At the Annual General Meeting on 28 April 2016, Technip's shareholders approved the proposed €2.00/share dividend for the FY15 and decided to offer shareholders an option to receive the dividend payment in shares.
The issue price of the new shares to be issued in consideration for the dividend has been set at €42.87 The price is equal to 90% of the average opening prices quoted on the regulated market of Euronext Paris during the 20 trading days preceding the date of the Annual General Meeting, less the amount of the proposed dividend, and rounded upward to the nearest euro cent.
The shares will be traded ex-date as of 4 May 2016. The shareholders may opt for dividend payment in cash or in new ordinary shares from 4 to 17 May 2016 included, by sending their request to their financial intermediaries. For the shareholders who did not exercise their dividend payment option by May 17, 2016, the dividend shall only be paid in cash1.
For the shareholders who would not have opted for a dividend payment in shares, the dividend shall be paid in cash on 26 May 2016. For the shareholders who have opted for the payment of the dividend in shares, settlement and delivery of the shares will also be on 26 May 2016.
If the amount of dividends for which the option is exercised does not correspond to a whole number of shares, shareholders may choose to either receive the rounded-up whole number of shares by paying the difference in cash on the day they exercise the option or receive the rounded-down whole number of shares with the balance in cash.
The shares issued as dividend payment will carry dividend rights as from 1 January 2016. An application to list these new shares on Euronext Paris will be made. The new shares will rank pari passu with existing shares and will be fully fungible with existing shares already listed.
The maximum total number of new shares which may be issued for the purpose of the payment of the dividend in shares is 5 552 824 shares (excluding additional shares issued for rounding purposes), representing approximately 4.67% of the share capital and 4.27% of the voting rights of Technip based on the total number of shares and voting rights as of 31 March 2016.
1. ADR holders may be subject to different election and payment conditions and should consult the depositary for more information.
Edited from press release by Angharad Lock
Read the article online at: https://www.worldpipelines.com/business-news/29042016/technip-dividend-for-fy15-3169/