Compagnie Générale des Établissements Michelin has announced the launch of a new employee share ownership plan giving Michelin group employees the opportunity to subscribe to a rights issue reserved for them under preferential terms. The subscription period for the share offering will run from Sept. 16 to Oct. 1, 2020.
Michelin’s Managing Chairman decided to carry out a rights issue reserved for employees of the company who are members of the Michelin Group Employee Shareholder Plan, in order to more deeply involve the employees in the Group’s growth and development through a dynamic relationship built on mutual commitments. The rights issue was authorized by the Annual Shareholders Meeting of June 23, 2020, in the 22nd resolution.
The 2020 employee share ownership plan is open to employees in the following countries:
Argentina, Australia, Austria, Belgium, Brazil, Cameroon, Canada, Chile, China (including Hong Kong and Taiwan), Colombia, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, India, Indonesia, Italy, Japan, Luxembourg, Malaysia, Mexico, Netherlands, Nigeria, Norway, Peru, Poland, Portugal, Republic of Ireland, Romania, Russia, Serbia, Singapore, Slovakia, South Africa, South Korea, Spain, Sri Lanka, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom and United States.
Michelin has decided to increase the company’s capital by up to a maximum of 1,750,000 shares. On Sept. 14, 2020, the company set the subscription price at €76.37. The subscription price is equal to 80% of the reference price (corresponding to the average of the opening prices quoted for Michelin shares on Euronext Paris over the 20 trading days preceding said date), i.e., the reference price minus a 20% discount.
The beneficiaries of the offering are Employees of Group companies who are members of the Michelin Group Employee Shareholder Plan, irrespective of the nature of their employment contract, and who meet a seniority requirement of at least three months at the opening date of the subscription period. Employees who acquire their shares directly may exercise their voting rights individually at Michelin Shareholders Meetings. The voting rights attached to the shares acquired via FCPE Bib Invest Relais 2020 will be exercised by the FCPE’s Supervisory Board.
The new shares are expected to be admitted to trading on the Euronext Paris market on Nov. 12, 2020. They will be treated as existing shares.
