Compagnie Générale des Établissements Michelin today announced that the shareholders voting at the Annual Meeting of May 13, 2022 resolved to split the par value of the Michelin share into four. This decision is related to the sharp 66% rise in the share price from €86.70 at December 31, 2018 to €144.15 at December 31, 2021.
The stock split will take effect on June 16, 2022 when trading opens, with the following characteristics:
- for each existing share with a par value of €2.00 held on that date, shareholders will receive four new shares with a par value of €0.50 in exchange, and the total number of shares making up the capital will be multiplied by four;
- Michelin shares will be traded based on the opening price on June 16, 2022 divided by four;
- the maximum purchase price per share under the share buyback program authorized by the Annual Meeting of May 13, 2022 will be reduced from €220.00 to €55.00.
This transaction will have no impact on the double voting rights attached to the shares under the conditions set out in the Company’s Bylaws. It will not incur any costs or formalities for Michelin’s shareholders and will not impact their rights in any way.
Investor calendar
- Last day of trading of existing shares: Wednesday, June 15, 2022
- Delisting of existing shares – Listing of new shares: Thursday, June 16, 2022
- Record date: Friday, June 17, 2022
- Payment date: Monday, June 20, 2022