Darüber soll abgestimmt werden:
<This first proposed resolution aims at authorising the Board of Directors to proceed with a reverse stock
split of the Class A and B shares of the company in order to reduce the total number of shares of the
company. It is proposed to grant this authorisation for a period of one year expiring at the end of the
general ordinary shareholders meeting of 2016. This would enable the Board of Directors to determine
the adequate timing to implement the reverse stock split. The Board of Directors will also determine the
appropriate consolidation ratio, which cannot exceed 1 new share for 1,000 existing shares.
The total number of shares is currently very high. It amounts to 1,948,984,474 shares of Class A and
28,947,368,421 shares of Class B, each share representing 1/30,896,352,895 part of the share capital of
the company. On the date of finalization of the invitation (on March 31, 2015), the stock price per share
was EUR 0.08 and the average stock price during the last six months was EUR 0.03. This operation is
justified by the intention to simplify and rationalize the number of shares of the company and the fees and
formalities associated with this number of shares, in the corporate interest of the company and of its
stakeholders.
The increase of the value per share which should result from this reverse stock split operation should
indeed allow to restore a more appropriate proportional relationship between the price of the share and
the lump sum fees that are being applied by financial institutions for the holding, managing, transfer and
sale of shares. The reverse stock split operation could also have a positive impact on the volatility of the
shares of the company. However, the company cannot anticipate the evolution of the share price and,
thus, cannot guarantee that those expected positive consequences will happen in practice.
As a consequence of the implementation of the reverse stock split, some shareholders could end up with
odd lots in case the number of existing shares they hold does not correspond to the consolidation ratio
determined by the Board of Directors (a maximum of 1,000 shares).When implementing the reverse stock
split, the Board of Directors will ensure that the odd lots will be treated in an appropriate manner by the
company and will, amongst other things, ensure that all of the shareholders will benefit from an equitable
treatment, in the corporate interest of the company and of its stakeholders.
Findet Ihr hier: http://www.dexia.com/EN/shareholder_investor/...nvocation_2015_EN.pdf |
