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OMV Stock Split scheduled for July 11, 2005
Posted: 04 July 2005
- Stock split at the ratio of 1:10
- After stock split on July 11, 2005 the OMV share will be noted at a tenth part of the current listing price
- Conversion price of the convertible bond 2004-2008 will be adjusted to EUR 30.66 per share
The successful implementation of OMV Group’s growth strategy was seen as a positive development by the capital market. As a result the OMV share price has increased by 58% since the beginning of 2005 and therefore to improve the marketability of OMV’s shares and to increase liquidity, at OMV’s ordinary General Meeting of May 18, 2005 it was decided on a stock split of 10 to 1. The conversion on the Vienna Stock Exchange will take effect on July 11, 2005 . Consequently, OMV’s share price will be one tenth of the present share price as of the conversion date (e.g. instead of the current EUR 350 it will be EUR 35 after the split). This stock split is free of charge for shareholders, and will take place automatically for those shareholders who keep their shares in a securities account.
To facilitate the execution of the stock split, the share capital will be increased by EUR 81,900,000 from the current amount of EUR 218,100,000 to EUR 300,000,000 by using corporate funds and without issuing new shares. The 10 to 1 stock split will change the share capital structure from 30,000,000 no par value shares into 300,000,000 no par value shares issued to bearers. Thus, the nominal value per share will be EUR 1. The corresponding changes to the Articles of Association were recorded in the Commercial Register of the Commercial Court in Vienna on June 29, 2005 .
After the stock split, each shareholder owning one no par value share will own ten no par value shares. Shareholders holding their shares in a securities account at a bank do not need to take any further steps to receive a certificate for the shares and will not incur any charges for the stock split.
Shareholders holding physical securities will receive nine additional no par value shares for each no par value share held, and are requested to surrender coupon no. 32 from July 11, 2005 onwards at the counter of the Bank Austria Creditanstalt AG, Vordere Zollamtsstraße 13, 1030 Vienna during normal business hours. The issue is exempt from any charges. The additional shares are certified by a global certificate - no share printout will be provided. P hysical securities required for delivery to shareholders will be made available, as far as possible, from the existing inventory of share certificates.
As a result of the capital increase and the 10 to 1 stock split, the conversion price of the 1.5% 2004-2008 convertible bond will be adjusted. This bond entitles the holder to a conversion into ordinary no par value shares of OMV Aktiengesellschaft. The conversion price of the bond will be adjusted from EUR 306.60 per share at present, to EUR 30.66 from then onwards. This adjustment will take effect as of June 29, 2005 , the date of entry into the Commercial Register. A list of the stipulations for the 2004-2008 convertible bond – modified due to this adjustment – is available free of charge at the Head Office of OMV Aktiengesellschaft, Otto-Wagner P latz 5, 1090 Vienna, as well as at the counter of the Erste Bank der oesterreichischen Sparkassen AG, Börsegasse 14, 1010 Vienna.
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Number of shares |
Share capital in EUR |
Before stock split |
30,000,000 |
218,100,000 |
Share capital increase by using corporate funds |
– |
81,900,000 |
Before stock split after share capital adjustment |
30,000,000 |
300,000,000 |
After stock split 1:10 |
300,000,000 |
300,000,000 |
Posted by Editor Pipeline Magazine
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