Rexel’s 2014 Annual General Meeting
Rexel, a global leader in the professional distribution of products and services for the energy world, held its Annual General Meeting of shareholders today in Paris. The resolutions approved at the meeting notably include those relating to the proposed change in the governance structure and to the dividend payment.
Change in governance structure
Shareholders approved the proposal to change Rexel’s governance model from a dual board structure with a Supervisory Board (“Conseil de Surveillance”) and Management Board (“Directoire”) to a one-tier board structure with a Board of Directors (“Conseil d’Administration”). In this new structure, Rudy Provoost has been appointed as President and Chief Executive Officer while François Henrot was appointed Vice President and Senior Independent Director.
Dividend payment
The decision to distribute a dividend of €0.75 per share was also approved as was the proposal to offer each shareholder the choice of opting for the payment of the dividend either in cash or in new Rexel shares. Shareholders can exercise their option from June 2, 2014 (inclusive) through to June 23, 2014 (inclusive) upon request to their financial intermediary. In the event of the absence of exercise of the option before June 23, 2014 (inclusive), the dividend will be paid in cash only. The option of cash or new shares applies to the full dividend amount for which it is offered. The price of the new shares issued for the payment of the dividend is set at €15.78. The record date is May 30, 2014. The payment of dividends in cash and the issuance of new shares when the option is exercised will be carried out from July 2, 2014. The maximum number of new shares that can be issued if this option is exercised is 13 426 139 representing 4.72% of Rexel’s share capital and voting rights.
Voting results*
Resolutions 1 to 21, 26 to 29, 31 and 33 to 45 were approved by a large majority.
Resolutions 22 to 25, 30 and 32 were not approved.
*For further details go to: https://www.rexel.com/fichiers/bibliotheque/ag_2014_rexel_convening_notice.pdf