Valeo has announced the launch of a share subscription offering for its employees.
Valeo, a French Société Anonyme with a share capital of EUR 241,036,743, says it aims to involve employees in the performance and development of the Group.
The subscription of shares is made on the basis of the company’s shareholder’s authorisation given by the 18th resolution of the extraordinary general meeting of shareholders of May 23, 2019.
A Valeo spokesperson said: “This plan is part of the development of the employee shareholding policy of Valeo in France and abroad with the goal of involving employees in the performance and development of the group.”
Employees subscribing to the offering outside of France will benefit from the grant of shares for free based on the 19th resolution of the extraordinary general meeting of shareholders of May 23, 2019.
The share subscription offering covers a maximum of 1,200,000 Valeo shares with a nominal value of EUR 1 per share.
The shares will bear immediate dividend entitlements and will be fully fungible with existing shares upon their issuance.
The offering is proposed to employees having a seniority of at least three months, achieved consecutively or not, between January 1, 2019 and the last day of the subscription period with a Valeo Group company member of the PEG or the PEGI, as the case may be.
The subscription price is set at 21.61 euros, corresponding to the average of opening prices of Valeo shares on 20 trading days from August 21, 2020 to September 17, 2020 inclusive, after a discount of 20 per cent.