The Board of Directors of Total S.A. met on 14 March 2018 and declared a 2017 third interim dividend of €0.62 per share and offered, under the conditions set by the fourth resolution at the Combined Shareholders’ Meeting of 26 May 2017, the option for shareholders to receive the 2017 third interim dividend in cash or in new shares of the company.
The period for exercising the option ran from 19 March 2018 to 28 March 2018. At the end of the option period, 44% of rights were exercised in favour of receiving the payment for the 2017 third interim dividend in shares.
15 559 601 new shares will be issued, representing 0.59% of Total’s share capital on the basis of the share capital as of 31 March 2018. The share price for the new shares to be issued as payment of the 2017 third interim dividend was set at €45.70 on 14 March 2018. The price is equal to the average opening price on Euronext Paris for the twenty trading days preceding the Board of Directors of 14 March 2018, reduced by the amount of the 2017 third interim dividend, without any discount.
The settlement and delivery of the new shares as well as their admission to trading on Euronext Paris will occur on 9 April 2018. The shares will carry immediate dividend rights and will be fully assimilated with existing shares already listed.
In line with the shareholder return policy announced on 8 February 2018, in order to avoid any dilution linked to the issuance of new shares, the Group will buy back during the quarter the newly issued shares with the intention to cancel them.
The remaining cash dividend to be paid to shareholders who did not elect to receive the 2017 third interim dividend in shares amounts to €910 million and the date for the payment in cash is set for 9 April 2018.
Read the article online at: https://www.worldpipelines.com/business-news/06042018/results-of-totals-option-to-receive-2019-third-interim-dividend-in-shares/
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