Regulatory News:
TechnipFMC plc (NYSE: FTI) (PARIS: FTI) (the “Company”)
announced today that following a comprehensive review of its
strategic objectives, it is proceeding with the voluntary delisting
of its shares (ISIN: GB00BDSFG982) from Euronext Paris.
Following the partial spin-off of Technip Energies and the
progressive selldown of the Company’s remaining ownership stake,
the Company has refocused as a pure-play technology and services
provider to the traditional and new energies industries. It now has
its principal place of business in Houston. These actions have led
the Board of Directors to conclude that a single listing on the New
York Stock Exchange (“NYSE”) is more consistent with the Company’s
strategic refocus and shareholder base, and allows the Company to
better align with its most appropriate peer set. In addition, the
Company expects that the savings in costs, administrative
requirements, and managerial time required to maintain a dual
listing can be redirected to other initiatives that contribute to
shareholder value.
The delisting has been approved by the Board of Directors of
Euronext Paris SA and the Company’s shares will remain listed on
the NYSE under the symbol “FTI”.
The holders of TechnipFMC shares traded on Euronext and held
through the facilities of Euroclear France (the “TFMC Euronext
Shares”) will have the following options:
- keep their TFMC Euronext Shares, which they will be able to
trade on Euronext Paris until the day before the delisting date and
on the NYSE thereafter through the facilities of The Depositary
Trust Company (“DTC”), subject to the terms applied by their
financial intermediary and their custody arrangements; or
- participate in a voluntary sales facility (described below) to
sell all or part of their TFMC Euronext Shares, in accordance with
the rules and regulations of Euronext Paris.
For the avoidance of doubt, holders of TFMC Euronext Shares will
be able to trade on Euronext Paris until February 17, 2022 (the
last trading date prior to the delisting).
Procedure of the Voluntary Sales Facility
Shareholders who wish to sell their TFMC Euronext Shares
utilizing the voluntary sales facility should request that their
financial intermediaries deliver their TFMC Euronext Shares to
Société Générale, acting as centralizing agent, at any time from
January 12, 2022 to January 31, 2022 (inclusive).
TFMC Euronext Shares delivered to Société Générale will be sold
on the NYSE as from February 8, 2022 at the market price prevailing
at the time of sale.
Société Générale will calculate the average sales price of TFMC
Euronext Shares sold during the sales period and transfer the sale
proceeds (which will be converted into euros from U.S. dollars by
Société Générale) to the participating shareholders once it
receives the funds.
The Company will pay the fees for the centralization and the
brokerage fee related to the sale of TFMC Euronext Shares delivered
to Société Générale as part of the voluntary sales facility.
This voluntary sales facility procedure is also described in a
Euronext notice to be published on January 11, 2022.
Please note that no guarantee can be given by the Company or by
Société Générale as to the price at which the TFMC Euronext Shares
tendered pursuant to the voluntary sales facility will actually be
sold. This process is being provided solely as an accommodation to
holders of TFMC Euronext Shares.
Shareholders may decide not to participate in the voluntary
sales facility or may decide not to take any action, in which case
no guarantee can be given to them on the terms that will be applied
by their financial intermediary after the delisting. Shareholders
are urged to consult their own investment advisors before making a
decision to participate or not in this process.
The calendar of the voluntary sales facility and the delisting
of the Company described above is summarized as follows (it being
specified that the Company reserves the right to amend this
calendar):
Event
Date
Voluntary Sales Facility
Beginning of the voluntary sales
facility
January 12, 2022
End of the voluntary sales facility
January 31, 2022
End of the centralization by Société
Générale
February 3, 2022 (before 4:00 PM Paris
time)
Sale on the NYSE of the shares tendered in
the voluntary sales facility
Beginning February 8, 2022
Settlement of the proceeds of the sale to
the relevant financial institutions
As soon as possible after receipt of the
proceeds of the sale
Delisting
Last day of trading of the Company’s
shares on Euronext Paris
February 17, 2022
Delisting of TFMC Euronext Shares on
Euronext Paris
February 18, 2022
Removal of TFMC Euronext Shares from the
operations of Euroclear France
March 11, 2022
Shareholders participating in the voluntary sales facility are
reminded that they acknowledge and accept the risks related to the
change in the share market price and/or applicable foreign exchange
rates between the date on which their shares are delivered to
Société Générale for participation in the voluntary sales facility
and the receipt of the applicable average sale proceeds. All
tenders of TFMC Euronext Shares under the voluntary sales facility
will be irrevocable.
Shareholders who would like additional information about the
voluntary sales facility or the delisting procedure may contact the
Company toll free in the United States at 1-800-662-5200 (attending
in English), toll free in France at 0805 321 060 (attending in
French and English), and caller paid in France at +33187652557
(attending in French and English) or by email at
TFMC@investor.morrowsodali.com. Shareholders are also invited to
contact their financial intermediaries for further information
regarding the procedures for participating in the voluntary sales
facility.
About TechnipFMC
TechnipFMC is a leading technology provider to the traditional
and new energy industries, delivering fully integrated projects,
products, and services.
With our proprietary technologies and comprehensive solutions,
we are transforming our clients’ project economics, helping them
unlock new possibilities to develop energy resources while reducing
carbon intensity and supporting their energy transition
ambitions.
Organized in two business segments — Subsea and Surface
Technologies — we will continue to advance the industry with our
pioneering integrated ecosystems (such as iEPCI™, iFEED™ and
iComplete™), technology leadership and digital innovation.
Each of our approximately 20,000 employees is driven by a
commitment to our clients’ success, and a culture of strong
execution, purposeful innovation, and challenging industry
conventions.
TechnipFMC uses its website as a channel of distribution of
material company information. To learn more about how we are
driving change in the industry, go to www.TechnipFMC.com and follow
us on Twitter @TechnipFMC.
Category: UK regulatory
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Investor relations
Matt Seinsheimer Vice President, Investor Relations Tel: +1 281
260 3665 Email: Matt Seinsheimer
James Davis Senior Manager, Investor Relations Tel: +1 281 260
3665 Email: James Davis
Media relations
Nicola Cameron Vice President, Corporate Communications Tel: +44
1383 742297 Email: Nicola Cameron
Catie Tuley Director, Public Relations Tel: +1 713 876 7296
Email: Catie Tuley
TechnipFMC (EU:FTI)
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TechnipFMC (EU:FTI)
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