2007 Reference document (PDF) - Valeo

5 Information
PAGE 182
on the Company and its capital
General information about the Company’s capital
General information about the Company’s capital
1. Changes in Valeo’s share capital
At December 31, 2007, Valeo’s share capital totaled 234,628,851 euros,
represented by 78,209,617 common shares with a par value of
3 euros each, all in the same class and all fully paid-up. The Valeo
share is quoted on the Euronext Paris.
Changes in the Company’s capital since December 31, 2003 are as follows:
2007 Reference document - VALEO
To the best of the Company’s knowledge, none of these shares
have been pledged.
Changes (in millions of euros)
Number of Total number
Year Type of operation Par value Premium Total shares of shares
2003 - - - - - 82,133,728
2004 Employee share issue
Issuance of shares on exercise
5 28 33 1,575,296 83,709,024
of stock options
Capital reduction further
- 1 1 51,333
2005
to public tender offers
Issuance of shares on exercise
(19) (233) (252) (6,250,000) 77,510,357
2006
of stock options
Issuance of shares on exercise
- 2 2 70,260 77,580,617
2007
of stock options 2 15 17 629,000 78,209,617
In 2004, Valeo set up an international employee stock ownership
plan entitled “Valeorizon 2004” and carried out an employee share
issue under an authorization given at the General Shareholders’
Meeting of April 5, 2004. The issue was described in an information
memorandum registered with the French securities regulator
(Autorité des marchés financiers – AMF) on August 27, 2004 under
number 04-738. As a result of this operation, on December 16, 2004,
Valeo placed on record a capital increase through the issue of
1,575,296 new shares, including 400,653 subscribed by Société
Générale in order to offer employees of subsidiaries in certain
countries outside France a leveraged formula equivalent to that
offered through a corporate mutual fund. The shares were issued
without pre-emptive subscription rights for existing shareholders,
at a price of 23.65 euros per share, representing a 20% discount
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to the average of the opening prices quoted for Valeo shares over
the twenty trading days preceding the Board of Directors’ decision
setting the opening date of the offer period.
During 2005, Valeo bought back 6,250,000 shares from the
Company’s shareholders, at a price of 40 euros each, representing
approximately 7.5% of the Company’s capital. The shares were
purchased under a public share buyback offer and a simplified
public tender offer, described in an information memorandum
registered with the AMF on April 28, 2005 under number 05-323.
The offer period ended on June 3, 2005 and on June 20, 2005 the
Board of Directors canceled the acquired shares and reduced the
Company’s capital by 18,750,000 euros, representing the par value
of the shares.
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