Boulogne-Billancourt, November 17, 2008 -
Vallourec, world leader in the production of seamless steel tubes, announces
the determination of the share subscription price within the framework of the «
Value 08 » employee share offering, pursuant to the 12th,
13th, 14th and 15th resolutions
adopted by the Vallourec Combined General Shareholders’ Meeting on June 4,
In this respect, Vallourec had announced on
July 31, 2008, the principle of the implementation of an employee share
offering, « Value 08 », aimed at strengthening the employees’ corporate
attachment to the activity and results of the Group by providing them an
opportunity to invest in Vallourec shares. The main features of the « Value 08
» offer are described in Vallourec’s press release dated July 31, 2008.
The implementation of the plan may result in
the issuance of a maximum number of 750,000 new shares (i.e. a maximum nominal
capital increase amount of €3 million) and the grant of existing free shares up
to a maximum of 75,000 free shares.
The reservation period took place between
September 22 and October 13, 2008. The subscription/withdrawal period of the
capital increase open to the beneficiaries of the « Value 08 » offer will take
place from November 18 to November 20, 2008 (included).
The Management Board has determined the share
subscription price. The unit price of the shares is equal to the average
opening Vallourec share price over the twenty trading days preceding the
decision to open the subscription period, i.e. November 17, 2008, discounted by
20% and rounded up to the immediately higher euro cent (the « Discounted
Subscription Price »).
The reference period to be used for the
calculation of the Discounted Subscription Price occurred between October 20,
2008 (included) and November 14, 2008 (included). The average of the opening
Vallourec share price during this period is equal to €82.48 and the Discounted
Subscription Price is equal to €65.99.
The capital increase is scheduled to occur on
December 16, 2008.