In light of the COVID-19 epidemic and in accordance with applicable regulation, the ordinary and extraordinary general meeting of shareholders of Vallourec S.A. (the Company) and the special general meeting of holders of shares of the Company with double voting rights are to be held exceptionally behind closed doors without the physical presence of its shareholders, respectively at 8 am and 2 pm today (20 April). All votes have therefore already been received by the Company ahead of the meeting.
Vallourec announces that, on the basis of information received, all of the resolutions necessary for the implementation of the financial restructuring provided for under the draft safeguard plan have been approved by more than 83% of the votes cast. All other resolutions submitted to the ordinary and extraordinary general meeting of the shareholders of Vallourec SA were also approved. Similarly, the resolutions relating to the removal of the double voting rights were approved by the special shareholders meeting of the holders of shares of the Company with double voting rights. Details regarding quorum and votes on each resolution will be published after certification of the attendance sheets on the “General Meetings” webpage of the Company’s website: https://www.vallourec.com/en/hub-finance/assemblees-generales.
The Company will allow shareholders who wish so to ask questions, live, after the opening of the debate by the Chairman of the general meeting, via a written chat that can be accessed during the live broadcast of the general meeting on the Company’s website (https://www.vallourec.com/en/hub-finance/assemblees-generales).
The next steps of the financial restructuring are the following:
the approval of the draft safeguard plan of the Company by the Commercial Court of Nanterre. According to the indicative timetable currently contemplated, the court should examine the request for approval of the draft safeguard plan during an hearing scheduled on May 11, 2021 and the judgment could be rendered as early as 19 May 2021; and
The launch of the rights issue in the amount of €300 million for the benefit of the shareholders, fully backstopped by certain creditors, after the approval of the French Financial Markets Authority on the prospectus; according to the indicative timetable currently contemplated, the rights issue could be launched at the beginning of June.
It is reminded that, according to the indicative timetable currently contemplated, Vallourec aims to implement all transactions provided under the financial restructuring plan by the end of June 2021.
Read the latest issue of World Pipelines magazine for pipeline news, project stories, industry insight and technical articles.
The April issue of World Pipelines includes a regional report on oil and gas pipeline activity in the Gulf of Mexico, along with technical articles on corrosion prevention, unpiggable pipelines and repair and rehabilitation. Don’t miss the article on hydrogen pipelines!
Read the article online at: https://www.worldpipelines.com/business-news/20042021/vallourec-shareholders-general-meeting-approves-resolutions-necessary-for-implementation-of-financial-restructuring-plan/