PARIS (dpa-AFX) - French insurer Axa (AXAHY.PK) said that it launched its 2014 employee share offering.
As each year, the AXA Group offers to its employees, in and outside of France, the opportunity to subscribe to shares issued by way of a capital increase reserved to employees.
The 2014 offering, called 'SharePlan 2014', will take place in 36 countries and will involve over 110,000 employees who will, in most countries, be offered the opportunity to participate in both a classic offering and a leverage offering. The subscriber's initial investment in the leverage offering is guaranteed.
The maximum number of new shares that may be issued pursuant to the offering is 58.95 million shares, corresponding to a capital increase of a nominal amount of approximately 135 million euros.
The new shares will be eligible for dividends declared in respect of periods as of January 1st, 2014.
Participating employees will be obliged to hold their shares or FCPE units for a period of approximately five years, i.e. until May 2nd, 2019 in France, until July 1st, 2019 for the rest of the world and until December 5, 2019 in Belgium, except in the case of a specified early exit event.
The unknown Subscription Price reservation period will be from September 1st, 2014 to September 16, 2014.
Listing of the new shares on compartment A of NYSE Euronext Paris S.A. will be requested as soon as possible after the capital increase expected on December 5, 2014 and will be completed at the latest by December 31st, 2014 on the same line as the existing shares.
Copyright RTT News/dpa-AFX