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Vallourec to Launch Value09 Employee Shareholding Plan

08/04/2009 - Vallourec reaches agreement in principle for implementation of an employee share offering for its employees and assimilated beneficiaries.

Vallourec has reached an agreement in principle for implementation of an employee share offering for its employees (and assimilated beneficiaries). The plan is to be supplemented by a free performance share allocation plan.
 
The new plan — “Value 09” — is an offering of up to 1,075,000 newly issued shares, representing 1.9% of the company’s share capital. It builds on the success of Value08, to which approximately 12,200 employees (68% of eligible employees) subscribed, bringing employee shareholders’ interest in the Group’s share capital to 1.53%.
 
Vallourec decided to launch a new plan for 2009 to further strengthen the employees’ corporate attachment to the Group’s future development and results by offering them an opportunity to invest again in Vallourec shares (either directly or indirectly) via one or several FCPE (fonds commun de placement d’entreprise or company mutual fund).
 
Subject to any locally required authorizations, the “Value 09” offer will be open to employees (and assimilated beneficiaries) of Vallourec and the subsidiaries in which it holds more than 50% of the share capital and which have registered offices in France, Germany, Brazil, United States, United Kingdom, Mexico, China or Canada, which covers approximately 94% of the Group’s current employees.
 
In France, Vallourec will offer two formulas: a classic formula (i.e., share subscription with a 20% discount, supplemented by an employer contribution in cash through a company mutual fund), and a leverage formula. Outside of France, only a leverage formula will be offered.
 
Vallourec is world leader in the production of seamless steel tubes designed primarily for the Oil & Gas and Power generation sectors, as well as for other industrial applications.