2005 Annual Report - Touax
2005 Annual Report - Touax
2005 Annual Report - Touax
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Research and development activity<br />
The Group has no research and development activity.<br />
Dividend distribution policy<br />
The company maintains a policy of regularly distributing<br />
annual dividends which vary according to<br />
results. There is no fixed distribution rule, such as a<br />
specific percentage of net income or of share price.<br />
The company does not pay interim dividends.<br />
Dividends which are unclaimed after five years are<br />
paid to the Caisse des Dépôts et Consignations by<br />
the distributing organization. A historical overview of<br />
the distribution policy is presented page 112.<br />
Treasury stock<br />
There is no treasury stock (TOUAX SCA shares held by<br />
its subsidiaries). An organigram of the Group appears<br />
page 29 and a list of subsidiaries appears in the<br />
consolidated financial statements in note 2.2 page 63.<br />
Own shaes held<br />
As at 31 December <strong>2005</strong>, the company held 4,793 of<br />
its own shares. These shares were acquired as part<br />
of the repurchase program approved by the AMF on<br />
9 June <strong>2005</strong> (n o 05-526). Historical details of movements<br />
in TOUAX’s holdings of its own shares are set<br />
out page 45.<br />
note 29.7. Remuneration of company officers<br />
Total remuneration paid to company officers in<br />
<strong>2005</strong> amounted to €465,900. Details can be found<br />
page 39.<br />
Offices and functions of company officers<br />
The report of the Chairman of the Supervisory Board<br />
specifies the offices and functions of the company<br />
officers (page 131).<br />
Current delegations of power granted by the General<br />
Meeting<br />
The combined general meeting of 30 June <strong>2005</strong><br />
granted the managers the possibility of increasing<br />
the share capital to €20 million par value in one or<br />
more increases in share capital, immediately or in<br />
the future, in cash with elimination of pre-emptive<br />
right by the creation and issue, with or without issue<br />
premium, of ordinary shares, warrants and/or any<br />
other transferable securities giving access to the<br />
capital of the company.<br />
The Managers effected a capital increase of €7.3<br />
million during the <strong>2005</strong> financial year.<br />
Distribution of voting rights<br />
There is no category of shares which do not represent<br />
capital. A historical overview of the distribution<br />
of capital and voting rights is analyzed page 42.<br />
annual report <strong>2005</strong><br />
125
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