Boulogne-Billancourt, December 3, 2010 – Vallourec, world leader in premium tubular solutions, today announces the completion of Value 10, a capital increase reserved for its employees worldwide.
The plan Value 10 met with great success, with over 13,000 employees, in eight countries*, representing close to 70% of eligible personnel, subscribing to Vallourec's third international employee share offering. This participation rate has surpassed that of the two previous offers and demonstrates the attachment of Vallourec's employees and their confidence in the strategy and future of the Group.
The proceeds of the capital increase amounted to € 85 million, with the issuance of 1,395,614 new shares, subscribed at a price of € 61.14 per share. The nominal value of the capital increase is € 2.8 million. This offer increases the total number of Vallourec shares outstanding to 117,944,082 as of December 3, 2010.
The main terms and conditions of the Value 10 offer are described in Vallourec's press release published July 9, 2010, announcing the implementation of the offering and in a press release announcing the subscription price, published November 10, 2010.
* Brazil, Canada, China, France, Germany, Mexico, the United Kingdom and the United States.