2007 Reference document (PDF) - Valeo

4.8. Stockholders’ equity
4.8.1. Share capital
At December 31, 2007, Valeo’s share capital totaled 235 million
euros, comprising 78,209,617 shares of common stock with a par
value of 3 euros, all fully paid-up, excluding treasury stock - see
note 4.8.6. Shares that have been registered in the name of the
same holder for at least four years carry double voting rights
(2,206,124 shares at December 31, 2007).
Valeo’s potential share capital would amount to 274 million euros,
representing 91,184,612 shares, in the event of:
■
■
the exercise of stock subscription options granted to Valeo Group
employees;
the conversion of bonds issued as part of the OCEANE program
into new shares (see note 4.10.2).
Consolidated fi nancial statements at December 31, 2007
Notes to consolidated financial statements
The Group seeks to maintain a solid capital base in order to retain the
confidence of investors, creditors and the market, and to secure its
future development. Its policy is to strike a balance between levels of
debt and equity, and in particular to prevent net debt from exceeding
100% of stockholders’ equity for any prolonged period of time.
Employee-shareholders currently represent 1% of the Group’s share
capital. The Group aims to increase this percentage by regularly
implementing company savings plans and by extending stock option
plans and free share awards to a broader section of the workforce.
The Group buys back treasury stock on the market to cover its
obligations with regard to stock option plans and free share awards,
as well as the company savings awards and liquidity contract (see
section 4.2.2 of the Management Report).
The following employee stock subscription and stock option plans and free share plans approved by the Annual General Meeting were
outstanding at December 31, 2007:
■ Terms and conditions of stock subscription plans
Year in which
the plan was set up
Number of shares
subject to options
Exercise price
of options (1)
(in euros)
Number of options
outstanding at
December 31, 2007 (2)
< Contents >
Expiration date
2000 1,300,000 48.00 393,413 2008
2001 80,000 55.82 80,800 2009
2001 600,000 42.48 303,000 2009
2001 442,875 42.69 273,777 2009
2002 420,000 43.84 212,908 2010
2002 600,000 28.3 116,867 2010
2003 700,000 23.51 237,795 2011
2003 780,000 32.91 441,215 2011
2004 1,123,200 28.46 809,781 2012
TOTAL 6,046,075 2,869,556
(1)
Exercise price equals to 100% of the average Valeo share price over the 20 trading days preceding the meeting of the Board of Directors or Management Board granting
the stock subscription options.
(2)
The number of shares includes the impact of the public share buyback offer and simplified public tender offer, which increased the share allocation ratio to 1.01 Valeo share
from 1 Valeo share.
2007 Reference document - VALEO
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