Subsection 4: Changes in share capital and employee share ownership

In companies whose shares are admitted to trading on a regulated market, the report of the Board of Directors or the Management Board referred to in Article R. 225-114 shall indicate, in addition to the information provided for in Article R. 225-115, the theoretical impact on the current market value of the share as resulting from the average of the previous twenty trading sessions. The Statutory Auditor shall give his…

For the purposes of the first paragraph of Article L. 22-10-52, the price shall be at least equal to the weighted average of the prices on the last three trading days prior to the start of the public offer within the meaning of Regulation (EU) No 2017/1129 of 14 June 2017, possibly reduced by a maximum discount of 10%.

The additional publication in a notice published in the Bulletin des annonces légales obligatoires of the notice informing shareholders of an issue of new shares or of securities giving access to the capital likely to result in a capital increase, referred to in the penultimate paragraph of Article R. 225-120, is also applicable if all the company’s shares are admitted to trading on a regulated market. The last paragraph of…

In companies whose shares are admitted to trading on a regulated market, the waiver of preferential subscription rights provided for in Article R. 225-122 may not be made in favour of named beneficiaries.

By way of derogation from the provisions of Article R. 225-130, when the sale relates to equity securities admitted to trading on a regulated market or to the operations of a central depository referred to in Article L. 22-10-50, it shall be carried out in accordance with the procedures provided for, as the case may be, in the second, third or fourth paragraph of Article R. 228-12.

The additional insertion in a notice published in the Bulletin des annonces légales obligatoires of the notice by which the Board of Directors, or the Management Board, suspends the possibility of obtaining equity securities, provided for by the second paragraph of Article R. 225-133, is also applicable if the company’s securities giving access to the capital are admitted to trading on a regulated market.