Posted by OilVoice Press - OilVoice
The Board of Directors met on December 12, 2018 and declared the distribution of a second interim dividend for the 2018 fiscal year of €0.64 per share, in accordance with the Board's decision of July 25, 2018, an amount equal to the first 2018 interim dividend and an increase of 3.2% compared to the three interim dividends and the final dividend paid for the 2017 fiscal year. The Board of Directors also decided to offer, under the conditions of the fourth resolution of the Combined Shareholders' Meeting of June 1, 2018, the option for shareholders, including holders of its American Depositary Shares listed on the New York Stock Exchange (ADS), to receive this second interim dividend either in cash or in new shares of the Company.
In line with the shareholder return policy announced on February 8, 2018, in order to avoid any dilution linked to the issuance of new shares, the Group will buy back these newly issued shares with the intention to cancel them.
The share price for the new shares to be issued as payment of the second 2018 interim dividend is set by the Board of Directors at €48.27. This price is equal to the average Euronext Paris opening prices of the shares for the twenty trading days preceding the meeting of the Board of Directors on December 12, 2018, reduced by the net amount of the interim dividend, without any discount, rounded up to the nearest cent. Shares issued accordingly will carry immediate dividend rights and an application to trading on Euronext Paris will be made.
Shareholders and holders of ADS will receive this second interim dividend, and will have the option to receive a payment either in cash or in new shares by instructing their financial advisors, as per the following timetable:
|Ex-dividend date||December 18, 2018||December 14, 2018|
|Period to opt in for the payment in new shares||December 18, 2018 to January 2, 2019 (inclusive)||December 18 to |
December 27, 2018 (inclusive)
|Payment in cash (opt out)||January 10, 2019||January 17, 2019|
|Delivery of the new shares issued in lieu of cash (opt in)||January 10, 2019||January 17, 2019|
If the amount of the second interim dividend for the 2018 fiscal year for which the option is exercised does not correspond to a whole number of shares, the shareholders may opt to receive either the number of shares immediately above, by paying a cash adjustment on the day they exercise their option, or the number of shares immediately below, plus a balancing cash adjustment.
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