Identification

Listing sponsor / Agent

Global Equities

Symbol
ALEMV
ISIN code
FR0004168045
Exchange / Market
Euronext Growth
Trading location
Paris
ICB
Internet
Website address
www.emailvision.com
Issuer website
http://www.emailvision.com

Operation

IPO date
Wed 08/02/2006
IPO type

Global Placement and Open Price Offer

IPO price
2.55 euros
IPO type
Initial Public offering
Catégorie
IPO
Operation procedure

Conditions applying to both Global Placement and Open Price Offer The first share price will be set at the end of the OPO and will take account of the demand expressed in the global placement. The prices of the global placement and the OPO are the same. The definitive price will be set on February 8th, 2006 after centralisation of the OPO and should be published by Euronext Paris in a notice that same day. The final share price may be set outside the mentioned range. The placement Before first listing, a proportion of the shares will be included in a public placement in France and an international private placement in some countries excluding the United States of America. - Number of shares in the Placement: 2,845,528 shares (70% of the Offer before the extension Clause) - Underwriter: GLOBAL EQUITIES The OPO - Number of shares in the OPO: 1,219,512 shares (30% of the Offer before the extension clause exercise) Depending on the demand, the breakdown between The Placement and the OPO may be adapted as stated below: - In order to increase the placement, the number of shares offered within the open-Price Offer may be reduced (if the OPO would not be fully subscribed). - In order to increase the Open-Price Offer, the number of shares offered within the placement may be reduced. However that number of shares offered in the Open-Price Offer will not exceed 40% of the total number of shares disseminated to the public. If the float does not amount 2.5 million €, the Offer will be cancelled and the orders will be void.

Operation description

Admission on Alternext the 13,313,368 existing shares that comprise the equity of EMAIL VISION at the day of the admission and a maximum of 2,032,520 new shares that will be issued in the admission framework (that may be extended to 2,337,398 new shares should the extension clause be exercised).

The admitted shares will represent the total equity and voting rights in the Company. Since the admission, the shares will be either in bearer form, or in registered form at the choice of the shareholder.

The listing of EMAIL VISION shares on Alternext will take place on February 8th, 2006 in accordance with the procedure of global placement and Open-Price Offer (OPO) under the conditions stated below.

4,065,040 shares will be offered to the public as part of a global placement and an open-price offer (OPO). The shares will be obtained from 2,032,520 existing shares that will be sold in the Offer framework (and a maximum of 304,878 additional existing shares that could be sold regarding the Extension Clause) and from the issue of a maximum of 2,032,520 new shares as part of a capital increase permitted by the extraordinary general meeting on December 21st, 2005 and to be realised with the listing and decided by the board of directors on January 11th, 2006 (that can be increased of 304,878 additional new shares should the extension clause be exercised).

Extension clause: according to the importance of the demand, the number of shares in the Offer could be increased of 609,756 additional shares (304,878 additional existing shares and 304,878 additional new shares) (around 15% of the number of shares initially proposed in this operation).

Operation calendar

- Period of the Placement: from January 31st, 2006 to February 8th, 2006 (12:00) - Period of the OPO: from January 31st, 2006 to February 7th, 2006 inclusive - First quotation: February 8th, 2006 - Beginning of trading: February 14th, 2006

Price range
2.27 euros – 2.65 euros