a pas pris part au vote, son abstention ou sa non participation ne sont pas prises en compte pour le calcul de la majorité.
| (b) | Participation par procuration |
Un administrateur peut représenter plusieurs administrateurs en vertu d'une procuration, à condition toutefois que deux administrateurs au moins soient présents à la réunion.
| (c) | Voix prépondérante du/de la Président(e) |
Au cas où lors d'une réunion, il existe une parité des voix pour et contre une résolution, la voix du/de la Président(e) ou du/de la président(e) pro tempore de la réunion, le cas échéant, est prépondérante.
| 13.6 | Conflits d’intérêts |
| (a) | Procédure relative aux conflits d’intérêts |
Lorsqu’un administrateur de la Société a, directement ou indirectement, un intérêt de nature patrimoniale opposé à celui de la Société dans une opération de la Société soumise à l’approbation du conseil d’administration, ledit administrateur est tenu d’en prévenir le conseil d’administration lors de la réunion du conseil d’administration et de faire mentionner cette déclaration au procès-verbal de la réunion. L’administrateur ne peut pas prendre part aux délibérations portant sur cette opération, n’est pas comptabilisé dans le calcul du quorum, et ne peut pas voter les résolutions relatives à cette opération. L’opération et l’intérêt opposé de l’administrateur doivent être signalés à l’Assemblée Générale suivante.
| (b) | Exceptions concernant un conflit d’intérêts |
L’Article 13.6(a) ne s’applique pas aux résolutions du Conseil d’Administration relatives à des opérations courantes de la Société et conclues dans des conditions normales.
Tout administrateur de la Société qui occupe des fonctions d'administrateur, gérant, agent ou employé de toute société ou entreprise avec laquelle la Société est ou sera engagée dans des relations d'affaires ou des contrats ne sera pas considéré, du seul fait de ces relations avec ces autres sociétés ou entreprises, comme ayant un intérêt opposé à celui de la Société dans le cadre du présent Article 13.6.
| (c) | Impact sur le quorum |
Lorsque, en raison d’un conflit d’intérêts, le nombre d’administrateurs requis en vue de délibérer et de voter n’est pas atteint, le Conseil d’Administration peut décider de soumettre la décision sur le point en question à l’Assemblée Générale.
| 13.7 | Résolutions écrites |
Nonobstant les dispositions qui précèdent, une résolution du Conseil d'Administration peut également être prise par écrit. Une telle résolution doit consister en un seul ou plusieurs documents contenant les résolutions signées par chaque administrateur manuellement ou électroniquement par une signature électronique conforme aux exigences de la loi luxembourgeoise. La date d'une telle résolution est la date de la dernière signature.
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| 14. | Procès-verbaux des réunions du Conseil d'Administration |
| 14.1 | Signature des procès-verbaux |
Les procès-verbaux des réunions du Conseil d'Administration sont signés par le/la Président(e) ou le/la président(e) pro tempore, le cas échéant ou par tous les administrateurs ayant assisté à la réunion.
| 14.2 | Signature des copies ou extraits des procès-verbaux |
Les copies ou extraits de procès-verbaux, ou les résolutions écrites du Conseil d'Administration ou de l'Administrateur Unique, le cas échéant, destinés à servir en justice ou ailleurs sont signés par le/la Président(e), par le secrétaire du Conseil d’Administration (qui peut être nommé de temps à autre) ou par deux membres du Conseil d'Administration.
| 15. | Pouvoirs du Conseil d'Administration |
Le Conseil d'Administration est investi des pouvoirs les plus étendus pour accomplir tous les actes nécessaires ou utiles se rapportant à l'objet de la Société. Tous les pouvoirs non expressément réservés par la Loi de 1915 ou par les Statuts à l'Assemblée Générale sont attribués au Conseil d'Administration.
| 16. | Délégation de pouvoirs |
| 16.1 | Gestion journalière |
Le Conseil d'Administration peut nommer un ou plusieurs délégués à la gestion journalière, qui peuvent être actionnaires ou membres du Conseil d'Administration ou non, et qui auront les pleins pouvoirs pour agir au nom de la Société pour tout ce qui concerne la gestion journalière de la Société.
| 16.2 | Comité de direction |
La direction de la Société sera déléguée à un comité de direction composé d'un maximum de cinq (5) membres, dont un directeur général, un directeur financier, un responsable juridique et conformité et d'autres membres de la haute direction, notamment, désignés de temps en temps par le Conseil d’Administration.
Le comité de direction dispose des pouvoirs les plus étendus en droit luxembourgeois, notamment pour :
| • | gérer toutes les opérations quotidiennes de la Société d'un point de vue opérationnel; |
| • | évaluer et proposer des stratégies commerciales et mettre en œuvre des stratégies et des politiques approuvées par le Conseil d'Administration; |
| • | élaborer des processus d'identification, d'évaluation, de surveillance et d'atténuation des risques; |
| • | mettre en place des systèmes de contrôle interne appropriés et assurer le suivi de l'efficacité de ce système, et rendre compte au Conseil d’Administration de la conformité à ses objectifs; |
| • | analyser et proposer le budget de l'exercice financier complet et évaluer l'atténuation des variables internes et de marché; |
| • | identifier et mettre en œuvre des synergies commerciales entre la Société et les filiales de la Société; |
| • | proposer la délégation de pouvoirs aux dirigeants et aux superviseurs, qui soit conforme aux politiques et aux procédures établies par le Conseil d'Administration; et |
| • | approuver et mettre en œuvre (i) tout emprunt sous quelque forme que ce soit par la Société, (ii) le prêt de fonds aux filiales, sociétés affiliées de la Société ou autres sociétés, (iii) les garanties de la Société et l'octroi de sûretés sur tout actif de la Société y compris, sans limitation, par gage, transfert ou sûreté, en faveur ou au profit de tiers pour garantir les obligations de la Société ou les obligations de ses filiales, sociétés affiliées ou toute autre société et (iv) tout autre swap, contrat à terme, dérivé, option, rachat, prêt de titres et opérations similaires. |
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Lorsqu'un comité de direction est nommé, le Conseil d’Administration est responsable de la supervision et du contrôle du comité de direction.
| 16.3 | Représentant permanent de la Société |
Le Conseil d'Administration peut nommer une personne, actionnaire ou non, administrateur ou non, en qualité de représentant permanent de toute entité dans laquelle la Société est nommée comme membre du conseil d'administration. Ce représentant permanent agira de son propre chef, au nom et pour le compte de la Société, et engagera la Société en sa qualité de membre du conseil d'administration d’une telle entité.
| 16.4 | Délégation de pouvoirs pour l'exercice de certaines missions |
Le Conseil d'Administration est aussi autorisé à nommer une personne, administrateur ou non, pour l'exécution de missions spécifiques à tous les niveaux de la Société.
| 16.5 | Délégation à des comités spécifiques |
Le Conseil d’Administration peut décider la création de comités spécifiques conformément à l’article 441-6 de la Loi de 1915, y compris, sans y être limité, un comité d’audit, de rémunération et/ou de nomination. La composition de ces comités et les pouvoirs qui leurs sont conférés sont déterminés par le Conseil d’Administration. Les comités spécifiques exercent leurs activités sous la responsabilité du Conseil d’Administration.
| 17. | Signatures autorisées |
| 17.1 | Pouvoir de signature des administrateurs |
La Société est engagée en toutes circonstances vis-à-vis des tiers par la signature conjointe de deux membres du Conseil d'Administration de la Société.
| 17.2 | Pouvoirs de signature concernant la gestion journalière |
En ce qui concerne la gestion journalière, la Société sera engagée envers les tiers par la signature conjointe de deux personnes nommées à cet effet, conformément à l'Article 16.1 ci-dessus ou par la signature conjointe du délégué à la gestion journalière et de celle de tout membre du comité de direction.
| 17.3 | Pouvoirs de signature du directeur général ou des membres du comité de direction |
la Société est engagée vis-à-vis des tiers par la signature conjointe (i) de deux membres du comité de direction ou (ii) d’un membre du comité de direction avec un membre du Conseil d’Administration.
| 17.4 | Pouvoirs spécifiques |
La Société est en outre engagée par la signature conjointe de toutes personnes ou la signature unique de toute personne à qui de tels pouvoirs de signature auront été délégués par la Société, et ce uniquement dans les limites des pouvoirs qui leur auront été conférés.
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| 18. | Indemnisation des administrateurs et agents |
| 18.1 | Non-responsabilité pour manquement à une obligation fiduciaire |
Dans toute la mesure permise par la loi luxembourgeoise ou toute autre loi applicable telle qu'elle existe actuellement et telle qu'elle pourrait être modifiée, aucun administrateur de la Société ne sera personnellement tenu responsable envers la Société ou ses actionnaires des dommages pécuniaires pour violation de la responsabilité fiduciaire en tant qu'administrateur.
| 18.2 | Indemnisation relative aux actions intentées par les tiers |
La Société indemnisera toute personne qui était ou qui est partie ou qui est menacée d'être partie à toute action, poursuite ou procédure, qu'elle soit civile, criminelle, administrative ou d'enquête, menacée, en instance ou terminée (autre qu'une action par ou au bénéfice de la Société) en raison du fait que la personne est ou était un administrateur ou un agent de la Société, ou est ou était en service à la demande de la Société en tant qu'administrateur ou agent d'une autre Société, partenariat, co-entreprise (joint-venture), fiducie ou toute autre entreprise, contre les dépenses (y compris les honoraires de conseils et d'avocats), jugements, amendes et montants payés en règlement réellement et raisonnablement engagés par la personne dans le cadre de cette action, poursuite ou procédure si la personne a agi de bonne foi et peut raisonnablement croire être dans l'intérêt supérieur de la Société ou ne pas s'y opposer, et, relativement à toute poursuite criminelle ou procédure, n'avoir aucun motif raisonnable de croire que la conduite de la personne était illégale; à l'exception des procédures visant à faire valoir des droits à l'indemnisation ou à l'avancement des dépenses, la Société ne sera pas tenue d'indemniser un tel administrateur ou agent (ou ses héritiers, exécuteurs ou représentants personnels ou légaux) dans le cadre d'une procédure (ou une partie de celle-ci) initiée par cette personne, sauf si cette procédure (ou une partie de celle-ci) a été autorisée ou consentie par le Conseil d’Administration. Le terme de toute action, poursuite ou procédure par jugement, ordonnance, règlement, déclaration de culpabilité ou sur un plaidoyer de nolo contendere ou son équivalent ne doit pas, en soi, créer une présomption que la personne n'a pas agi de bonne foi et d'une manière que la personne croit raisonnablement être ou non opposée à l'intérêt supérieur de la Société et, relativement à toute poursuite ou procédure criminelle, a des motifs raisonnables de croire que la conduite de la personne était illégale.
| 18.3 | Indemnisation dans des actions par ou dans le droit de la Société |
La Société indemnisera toute personne qui était ou est partie ou qui est menacée d'être partie à toute action ou poursuite menacée, en cours ou terminée par ou au bénéfice de la Société d'obtenir un jugement en sa faveur en raison du fait que la personne est ou était un administrateur ou un agent de la Société, ou est ou servait à la demande de la Société en tant qu'administrateur ou agent d'une autre Société, partenariat, coentreprise (joint-venture), fiducie ou autre entreprise contre des dépenses (y compris des conseils et honoraires d'avocat) réellement et raisonnablement engagés par la personne dans le cadre de la défense ou du règlement d'une telle action ou poursuite si la personne a agi de bonne foi et d'une manière qu'elle croyait raisonnablement opposée ou non à l'intérêt supérieur de la Société et sauf qu'aucune indemnisation ne sera faite à l'égard de toute réclamation, question ou question quant à laquelle cette personne aura été déclarée responsable envers la Société à moins et dans la mesure où le tribunal auprès duquel une telle action ou une poursuite a été intentée, détermine, sur demande, que, malgré le jugement de responsabilité, mais compte tenu de toutes les circonstances de l'affaire, cette personne a droit à une indemnité raisonnable pour les frais qu'elle juge convenables; à l'exception des procédures visant à faire valoir des droits à l'indemnisation ou à l'avancement des dépenses, la Société ne sera pas tenue d'indemniser un tel administrateur ou agent (ou ses héritiers, exécuteurs ou représentants personnels ou légaux) dans le cadre d'une procédure (ou une partie de celle-ci) initiée par cette personne, sauf si cette procédure (ou une partie de celle-ci) a été autorisée ou consentie par le Conseil d’Administration.
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| 18.4 | Avance des dépenses |
Le droit à indemnisation conféré aux Articles 18.2 et 18.3 inclura le droit à l'avance par la Société de tous les frais (y compris, sans limitation, honoraires et frais d'avocats) engagés pour défendre une telle procédure avant sa disposition finale (une Avance); toutefois, si la loi applicable l'exige, une Avance encourue par une personne à indemniser en sa qualité d'administrateur ou d’agent ne sera effectué que lors de la remise à la Société d'un engagement (l’Engagement), par ou au nom de ladite personne, de rembourser, sans intérêt, tous les montants ainsi avancés s’il est finalement déterminé par une décision judiciaire définitive dont il n'existe plus aucun droit de recours que cette personne n'a pas le droit d'être indemnisé pour de telles dépenses.
| 18.5 | Assurance et autre protection similaire |
La Société peut acheter et maintenir une assurance ou fournir une protection similaire ou prendre d'autres dispositions, y compris, mais sans s'y limiter, fournir un fonds en fidéicommis, une lettre de crédit ou un cautionnement au nom des administrateurs ou agents de la Société contre toute responsabilité en tant qu'administrateur ou agent de la Société.
| 19. | Commissaire(s) – Réviseur d'entreprises agréé ou cabinet de révision agréé |
L'Assemblée Générale désignera un ou plusieurs réviseurs d'entreprises agréés ou cabinets de révision agréés afin de procéder à l'audit des comptes annuels de la Société conformément à la loi luxembourgeoise applicable. Le ou les réviseur(s) d'entreprises agréé(s) ou cabinet(s) de révision agréé(s) est/sont nommé(s) par l'Assemblée Générale conformément aux dispositions des contrats de prestation de services conclus entre ces derniers et la Société. Le ou les réviseur(s) d'entreprises agréé(s) ou cabinet(s) de révision agréé(s) ne peuvent être révoqués par l'Assemblée Générale que pour justes motifs.
| 20. | Exercice social |
L'exercice social commence le 1er janvier de chaque année et se termine le 31 décembre de chaque année.
| 21. | Comptes annuels |
| 21.1 | Responsabilité du Conseil d'Administration ou de l'Administrateur Unique |
Le Conseil d'Administration dresse les comptes annuels de la Société qui seront soumis à l'approbation de l’Assemblée Générale lors de l'Assemblée Générale annuelle.
| 21.2 | Soumission des comptes annuels au(x) commissaire(s) aux comptes |
Au plus tard un (1) mois avant l'Assemblée Générale annuelle, le Conseil d'Administration soumet les comptes annuels ainsi que le rapport du Conseil d'Administration (le cas échéant) et tous autres documents afférents prescrits par la loi à l'examen du ou des réviseur(s) d’entreprises agréé(s) qui rédige(nt) un rapport sur cette base.
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| 21.3 | Consultation des documents au siège social |
Les comptes annuels, le rapport du Conseil d'Administration (le cas échéant), le rapport du/des réviseur(s) d'entreprises agréé(s)/cabinet(s) de révision agréé(s), selon le cas, ainsi que tous les autres documents requis par la loi sont déposés au siège social de la Société au moins huit (8) jours avant l'Assemblée Générale annuelle. Ces documents y sont mis à la disposition des actionnaires qui peuvent les consulter durant les heures de bureau ordinaires.
| 22. | Affectation des résultats |
| 22.1 | Affectation à la réserve légale |
Il est prélevé sur le bénéfice net annuel de la Société cinq pour cent (5%) qui sont affectés à la réserve légale. Ce prélèvement cessera d'être obligatoire lorsque la réserve légale aura atteint dix pour cent (10%) du capital social de la Société, et il deviendra à nouveau obligatoire si la réserve légale descend en dessous du seuil de dix pour cent (10%) du capital social de la Société.
| 22.2 | Affectation des résultats par l'Assemblée Générale lors de l’Assemblée Générale annuelle |
Lors de l’Assemblée Générale annuelle, l’Assemblée Générale décide de l'affectation des résultats annuels, ainsi que la distribution de dividendes, le cas échéant, conformément à l'Article 22.1 et aux règles applicables aux distributions prévues dans le présent Article 22.
| 22.3 | Règles de distribution |
Lorsque l'Assemblée Générale décide de distributions au profit des actionnaires, au moyen de distributions de dividendes, de rachats d'actions ou de toute autre manière, prélevées sur les bénéfices et les réserves distribuables disponibles à cet effet, y compris la prime d'émission, ces distributions sont effectuées sur toutes les actions au prorata.
| 22.4 | Dividendes intérimaires |
| (a) | Distribution de dividendes intérimaires par le Conseil d’Administration |
Conformément à l’article 461-3 de la Loi de 1915, des dividendes intérimaires peuvent être distribués à tout moment, par le Conseil d’Administration, dans le respect des conditions cumulatives suivantes:
| (i) | un état comptable est établi par le Conseil d’Administration (l’Etat Comptable Intérimaire) (l’Etat Comptable Intérimaire doit faire l’objet d’un examen par un commissaire ou un réviseur d’entreprises agréé, selon le cas; |
| (ii) | cet Etat Comptable Intérimaire montre qu’il y a suffisamment de bénéfices et d’autres réserves (y compris, et sans restriction, la prime d’émission) disponibles pour distribution, étant entendu que le montant à distribuer ne peut excéder les bénéfices réalisés depuis la fin du dernier exercice social pour lequel les comptes annuels ont été approuvés, le cas échéant, augmenté des bénéfices reportés et des réserves distribuables, et diminué des pertes reportées et du montant à allouer à la réserve légale; |
| (iii) | la décision de distribuer des dividendes intérimaires est prise par le Conseil d’Administration dans les deux (2) mois de la date de l’Etat Comptable Intérimaire ; et |
| (iv) | les droits des créanciers de la Société ne sont pas menacés, compte-tenu des actifs de la Société. |
Si les dividendes intérimaires versés excèdent le montant des bénéfices distribuables à la fin de l’exercice, l’excès en question, tel que reconnu par l’Assemblée Générale annuelle, doit, sauf décision contraire du Conseil d’Administration lors de la déclaration de dividendes, être considéré comme étant un acompte sur les dividendes futurs.
| (b) | Distribution de dividendes intérimaires par l’Assemblée Générale |
Sans préjudice de la compétence du Conseil d’Administration prévue à l’Article 22.4(a) ci-dessus, l’Assemblée Générale peut également distribuer des dividendes intérimaires de temps à autres, sous réserve de respecter les mêmes conditions (y compris l’examen de l’Etat Comptable Intérimaire).
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| 22.5 | Paiement des dividendes |
Les dividendes peuvent être payés en Dollars der Etats Unis ou en toute autre devise choisie par le Conseil d'Administration ou l’Assemblée Générale et doivent être payés aux lieux et dates déterminés par le Conseil d'Administration, dans les limites de toute décision prise à ce sujet par l'Assemblée Générale (le cas échéant).
Les dividendes peuvent être payés en nature au moyen d'actifs de toute nature, et ces actifs doivent être évalués par le Conseil d'Administration selon les méthodes d'évaluation déterminés à sa seule discrétion.
| 23. | Dissolution et liquidation |
| 23.1 | Principes applicables à la dissolution et la liquidation |
La Société peut être dissoute, à tout moment, par une décision de l'Assemblée Générale statuant comme en matière de modification des Statuts, tel que stipulé à l'Article 11. En cas de dissolution de la Société, il sera procédé à la liquidation par les soins d'un ou de plusieurs liquidateurs (qui peuvent être des personnes physiques ou morales), et qui seront nommés par délibération de l'Assemblée Générale décidant de cette liquidation. L'Assemblée Générale déterminera également les pouvoirs et la rémunération du ou des liquidateurs.
| 23.2 | Distribution du boni de liquidation |
Lors de la liquidation de la Société, les avoirs excédentaires de la Société disponibles pour être distribués aux actionnaires le seront distribués conformément aux règles sur la distribution tel que définit sous l’Article 23, au moyen de paiement d'acomptes ou après le remboursement (ou la consignation des sommes nécessaires, le cas échéant) des dettes de la Société.
| 24. | Droit applicable |
Toutes les questions qui ne sont pas régies expressément par les présents Statuts seront déterminées conformément au droit luxembourgeois.
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Exhibit 5.1
|
To the board of directors of Corporación América Airports S.A. 128, Boulevard de la Pétrusse L-2330 Luxembourg Grand Duchy of Luxembourg
|
Allen & Overy société en commandite simple, inscrite au barreau de Luxembourg 5 avenue J.F. Kennedy L-1855 Luxembourg Boîte postale 5017 L-1050 Luxembourg
Tel +352 4444 55 1 Fax +352 4444 55 557
frank.mausen@allenovery.com |
| Our ref A&O/0119412-0000007 EUO3: 2013120866.5 | |
| Luxembourg, 28 August 2023 |
LUXEMBOURG Form F-3 OPINION — CORPORACIÓN AMÉRICA AIRPORTS S.A.
Dear Sir or Madam,
We are acting as legal advisers in the Grand Duchy of Luxembourg to Corporación América Airports S.A., a public limited liability company (société anonyme) incorporated under the laws of the Grand Duchy of Luxembourg, having its registered office at 128, Boulevard de la Pétrusse, L-2330 Luxembourg, Grand Duchy of Luxembourg and registered with the Luxembourg trade and companies register (Registre de commerce et des sociétés, Luxembourg) (the Register) under number B174140 (the Company) in connection with the Registration Statement on Form F-3 (the Registration Statement) filed with the U.S. Securities and Exchange Commission under the U.S. Securities Act of 1933, as amended, relating to the offering (i) by A.C.I Airports S.à r.l., a private limited liability company (société à responsabilité limitée) incorporated under the laws of the Grand Duchy of Luxembourg, having its registered office at 128, Boulevard de la Pétrusse, L-2330 Luxembourg, Grand Duchy of Luxembourg and registered with the Register under B174139 (the Existing Shareholder) of up to 7,022,471(seven million twenty-two thousand four hundred and seventy-one) existing shares of the Company (the Existing Shares), and (ii) by the Company of up to USD 250,000,000 (two hundred and fifty million dollars of the United States of America) equivalent of up to 17,556,179 (seventeen million five hundred fifty-six thousand one hundred seventy-nine) new shares of the Company (the New Shares and together with the Existing Shares, the Shares and each thereof, a Share) to be issued via and within the limits currently set in the Company Articles (as defined below) for the Company’s authorized share capital, each Share with a nominal value of USD 1 (one dollar of the United States of America).
We have examined, and relied on, (i) an electronic copy of the restated articles of association (statuts coordonnés) of the Company as at 23 May 2023 (the Company Articles), (ii) the extract of the resolutions taken by the board of directors of the Company (the Board) on 17 August 2023 in relation to the filing of the Registration Statement, (iii) an e-mail scanned copy of the shareholders register of the Company received on 28 August 2023 (the Shareholders Register), (iv) the notarial deed recording the minutes of the resolutions of the sole shareholder passed by the Existing Shareholder on 19 January 2018, (v) the notarial deed dated 5 February 2018, (vi) the notarial deed dated 23 October 2020, (vii) the notarial deed dated 23 May 2023 as well as such corporate records as have been disclosed to us and such certifications made to us, which we deemed necessary and appropriate as a basis for the opinions hereinafter expressed.
| Allen & Overy, société en commandite simple, is an affiliated office of Allen & Overy LLP. Allen & Overy LLP or an affiliated undertaking has an office in each of: Abu Dhabi, Amsterdam, Antwerp, Bangkok, Beijing, Belfast, Boston, Bratislava, Brussels, Budapest, Casablanca, Dubai, Dublin, Düsseldorf, Frankfurt, Hamburg, Hanoi, Ho Chi Minh City, Hong Kong, Istanbul, Jakarta (associated office), Johannesburg, London, Los Angeles, Luxembourg, Madrid, Milan, Munich, New York, Paris, Perth, Prague, Rome, San Francisco, São Paulo, Séoul, Shanghai, Silicon Valley, Singapore, Sydney, Tokyo, Warsaw, Washington, D.C. |
In giving this legal opinion, we have assumed, and we have not verified independently that all factual matters and statements relied upon or assumed herein were, are and will be (as the case may be) true, complete, up-to-date and accurate.
Based upon, and subject to, the assumptions made above and subject to any matters not disclosed to us, we are of the opinion that, under the laws of the Grand Duchy of Luxembourg in effect, as construed and applied by the Luxembourg courts in published Luxembourg court decisions, on the date hereof:
| 1. | Status |
The Company is a public limited liability company (société anonyme) formed for an unlimited duration under the laws of the Grand Duchy of Luxembourg.
| 2. | Existing Shares |
The Existing Shares being offered by the Existing Shareholder have been validly issued, fully paid and non-assessable (as this term is used under New York law).
| 3. | New Shares |
The New Shares being offered by the Company, will be validly issued, fully paid and non-assessable (as this term is used under New York law) provided that (i) the provisions of the Company Articles and Luxembourg act dated 10 August 1915 on commercial companies, as amended (the Companies Act 1915) with respect to the issuance, subscription and allocation of the New Shares have been complied with (ii) the board of directors of the Company has validly authorised the issue of the New Shares (the Authorisation) and that such Authorisation is compliant with the conditions set out under articles 5.5 (a) and 5.5 (b) of the Company Articles, (iii) the shareholders of the Company have not revoked the authorisation for the Board to increase the share capital pursuant to article 5.5 of the Company Articles, (iv) the Company has received the full amount of the subscription proceeds of the New Shares on an account opened an held in the name of the Company for the purpose of the issuance by the Company of the New Shares, (v) the issue of the New Shares is duly recorded in the register of the shareholders of the Company and (vi) that a recording deed (acte de constatation d’augmentation de capital) is passed in front of a Luxembourg notary public within one month after the issuance of the New Shares.
This legal opinion is as of this date and we undertake no obligation to update it or advise of changes hereafter occurring. We express no opinion as to any matters other than those expressly set forth herein, and no opinion is, or may be, implied or inferred herefrom.
We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to use of our name under the heading “Legal Matters” as regards the Grand Duchy of Luxembourg in the prospectus contained therein. In giving such consent we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended.
Yours faithfully,
/s/ Frank Mausen
Allen & Overy
Frank Mausen*
Partner
Avocat à la Cour
| * | This document is signed on behalf of Allen & Overy, a société en commandite simple, registered on list V of the Luxembourg bar. The individual signing this document is a qualified lawyer representing this entity. |
2
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in this Registration Statement on Form F-3 of Corporación América Airports S.A. of our report dated March 22, 2023 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in Corporación América Airports S.A.’s Annual Report on Form 20-F for the year ended December 31, 2022. We also consent to the reference to us under the heading “Experts” in such Registration Statement.
/s/ PRICE WATERHOUSE & CO. S.R.L.
__________________________
/s/ Juan Manuel Gallego Tinto
Partner
Buenos Aires, Argentina
August 28, 2023