SES has raised €232.1m following the issuance of 6 million series A shares and 3 million series B shares.
The series A shares were purchased at €32.24 per share, the closing price of SES shares on 29 May, by an undisclosed financial institution. The…
SES has raised €232.1m following the issuance of 6 million series A shares and 3 million series B shares.
The series A shares were purchased at €32.24 per share, the closing price of SES shares on 29 May, by an undisclosed financial institution. The B shares were subscribed by existing B shareholders at €12.896 per share. As a result of the issue, the current series A shareholders saw their position diluted by 1.78%.
Proceeds from the sale are to be used by SES to buyback the A shares from the financial institution on an agreed timetable between June 2015 and April 2016. The shares are listed on the Luxembourg and Euronext Paris Stock Exchanges as Fiduciary Depositary Receipts (FDRs).
The reason for this is that it gives SES the ability to buy back the FDRs when it is required to upon the exercise of outstanding stock options that it has previously issued. It is provides flexibility under its long term equity plans.
In the interim, the financial institution’s FDRs will remain part of SES’ free float, which represents around 75% of the company.
The issue was the result of a resolution passed at the company’s annual general meeting in April that authorised the board, for a period of five years, to issue shares worth up to €644.25m.
