Disclaimer

By viewing material on this website, the recipient of this website agrees to all the terms specified the following Disclaimer. The recipient of this website agrees that use of the research on this website is at his/her/its own risk.

This website and the information contained within it (together referred to as “the website”) is provided for information purposes only and may not under any circumstances be relied upon by any person in evaluating the merits of investing or disinvesting Lagardère securities. This document presents Amber Capital’s analysis of Lagardère’s current financial situation and of the possible actions that the management of the company could implement to unlock value.

This website does not constitute (i) an offer or invitation to buy or sell, or a solicitation of an offer to buy or sell, any security or other financial instrument and no legal relations shall be created by its issue, (b) a “financial promotion” for the purposes of the Financial Services and Markets Act 2000, (c) “investment research” as defined by the FCA handbook, or (d) an “investment recommendation“ as defined by Regulation (EU) No 596/2014. Nothing on this website shall be construed as establishing direct contacts with potential investors nor does it constitute a solicitation or offer or advice or recommendation for buying or selling any securities.

This website does not recommend or suggest any investment strategy and does not express any investment recommendation or any opinion as to the current or future price of any investment and must not be treated as doing so by any person.

Any forward-looking statements in this website are based on assumptions which may not prove accurate and hypothetical scenarios which may not occur. This website and the information contained within is provided “as is,” is subject to change at any time, and Amber Capital has no duty to provide any recipient with notice of such changes, nor indeed is it obliged to undertake any changes.

This website is not a solicitation with respect to the purchase or sale of any security or any Amber Fund.

This website, the information and analyses contained herein are not intended as tax, legal or investment advice. This website has been prepared without regard to the specific investment objectives, qualification, financial situation and needs of any particular recipient. The recipient should not rely on the information contained herein in connection with any investment decision.

Access to this website may be restricted by law in certain jurisdictions. Persons who have access to this website are required to inform themselves about and to observe any such restrictions.

Amber Capital is not acting for or on behalf of any recipient of this website. The recipient of this website is not to be construed as the giving of investment advice by Amber Capital to the recipient or to constitute any person a client of Amber Capital. Amber Capital is not responsible to any person for providing advice in relation to the subject matter of this website.

In any case, the recipient of this website should discuss with its professional legal, accounting, tax, or other adviser how it may be affected by the information herein and make its own assessment.

The information contained in this website is based upon proprietary research and analysis of public information conducted by Amber Capital and its affiliates, the reasonableness of which must be evaluated by investors and prospective investors. Forward-looking information contained in this website, including all statements of opinion and/or belief, are based on a variety of estimates, assumptions, projections and predictions by Amber Capital. These estimates and assumptions are inherently uncertain and are subject to numerous business, industry, market, regulatory, competitive, and financial risks that are outside of Amber Capital’s control. There can be no assurance that the assumptions will prove accurate.


Certain of the Amber Funds have positions in the securities of Lagardère SCA and may also have positions in any other issuer mentioned in this website. Accordingly, this website should not be viewed as impartial.


The recipient of this website irrevocably agrees that any dispute arising from his/her/its use of this website or viewing the material hereon shall be governed by the laws of France, without regard to any conflict of law provisions.  The recipient of this website knowingly hereby irrevocably submits to the personal and exclusive jurisdiction of the Paris courts, irrevocably waives his/her/its right to dispute resolution in any other forum or jurisdiction, and irrevocably waives all claims of inconvenient forum. The recipient of this website agrees to accept service of process by any means permitted by French law or other means that provides actual notice to him/her/it.  The failure of Amber Capital to exercise or enforce any right or provision of these Disclaimer shall not constitute a waiver of that right or provision. If any provision of these Disclaimer is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as reflected in this Disclaimer and that the other provisions of this Disclaimer remain in full force and effect, in particular as to the governing law and jurisdiction provision. The recipient of this website agrees that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of this website or the material herein must be filed within one (1) year after such claim or cause of action arose or be forever barred.

Amber Capital UK LLP is authorized and regulated by the UK Financial Conduct Authority, Amber Capital LP is registered as an investment adviser with the U.S. Securities and Exchange Commission and Amber Capital Italia SGR SpA is regulated by the Bank of Italy. Registration does not imply a certain level of skill or training. The information in this website has not been approved or verified by any regulatory authority, and no regulatory authority has endorsed these materials or passed upon the merits of an investment.

NO REPRESENTATION OR WARRANTY IS MADE, WHETHER EXPRESS OR IMPLIED, BY AMBER CAPITAL, ITS AFFILIATES, OR ANY OF THEIR DIRECTORS, PARTNERS, EMPLOYEES, MEMBERS OR AGENTS AS TO THE ACCURACY OR COMPLETENESS OF THIS WEBSITE, INCLUDING THE ACCURACY OR SUFFICIENCY OF ANY OF THE INFORMATION OR OPINIONS HEREIN. THIS WEBSITE DOES NOT CONFER ANY RIGHTS ON THE RECIPIENTS THEREOF OR IMPOSE ANY OBLIGATIONS ON AMBER CAPITAL.

AMBER CAPITAL DOES NOT UNDERTAKE TO UPDATE ANY OF THE INFORMATION CONTAINED HEREIN.

THIS WEBSITE MAY CHANGE WITHOUT NOTICE. AMBER CAPITAL ON ITS OWN BEHALF AND ON BEHALF OF ITS AFFILIATES, PARTNERS AND EMPLOYEES DISCLAIMS ANY AND ALL LIABILITY RELATING TO THIS WEBSITE, INCLUDING, WITHOUT LIMITATION, ANY EXPRESS OR IMPLIED REPRESENTATION OR WARRANTIES FOR STATEMENT OR ERRORS CONTAINED IN, OR OMISSIONS FROM THIS WEBSITE.

LAGARDÈRE HAS NOT APPROVED THE INFORMATION INCLUDED IN THIS WEBSITE AND DOES NOT HAVE ANY RESPONSIBILITY FOR THIS WEBSITE AND ITS DOCUMENTS. THIS WEBSITE WAS LAST UPDATED ON 25 MARCH 2020.

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