Boulogne-Billancourt, November 10, 2010 –
Vallourec announces that the share subscription price within the framework of
the Value 10 employee share offering has been fixed today by the Management
The unit price of the shares is based on the
reference price equal to the average opening Vallourec share price over a
period of twenty trading days between October 13, 2010 (included) and November
9, 2010 (included), discounted by 20 % and rounded up to the immediately higher
euro cent (the “Discounted Subscription Price”).
The average of the opening Vallourec share
price during this period is equal to €76.42 and the Discounted Subscription
Price is equal to €61.14.
The reservation period took place between
September 20 and October 8, 2010 included. The subscription/revocation period
of the capital increase, open to the beneficiaries of the Value 10 offer, will
take place from November 12 to November 16, 2010 (included).
The capital increase would occur on December
The implementation of the plan may result in
the issuance of a maximum number of 2,882,822 new shares (i.e., a maximum
nominal capital increase amount of €5,765,644) and the grant of existing free
shares up to a maximum of 270,000 free shares as a substitution of the employer
On July 9, 2010, Vallourec announced the
launch of a new employee share offering, Value 10, aimed at offering employees
throughout the world the possibility to become shareholders of the Group or to
increase their interest. The main features of the Value 10 offer are described
in Vallourec’s press release dated July 9, 2010.