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INFORMATION REGARDING THE COMPANY AND CORPORATE GOVERNANCE
117
LISI 2015 FINANCIAL REPORT
1.1.3 Share capital authorized but not issued
On April 22, 2015, the Extraordinary General Meeting
authorized the Board of Directors to issue, in one or more
installments, newshares for cash, reserved for groupemployees
participating in the Company's mutual fund, up to an overall
maximum amount of €2,000,000 including issue premiums,
within a period of 26 months from the date of this Meeting.
1.1.4 Potential capital securities
At December 31, 2015, there are no warrants providing access
to capital.
1.1.5 Dividend distribution policy for the past five years –
Dividend prescription period
The distributable profit is at the disposal of the Shareholders’
General Meeting, which determines its allocation.
In the past five years, dividends paid out per share have been
as follows:
Net dividend in €
2010
1.05
2011
1.30
2012
1.40
2013
1.70
2014
*
0.37
2015
(1)
0.39
(1) Subject to the decision of the Ordinary Shareholders’ General Meeting of
April 27, 2016. The dividend payment date was set at May 9, 2016.
* Unit value of the dividend following the 5 stock split.
The timeframe for paying dividends is nine months as of the
year-end date. Unclaimed dividends are waived to the State
after a period of five years beginning of the payment date.
1.2
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SHARE REPURCHASE PROGRAM
1.2.1 In place at December 31, 2015
On April 22, 2015, the Combined General Meeting authorized
the Company to repurchase up to 10% of its own shares in the
open market for a period of 18 months, i.e. up until October 22,
2016.
Thus, LISI S.A. plans to launch a stock repurchase program for
the following purposes, in decreasing order of importance:
■■
to increase the activity of the stock on the market by an
Investment Services Provider via a liquidity contract in
accordance with the professional code of ethics recognized by
the AMF (the French Stock Market Authority);
■■
to grant stock options or free shares to employees and
corporate officers of the company and/or its Group;
■■
to retain and use shares as consideration or payment for
potential acquisitions;
■■
to cancel shares purchased, subject to the approval of the
Extraordinary General Meeting to be called at a later date.
The following terms apply to this authorization:
■■
The Company may not repurchase its own shares for more
than €40 per share, not including transaction fees;
The highest figure that LISI S.A. would pay if it purchased
shares at the ceiling price set by the Shareholders’ General
Meeting, i.e. €40, is €158,402,360.
Under the above-mentioned share repurchase program, LISI
S.A. acquired 370,210 treasury shares in 2015, i.e. 0.7% of the
total number of shares issued. The number of own shares held
by LISI S.A. stands at 1,233,252.
The transactions carried out by the Company on its own shares
are summarized in the table below:
Number of
shares
Average
weighted
price in €
Shares held at 01/01/2015
1,442,328
7.94
Shares acquired in 2015
370,210
24.99
Shares awarded in 2015
(187,792)
7.46
Shares disposed of in 2015
(391,494)
24.40
Shares held at 12/31/2015
1,233,252
7.91
Of which shares allocated to
remuneration in shares
1,200,638
Of which available shares
32,614
Shares have been purchased and sold within the scope of the
market-making contract with Oddo Corporate Finance. The
market-making contract complies with the ethical charter of
the AFEI.