CHARENTON-LE-PONT, France, July 12 /PRNewswire-FirstCall/ -- At their Annual Meeting on May 11, 2007, Essilor shareholders approved an increase in the par value of existing Essilor shares from EUR0.35 to EUR0.36 and a subsequent two-for-one stock split.
On July 16, for every EUR0.36 par value share held on that date, shareholders will receive two new shares with a par value of EUR0.18 and carrying the same dividend rights. The result of the split will be to double the total number of shares outstanding and to halve the share price.
Over the past five years, Essilor's share price has appreciated by more than 120%. The two-for-one split will make the share more affordable to new investors, particularly individuals. The split is also in line with Essilor's strategy of increasing daily trading volume to widen the share's market.
The transaction will be carried out by Euroclear France at no cost or formalities for Essilor shareholders and without any impact on their tax situation or voting rights.
On the other hand, the split will change the exchange ratio of bonds convertible into or exchangeable for new or existing shares (OCEANEs). Beginning on July 16, outstanding OCEANEs will be converted or exchanged on the basis of one bond for two new shares with a par value of EUR0.18.
Upon completion of the stock split, the Company's capital stock will be comprised of 208,391,936 shares with a total value of EUR37,510,548.48.
Essilor International is the world leader in ophthalmic optical products, offering a wide range of lenses under the flagship Varilux(R), Crizal(R), Airwear(R) and Essilor(R) brands to correct myopia, hyperopia, presbyopia and astigmatism. Essilor operates worldwide through 15 production sites, 244 lens finishing laboratories and local distribution networks.
The Essilor share trades on the Euronext Paris market and is included in the CAC 40 index.
Codes and symbols: ISIN: FR 0000121667; Reuters: ESSI.PA; Bloomberg: EF.FP.
Contacts: Investor Relations and Financial Communications Veronique Gillet Phone: +33-(0)1-49-77-42-16 www.essilor.com
EssilorCONTACT: Contacts: Investor Relations and Financial Communications,Veronique Gillet, Phone: +33-(0)1-49-77-42-16
