Verallia has successfully completed its sixth employee shareholding offer. This operation, open from May 3 to 17, 2021 in 8 countries, offered Verallia’s employees a new opportunity to become shareholders of the Company under conditions reserved for them (20 discount discount and a matching contribution scale favourable to small contributions), and to associate them with the Group’s long-term development and performance.
This year, nearly 3,200 employees, i.e. 41 percent of eligible employees in 8 countries, took part in the offer at a unit subscription price of 25.52 EUR. In France, the operation was very well received, with nearly 75 percent of eligible employees subscribing. The total investment by the Group’s employees (including the Company’s matching contribution) amounts to 15.7 million EUR.
On June 24, 2021, following this operation, which was oversubscribed, 616,364 new ordinary shares, representing 0.5 percent of the share capital and voting rights, were issued by the Company. In order to, among other, neutralize the dilutive effect of this operation, the Company proceeded simultaneously with a capital reduction by cancelling 1.6 million treasury shares that had been acquired pursuant to the share buyback program.
Through this new operation offered to employees Verallia has managed in only six years to reach a rate of employee shareholders of approximately 41 percent. Employees now hold 3.54 percent of the Company’ share capital directly and through the Verallia FCPE (employee investment fund) as part of the successive offers reserved for employees.
“The success of this sixth transaction is a further demonstration of our commitment to implementing our ESG roadmap. Our objective is to reach 5 percent employee shareholding by 2025, and this very good level of participation in the operation is a strong message of employee support for the Group’s strategy. Verallia is one of the few companies to offer employee shareholding every year, which is a tool for aligning the interests of employees and shareholders as part of a profitable, inclusive and sustainable growth strategy,” said Michel Giannuzzi, Chairman and CEO of Verallia.
Lastly, in order to involve employee shareholders in the governance of the Company, the Shareholders General Meeting held on June 15, 2021 voted to amend the Company’s by-laws and set out the procedure for appointing the director representing employee shareholders on the Board of Directors.