On December 9, a Combined General Shareholders’ Meeting of Vivendi will vote on the split project of the Group. Vivendi is suffering from a significantly high conglomerate discount, substantially reducing its valuation and limiting its ability to carry out external growth transactions for its subsidiaries. To fully unleash the development potential of all its activities, the Group has decided to launch this spin-off project. Watch this video to learn about its main implications.
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00:00On December 9, the Vivendi Combined Shareholders Meeting will vote on the group's spinoff project.
00:08Assuming the split project is approved, Canel, Plus, Havas and Louis Hachette Group,
00:13which will bring together Lagardère and Prisma Media, will be independent and listed companies.
00:18The very high conglomerate discount assigned to Vivendi significantly reduces its market value
00:24and limits the ability of its subsidiaries to make acquisitions.
00:28To fully unleash the development potential of all its activities, the group has decided to initiate a split.
00:35Here are the main points you need to know.
00:37If the operation is approved, Canel, Plus will be listed on the London Stock Exchange in Pound Sterling.
00:44Havas will be listed on Euronext Amsterdam in Euros
00:48and Louis Hachette Group on Euronext Growth in Paris in Euros.
00:52Vivendi will continue to be listed on Euronext Paris.
00:55For every Vivendi share you hold on December 13, you will receive one Canel, Plus share,
01:01one Havas share and one Louis Hachette Group share, while keeping your Vivendi share.
01:06If your Vivendi shares are invested in a share savings account, a PEA in French,
01:12they will remain in that account and the Canel, Plus, Havas and Louis Hachette Group shares can also be placed in the same account.
01:20The split will be treated partly as a return of capital, which is not taxed because it does not constitute income,
01:26and partly as a distribution from reserves, which will be taxed.
01:30The amount of the Vivendi distributable reserves stood at 4.231 billion Euros, i.e. 4.27 Euros per share.
01:38If you are a French tax resident and your Vivendi shares are invested in a share savings account, a PEA in French,
01:45the spinoff will not be taxable.
01:47If you are a French tax resident and your Vivendi shares are held in an ordinary securities account, a tax of 1.28 Euros will be applied.
01:56If you are a direct registered shareholder, you will pay the tax in shares.
02:01If you hold bearer shares and are an administered registered shareholder, you will pay the tax in cash, as instructed by your bank.
02:08When you sell your Canel, Plus, Havas or Louis Hachette Group shares,
02:12the first quoted price of the shares of these entities will be considered as the purchase price and determine your capital gain or loss.
02:20When you sell your Vivendi shares, to calculate your capital gain or loss,
02:24your purchase price must be adjusted to account for the portion of the spinoff that constitutes a return of capital, which is not classified as income.
02:33If you are a French tax resident and either an administered registered shareholder or hold bearer shares in a securities account,
02:40you can contact your bank to find out the exact procedures for paying taxes and whether there will be any change to your investment management fee.
02:48If you are a direct registered shareholder, Optavia will send you details about how the transaction will be carried out.
02:55Information about the spinoff is available on the Vivendi website, particularly in the Vivendi information document provided there.
03:02Alternatively, you can call the following toll-free number, 0805 050 050.
03:09We also encourage you to consult your usual tax advisor.