The Board of Directors of Total SA (NYSE:TOT) met in the second week of December and announced a 2017 second interim payout of €0.62 a share and offered, under the guidelines established by the fourth resolution at the Mutual Shareholders’ Meeting in last May, the option for shareholders to get the 2017 second interim payout in new shares or in cash of the firm.
The period for using the alternative moved from December 19, 2017 to January 3, 2018. At the close of the said option period, 21% of privileges were exercised in favor of getting the compensation for the 2017 second interim payout in shares. Around 7.087 million new shares will be released, exhibiting 0.28% of the firm’s share capital depending on share capital of December 31, 2017.
As per the update from Total, the stock price for the new equities to be released as distribution of the 2017 second interim payout was fixed at €46.55 on December 12, 2017. This rate is equal to the average opening rate on Euronext Paris for the 20 trading days’ prior the Board on December 12, 2017, lowered by the sum of the 2017 second interim payout, without any discount.
The delivery and settlement of the new shares and their movement to trading on Euronext Paris platform will happen on January 11, 2018. The equities will carry immediate payout rights and will be completely assimilated with current shares already listed.
The remaining cash payout to be paid to company’s shareholders who didn’t elect to get the second interim dividend of 2017 in shares stands at €1,231 million and the payment date in cash is reported for January 11, 2018. Total is an international integrated energy provider and producer, a major global oil and gas firm, and a key firm in market of low-carbon energies.