At their Joint Annual Meeting today, Michelin shareholders approved the payment of a 2012 dividend of €2.40 a share, with a reinvestment option.
The price of the new shares issued to shareholders electing to reinvest their dividend was set at €55.67 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 conversion of dividends into shares shall be on a net basis, that is:
- In the case of individual shareholders residing in France for tax purposes after deduction of the applicable 15.5% social security and an additional 21%* income tax withholding.
* Depending on their personal taxable income for 2012, French tax residents may apply for an exemption from this 21% withholding tax. To do so, an affidavit affirming eligibility must be filed with the bank holding the shares before March 31, 2013.
- In the case of shareholders whose tax residence is not France, after tax withholding as per the rate applicable to their country of residence.
The issued shares will carry dividend rights from January 1, 2013 and rank pari passu with existing shares. The ex-dividend date is May 24.
The reinvestment option may be exercised from May 24 until midnight June 11. 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 24, 2013.
The new Michelin shares will begin trading in Compartment A of the NYSE Euronext Paris exchange (ISIN: FR0000121261; ticker: ML) on June 24, 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 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.