CINCINNATI--(BUSINESS WIRE)--Regulatory News:
The Procter & Gamble Company (NYSE: P&G) (“P&G”) announced today that it has requested the delisting of its shares from Euronext Paris (ISIN US7427181091) due to the very low trading volume, costs and administrative requirements related to its listing on Euronext Paris. P&G shares will remain listed on the New York Stock Exchange (“NYSE”). The Board of Directors of Euronext Paris S.A. has approved this decision.
The delisting procedure will allow P&G shareholders holding P&G shares listed on Euronext Paris (“P&G Euronext Shares”) to sell their P&G Euronext Shares on the NYSE, P&G’s primary listing exchange. Holders of P&G Euronext Shares will have the following options:
- decide not to participate in the voluntary sales facility and keep their P&G Euronext Shares which will be traded on the NYSE as of the delisting date; or
- participate in the voluntary sales facility described below in order to sell all or part of their P&G Euronext Shares on the NYSE.
Shareholders Not Participating
Shareholders who do not wish to sell their P&G Euronext Shares or otherwise have taken no action will be able to trade their P&G Euronext Shares on the NYSE, subject to the terms applied by their financial intermediary.
Participating Shareholders
Shareholders who wish to sell their P&G Euronext Shares on the NYSE under the sales facility should request their financial intermediaries to deliver their P&G Euronext Shares from March 11, 2019 to March 22, 2019 included to BNP Paribas Securities Services, acting as centralizing agent, pursuant to the procedure described below.
The P&G Euronext Shares delivered to BNP Paribas Securities Services will be sold on the NYSE as from March 27, 2019 by a broker, at market prices prevailing at the time of the sale.
BNP Paribas Securities Services will calculate the average sale price of the P&G Euronext Shares and will be in charge of transferring the sale proceeds to the P&G participating shareholders.
P&G will pay the fees for the centralization and the brokerage fee related to the sale on the NYSE of the P&G Euronext Shares delivered to BNP Paribas Securities Services as part of the sales facility.
P&G shareholders are reminded that they may tender their P&G Euronext Shares in the sales facility on a voluntary basis. This sales facility procedure is also described in a Euronext notice to be published today, on March 6, 2019.
No guarantee can be given by P&G or by BNP Paribas Securities Services as to the price at which the P&G Euronext Shares will actually be sold. This process is being provided solely as an accommodation to holders of P&G shares who hold P&G Euronext Shares through Euroclear France. Individual investors may determine not to participate in this process or may decide not to take any action in which case no guarantee can be given on the terms applied by their financial intermediary after the delisting. Individual investors are urged to consult their own investment advisors before making a decision to participate or not in this process.
The calendar of the sales facility and the delisting described above can be summarized as follows (it being specified that P&G reserves the right to amend this calendar):
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Sales Facility |
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| Publication of the Euronext notice |
March 6, 2019 |
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| Publication of the P&G’s press release | |||
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Commencement of the sales facility |
March 11, 2019 |
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| Closing of the sales facility procedure |
March 22, 2019 |
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Deadline for intermediaries to transfer P&G |
March 27, 2019 |
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| Sale of P&G Euronext Shares on the NYSE |
As from March 27, 2019 |
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Proceeds of sale in USD converted into |
As soon as possible after receipt of |
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Delisting |
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Delisting of P&G Euronext Shares from |
March 28, 2019 |
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Removal of the P&G Euronext Shares from |
April 4, 2019 |
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P&G shareholders participating in the sales facility procedure acknowledge and agree to assume the risks associated with changes in the P&G Euronext Shares market price and exchange rates that may occur after P&G Euronext Shares have been delivered to BNP Paribas Securities Services. No P&G Euronext Shares may be removed from the sales facility on or after March 27, 2019. All tenders of P&G Euronext Shares under the sales facility will be irrevocable.
P&G Euronext Shares will be delisted from Euronext Paris on March 28, 2019.
Upon the delisting from Euronext Paris, the transfer of the P&G Euronext Shares from Euronext Paris to the NYSE will be done by the financial intermediaries.
P&G Euronext Shares will be removed from the operations of Euroclear France on April 4, 2019.
P&G Euronext Shares will continue to be listed on the NYSE under the symbol “PG”.
Shareholders are invited to contact their financial intermediaries for any additional information.
About Procter & Gamble
P&G serves consumers around the world with one of the strongest portfolios of trusted, quality, leadership brands, including Always®, Ambi Pur®, Ariel®, Bounty®, Charmin®, Crest®, Dawn®, Downy®, Fairy®, Febreze®, Gain®, Gillette®, Head & Shoulders®, Lenor®, Olay®, Oral-B®, Pampers®, Pantene®, SK-II®, Tide®, Vicks®, and Whisper®. The P&G community includes operations in approximately 70 countries worldwide. Please visit http://www.pg.com for the latest news and information about P&G and its brands.
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