At their Joint Annual Meeting today, Michelin shareholders approved the payment of a 2008 dividend of €1.00 a share, with a reinvestment option.
The price of the new shares issued to shareholders electing to reinvest their dividend was set at €33.731 representing 90% of the average opening prices on the NYSE Euronext Paris stock exchange over the twenty trading days preceding the date of the Meeting, less the amount of the dividend.
The issued shares will carry dividend rights from January 1, 2009 and rank pari passu with existing shares. The ex-dividend date is May 22.
The reinvestment option may be exercised from May 22 until midnight June 9. After that date or if the shareholder elects not to reinvest, the dividend will be paid in cash.
If the amount of the reinvested dividends does not correspond to a whole number of shares, the shareholder will receive the next lower number of shares and the balance in cash.
The dividend will be paid or the shares settled beginning on June 22, 2009.
The new Michelin shares will begin trading in Compartment A of the NYSE Euronext Paris exchange (ISIN: FR0000121261; ticker: ML) on June 22, on the same line as existing shares.
This information is also available in French and English in the “Shareholders Meetings” section of the www.michelin.com/shareholders website.
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This press release is not an offer to purchase or a solicitation to recommend the purchase of Michelin shares. To obtain more detailed information on Michelin, please consult the documents filed in France with Autorité des Marchés Financiers, which are also available from the www.michelin.com website.
This press release may contain a number of forward-looking statements. Although the Company believes that these statements are based on reasonable assumptions as at the time of publishing this document, they are by nature subject to risks and contingencies liable to translate into a difference between actual data and the forecasts made or inferred by these statements.