Vallourec launches a reverse stock split
23 Abril 2020 - 3:15AM
Vallourec launches a reverse stock split
Vallourec launches a reverse stock
split
Boulogne-Billancourt (France), April
23rd 2020 – Vallourec announces today the launch of a
reverse stock split on an exchange basis of 40 existing shares for
1 new share approved by the Company's shareholders at the Combined
Shareholders' Meeting held on 6 April 2020.
This technical adjustment is purely
arithmetical and has no impact on the value of Vallourec shares
held by shareholders.
Reverse stock split terms and
conditions:
- Starting date of the consolidation
transactions: 23 April 2020, according to the terms of the
reverse stock split notice published on 8 April 2020 in the
Bulletin des Annonces Légales Obligatoires.
- Basis of consolidation: exchange of 40 old
shares with a nominal value of 2 euros each for 1 new share with a
nominal value of 80 euros each with immediate dividend
rights.
- Number of shares subject to the reverse stock
split: 457,987,760 shares with a nominal value of 2 euros
each.
- Number of shares resulting from the reverse stock
split: 11,449,694 shares with a nominal value of 80 euros
each.
- Exchange Period: 30 (thirty) days from the
date of starting date of the consolidation transactions, i.e. from
23 April 2020 to 22 May 2020 inclusive.
- Unit securities: the conversion of old shares
into new shares will be carried out according to the automatic
procedure.
- Fractional shares: as of this date,
shareholders who do not hold a number of old shares corresponding
to a whole number of new shares will have to make it their personal
business to buy or sell the old shares forming fractional shares,
in order to obtain a multiple of 40, up to and including 22 May
2020. After this deadline, shareholders who could not obtain a
number of shares that is a multiple of 40 will be compensated by
their financial intermediary within 30 days from 25 May 2020.
The non-consolidated shares will be
delisted at the end of the consolidation period.
- Centralisation: all transactions relating to
the reverse stock split will take place with BNP Paribas Securities
Services, Grands Moulins de Pantin, 9 rue du Débarcadère, 93500
Pantin, France.
Pursuant to Articles L. 228-6-1 and R. 228-12 of
the French Commercial Code, at the end of a period of 30 days from
25 May 2020, the new shares that could not be allocated
individually and that correspond to rights forming fractional
shares will be sold on the stock market by the account holders and
the sums resulting from the sale will be allocated in proportion to
the rights forming fractional shares of the holders of these
rights.
The shares subject to the reverse stock split
are admitted to trading on the regulated market Euronext Paris
under ISIN code FR0000120354. The shares resulting from the reverse
stock split will be admitted to trading on the regulated market of
Euronext Paris under ISIN code FR0013506730.
Shareholders can access further explanations on
this reverse stock split on Vallourec's website in the "Investors"
section (accessible at the following link:
https://www.vallourec.com/en/investors).
About Vallourec
Vallourec is a world leader in premium tubular
solutions for the energy markets and for demanding industrial
applications such as oil & gas wells in harsh environments, new
generation power plants, challenging architectural projects, and
high-performance mechanical equipment. Vallourec’s pioneering
spirit and cutting edge R&D open new technological frontiers.
With close to 19,000 dedicated and passionate employees in more
than 20 countries, Vallourec works hand-in-hand with its customers
to offer more than just tubes: Vallourec delivers innovative, safe,
competitive and smart tubular solutions, to make every project
possible.
Listed on Euronext in Paris (ISIN code:
FR0000120354, Ticker VK) and eligible for the Deferred Settlement
System (SRD), Vallourec is included in the following indices: SBF
120 and Next 150.
In the United States, Vallourec has established
a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN
code: US92023R2094, Ticker: VLOWY). Parity between ADR and a
Vallourec ordinary share has been set at 5:1.
Calendar
May 13, 2020 |
Release of the first quarter of 2020 results |
For further information, please
contact:
Investor
relations Jérôme FribouletTel: +33 (0)1 49 09 39
77Investor.relations@vallourec.com |
Press relations Héloïse Rothenbühler Tél: +33 (0)1
41 03 77 50heloise.rothenbuhler@vallourec.com |
Individual shareholdersToll Free Number
(from France): 0805 65 10 10actionnaires@vallourec.com
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- _VLR Press Release 23 April 2020 - Reverse Stock Split
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