Boulogne-Billancourt, 14 November, 2011 –
Vallourec announces that the share subscription price within the framework of
the Value 11 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 from 17 October to 11 November, 2011 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 was €44.87 and the Discounted Subscription Price has
been fixed at €35.90.
The reservation period took place from 19
September to 7 October, 2011 included. The subscription/revocation period of
the capital increase, open to the beneficiaries of the Value 11 offer, will
take place from 16 to 18 November, 2011 included.
The implementation of the plan may result in
the issuance of a maximum number of 2,350,000 new shares and the grant of
existing free shares up to a maximum of 20,000 free shares as a substitution of
the employer contribution.
If the total demand for shares exceeds the
maximum limit of 2,350,000 new shares, all subscriptions for an amount equal to
or below the average allocation by country will be fully respected whilst
demands above this average will be reduced to ensure that the limit of the operation
is not exceeded.
The capital increase will take place on 15 December
On 30 June 2011, Vallourec announced the
launch of an international employee share offering, Value 11, 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 11 offer are
described in Vallourec’s press release dated 30 June 2011. To take into account
legal restrictions in China, the offer in China will take the form of a cash
deposit by employees, to be combined with the attribution of stock appreciation
rights by the employer.