Vallourec: Shareholders’ General Meeting Approves Resolutions Necessary for the Implementation of the Financial Restructuri...
20 Abril 2021 - 12:30AM
SHAREHOLDERS’ GENERAL MEETING APPROVES
RESOLUTIONS NECESSARY FOR THE IMPLEMENTATION OF THE FINANCIAL
RESTRUCTURING PLAN WITH A VERY LARGE
MAJORITY
Boulogne-Billancourt
(France), April
20, 2021 – In
light of the Covid-19 epidemic and in accordance with applicable
regulation, the ordinary and extraordinary general meeting of
shareholders of Vallourec S.A. (the “Company”) and the special
general meeting of holders of shares of the Company with double
voting rights are to be held exceptionally behind closed doors
without the physical presence of its shareholders, respectively at
8 am and 2 pm today. All votes have therefore already been received
by the Company ahead of the meeting.
Vallourec announces that, on the basis of
information received, all of the resolutions necessary for the
implementation of the financial restructuring provided for under
the draft safeguard plan have been approved by more than 83% of the
votes cast. All other resolutions submitted to the ordinary and
extraordinary general meeting of the shareholders of Vallourec SA
were also approved. Similarly, the resolutions relating to the
removal of the double voting rights were approved by the special
shareholders meeting of the holders of shares of the Company with
double voting rights. Details regarding quorum and votes on each
resolution will be published after certification of the attendance
sheets on the “General Meetings” webpage of the Company’s website:
https://www.vallourec.com/en/hub-finance/assemblees-generales.
Shareholders will be able to follow live and
remotely the general meetings at the following address:
https://www.vallourec.com/en/hub-finance/assemblees-generales,
which will be available in replay on Vallourec’s website at the
same address.
The Company will allow shareholders who wish so
to ask questions, live, after the opening of the debate by the
Chairman of the general meeting, via a written chat that can be
accessed during the live broadcast of the general meeting on the
Company’s website
(https://www.vallourec.com/en/hub-finance/assemblees-generales).
Edouard Guinotte, Chairman of the Management
Board, stated: “The approval of our shareholders is a key milestone
towards the implementation of our financial restructuring plan and
I would like to thank them for their decisive support in order to
allow us to roll out our strategic roadmap.”
The next steps of the financial restructuring
are the following:
-
obtaining the required antitrust clearances and foreign investment
clearances from the competent authorities; according to the
indicative timetable currently contemplated, these clearances could
be obtained before May 11, 2021;
- the approval of the draft safeguard
plan of the Company by the Commercial Court of Nanterre. According
to the indicative timetable currently contemplated, the court
should examine the request for approval of the draft safeguard plan
during an hearing scheduled on May 11, 2021 and the judgment could
be rendered as early as 19 May 2021; and
- The launch of the rights issue in
the amount of €300 million for the benefit of the shareholders,
fully backstopped by certain creditors, after the approval of the
French Financial Markets Authority on the prospectus; according to
the indicative timetable currently contemplated, the rights issue
could be launched at the beginning of June.
It is reminded that, according to the indicative
timetable currently contemplated, Vallourec aims to implement all
transactions provided under the financial restructuring plan by the
end of June 2021.
About
Vallourec
Vallourec is a world leader in premium tubular
solutions for the energy markets and for demanding industrial
applications such as oil & gas wells in harsh environments, new
generation power plants, challenging architectural projects, and
high-performance mechanical equipment. Vallourec's pioneering
spirit and cutting edge R&D open new technological frontiers.
With close to 17,000 dedicated and passionate employees in more
than 20 countries, Vallourec works hand-in-hand with its customers
to offer more than just tubes: Vallourec delivers innovative, safe,
competitive and smart tubular solutions, to make every project
possible.
Listed on Euronext in Paris (ISIN code:
FR0013506730, Ticker VK), Vallourec is part of the SBF 120 index
and is eligible for Deferred Settlement Service Long Only.
In the United States, Vallourec has established
a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN
code: US92023R2094, Ticker: VLOWY). Parity between ADR and a
Vallourec ordinary share has been set at 5:1.
Calendar
May 20th 2021: Release of first
quarter results
For further information, please
contact:
Investor
relations Jérôme FribouletTel: +33 (0)1 49 09 39
77Investor.relations@vallourec.com |
Press
relations Héloïse Rothenbühler Tel: +33 (0)1 41 03 77
50 heloise.rothenbuhler@vallourec.com |
Individual
shareholdersToll Free Number (from France): 0 805 65 10 10
actionnaires@vallourec.com |
|
- Vallourec-Press release - Approbation des résolutions AGM -
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