VALLOUREC
Vallourec pursues its employee shareholding policy
Press Release | |
28 July 2016 www.vallourec.com |
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Vallourec pursues its employee shareholding policy
Boulogne-Billancourt, 28 July 2016 - Vallourec announces the implementation of a new employee share ownership offering for the ninth consecutive year.
This offering, called "Value 16", concerns a maximum of 6,600,000 newly-issued shares representing 1.48% of the company's share capital on the date of this press release. It will be open to Vallourec employees in 11 countries[1], representing approximately 95% of the employees of the Group.
The eight previous "Value" offerings generated a high participation rate among Group employees and were all very successful. Employee shareholders held 2.56% of Vallourec's share capital on 20 June 2016 and are represented on the Supervisory Board.
Based on the indicative calendar for the offering, the share reservation period will be open to employees from 12 September 2016 to and including 30 September 2016. The subscription price should be determined on 7 November 2016. The subscription/revocation period is scheduled to take place from 10 to 14 November 2016 inclusive and the capital increase on 14 December 2016.
Details of the conditions for the "Value 16" employee share ownership offering
Beneficiaries
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Subject to any locally required authorizations, the "Value 16" offering will be open to employees (and beneficiaries and similar parties) of Vallourec and of those of its subsidiaries over which it holds, directly or indirectly, the majority of the share capital and which have registered offices in one of the following countries: Germany, Brazil, Canada, China, the United Arab Emirates, the United States, France, Malaysia, Mexico, the United Kingdom and Singapore, i.e. approximately 95% of the Group's current employees.
Indicative calendar for the offering
Based on the indicative calendar, the reservation period will be open from 12 September 2015 to and including 30 September 2015. The subscription price will be equal to the average opening price of Vallourec's shares on the Euronext Paris during the twenty trading days preceding the date on which the subscription/revocation period is established, discounted by 20% for the classic formula and 15 % for the leverage formula, and rounded up to the nearest euro cent. The subscription price is expected to be determined on 7 November 2016. The subscription/revocation period would be open from 10 November 2016 to and including 14 November 2016. The capital increase should take place on 14 December 2016.