<nr>1</nr>Het verloop van het geding

<nr>2</nr>De gronden van de beslissing 2.1 Uit het arrest van 21 februari 2017 volgt dat de vordering van Mota-Engil SGPS in beginsel kan worden toegewezen en dat nog slechts resteert de vaststelling van de door haar te betalen prijs voor de over te dragen aandelen in Mota-Engil Africa. 2.2 Bij het bevel tot deskundigenbericht heeft de Ondernemingskamer overwogen dat indien de deskundige op grond van door hem vast te stellen gegevens zonder een volledig onderzoek constateert dat de waarde van de aandelen in elk geval niet hoger is dan de gevorderde prijs van € 6,1235, hij met die constatering en motivering daarvan kan volstaan (zie rechtsoverweging 2.10 van het tussenarrest van 21 februari 2017). 2.3 Het deskundigenbericht houdt onder meer het volgende in: “1.4 Valuation approach In line with the scope of the investigation, the Expert first examined whether a valuation without a full investigation could be sufficient. This was not the case based on the information already provided by [Mota-Engil SGPS] to the Enterprise Chamber only. Therefore, additional information has been requested from [Mota-Engil SGPS] and other information has been gathered by the Expert, based on which a valuation with limited additional investigation was conducted. This valuation is based on valuation assumptions that are deemed optimistic by the Expert. A full investigation will only be required if the valuation of the shares according to the optimistic scenario exceeds €6.1235 per share, to verify whether the valuation in a most likely scenario would exceed €6.1235 per share. Valuation without a full investigation According to [Mota-Engil SGPS], the Enterprise Chamber (whether or not after engaging an Expert) can conclude that the value of the shares does not exceed the offered price of €6.1235 per share, based on the document ‘Valuation shares Mota-Engil Africa N.V.’ including Exhibits A-F. This document was submitted to the Enterprise Chamber on behalf of [Mota-Engil SGPS] as ‘Productie 18’ on the 22nd of November 2016. The main arguments provided by [Mota-Engil SGPS] were that: a. The book value of Mota-Engil Africa] amounted to €3.69 per share on 31 December 2015; b. Research by 4 different investment banks in 2016 indicated a value of the shares of Mota-Engil Africa] of between €2.83 and €4.49 per share, based on a net debt of [Mota-Engil Africa] of €274 million and 100 million outstanding ordinary shares. The Expert has first examined this document and related Exhibits. However, based on this information he could not conclude that the value of the shares of [Mota-Engil Africa] on the valuation date does not exceed €6.1235 per share. The reasons for this conclusion are: a. The book value of the shares is derived from the difference in the book value of assets and liabilities that are mostly based on historical cost. This does not reflect the cash generating potential and risk profile of the Company required to determine the fair market value. b. Equity research reports are based on publicly available information only, and the estimates of the value of Mota-Engil Africa] described in the 4 equity research reports that were provided by [Mota-Engil SGPS] are based on limited analysis and detail at the level of [Mota-Engil Africa]. Because [Mota-Engil Africa] is operating in a cyclical market and depends on winning big projects, more in-depth insight, notably in normalized earnings, order backlog, actual developments in 2016 including project wins, mid-term financial prospects, and valuations of comparable companies was deemed necessary to properly access the fair market value of the shares of [Mota-Engil Africa]. c. The net debt position per 31 December 2015 as calculated by Mota-Engil SGPS] on the 31st of December 2015 at €274 million, does not seem to include all required adjustments on the Enterprise Value of [Mota-Engil Africa], such as assets available for sale, non-controlling interests, proper excess cash adjustment, and other debt-like items. d. The equity analyst reports provided by Mota-Engil Africa] may not be representative for the complete analyst coverage of [Mota-Engil SGPS]/[Mota-Engil Africa]. Valuation with limited additional investigation Additional information has been requested from [Mota-Engil SGPS], including the strategic plan 2020 of [Mota-Engil Africa] valid at the valuation date, overview of order backlog in March 2016 and major project wins in 2016, quarterly consolidated P&L and Balance sheet of [Mota-Engil Africa] 2015-2016Q1, annual reports of [Mota-Engil Africa] and all its subsidiaries 2015, intercompany balances at the 31st of December 2015 and the 23rd of March 2016, the annual report of [Mota-Engil Africa] 2014, explanation of major developments and normalizations 2014-2016, budgets of [Mota-Engil Africa] 2014-2016, and an overview of the legal structure of [Mota-Engil Africa]. A complete overview of information received from [Mota-Engil SGPS] is included in annex 1. The Expert checked whether other relevant equity analyst reports on [Mota-Engil SGPS]/[Mota-Engil Africa] close to the valuation date were available. Such reports were not found. Furthermore, information needed to determine the cost of capital (such as interest rates, Market Risk Premiums, Country Risk Premiums and Beta’s) and assess the valuation multiples of Peers were gathered to perform the CTA and PTA. Based on the additional information received from [Mota-Engil SGPS] and the information gathered by Fair Value Consultants, the Expert conducted a DCF valuation based on an optimistic scenario, and a CTA and PTA based on valuation multiples from Peers. 1.5 Valuation conclusion Based on the DCF Valuation of an optimistic scenario, the value of the ordinary shares of [Mota-Engil Africa] (…) per 23rd of March 2016 does not exceed € 6.1235. The price to be paid at the date of transfer of the shares can be calculated by adding legal interest as of the 23rd of March 2016 to the offered price of €6.1235 per share until the date of transfer and subtracting distributions paid on the shares, if any, over the same period.” 2.4 Mota-Engil SGPS heeft afgezien van een inhoudelijke reactie op het bericht en zich gerefereerd aan het oordeel van de deskundige zoals neergelegd in het deskundigenbericht. Mota-Engil SGPS heeft haar oorspronkelijke vorderingen gehandhaafd. 2.5 De waardering van de deskundige resulteert in een waarde per aandeel die lager ligt dan de in deze uitkoopprocedure gevorderde prijs. De Ondernemingskamer neemt de conclusie van de deskundige, alsmede de gronden waarop deze conclusie berust, over en maakt deze tot de hare. Aldus is de waarde per aandeel Mota-Engil Africa niet hoger dan de door Mota-Engil SGPS gevorderde prijs van € 6,1235 per aandeel. De Ondernemingskamer acht het dan ook gerechtvaardigd deze prijs per de peildatum (in het tussenarrest van 21 februari 2017 vastgesteld op 23 maart 2016, zijnde de dag van dagvaarding) vast te stellen. 2.6 Gelet op het voorgaande is de vordering van Mota-Engil SGPS voor toewijzing vatbaar zoals hierna te vermelden. 2.7 De deskundige heeft voor het onderzoek een bedrag van € 46.728 (exclusief btw) in rekening gebracht. De hoogte van dit bedrag komt de Ondernemingskamer niet onredelijk voor. De Ondernemingskamer zal de vergoeding van de deskundige op de voet van artikel 2:92a lid 5 juncto 2:350 lid 3 BW dienovereenkomstig bepalen. Nu in de procedure geen verweer is gevoerd, zal de Ondernemingskamer bepalen dat die vergoeding ten laste komt van Mota-Engil SGPS terwijl voor het overige een beslissing omtrent de proceskosten achterwege zal blijven.