ONE GLOBAL GROUP
Somfy operates in 59 countries and is the world leader in automatic controls for openings and closures in homes and buildings. It offers a range of motorized solutions and control points and is a key player in smart home systems.
12/03/2024
La Fondation Somfy
Organization
22/01/2018
Commitment
Finance
News & media
27/05/2020
Division of the share par value
24/05/2017 - 17:35 CET
PRESS
RELEASE
24 MAY 2017
DIVISION OF THE SHARE PAR VALUE
Today, the Management Board has decided to divide the Somfy share par value by five and thereby reduce the said par value from €1.00 to €0.20, in accordance with the resolution adopted by the Annual General Meeting of 17 May 20171.
Each current share will therefore be exchanged for five new shares, bearing the same rights, on 3 July 2017, the date on which the new shares are delivered.
The Company share capital will thereby be raised from 7,400,000 to 37,000,000 shares with a par value of €0.20 each (ISIN code: FR0013199916).
The transaction should lead to an increase in the liquidity of the market for the securities and help promote access to Somfy's share capital for new shareholders. It will not result in any charges or formalities for existing shareholders and will have no impact on their rights.
As soon as the transaction is complete, a double voting right will be allocated to the registered shares resulting from the division of the existing shares that already carry such a right.
A further consequence of the transaction is that the maximum purchase price provided for as part of the current share buyback programme, authorised by the Annual General Meeting of 17 May 2017, will be reduced from €600 to €120.
/ Shareholders' agenda
| 28 June 2017 | Final day of trading of existing shares |
| 29 June 2017 | Delisting of existing shares - Listing of new shares |
| 30 June 2017 | Record date |
| 3 July 2017 | Delivery of new shares (payment date) |
/ CORPORATE PROFILE
Somfy Group is the global leader in opening and closing automation for both residential and commercial buildings, and a key player in the connected home.
/ Contacts
Somfy
Pierre Ribeiro: +33 (0)4 50 40 48 49 - Emilie Mathelin: +33 (0)4 50 96 71 01
Shan
François-Xavier Dupont: +33 (0)1 44 50 58 74 - Diane de Brisis: +33 (0)1 47 03 47 36
1 On 7 September 2016, the Management Board stated that it had decided to suspend the procedure to divide the share par value that was announced on 25 August, as a result of uncertainties concerning the tax neutrality of the transaction. In the press release of 8 March 2017, it took note of the removal of the uncertainties in question and thus restarted the said procedure.
The transaction will indeed be neutral as concerns French taxation, with the exception of the very unusual case of shareholders that are legal entities, and subject to corporation tax, whose securities have a fiscal cost price that is lower than the book value cost price. Those shareholders are advised to consult their adviser to assess the potential consequences of the said transaction.