Annual Shareholders’ Meeting of April 10, 2008 - Election of new Directors and renewal of a Director’s term of office - Approval of the resolutions relating to the Madeco transaction
Paris, April 11, 2008 - The Annual Shareholders' Meeting of Nexans, held on first call on April 10, 2008 and presided by Gérard Hauser, Chairman and CEO, approved the payment on April 29, 2008 of a dividend of 2 euros per share, which represents an increase of approximately 67% compared to the dividend paid last year. The dividend detachment date will be April 24, 2008 (at the opening of the Stock Market).
The resolutions proposed to the vote of the shareholders were approved, except for resolution 19 relating to the allocation of shares without consideration to employees and officers of the company.
Amongst the resolutions which were approved at this meeting, the shareholders approved:
- the renewal of the term of office of Colette Lewiner as Director for 4 years,
- the election of Frédéric Vincent*, Chief Operating Officer of Nexans, as Director for a 4-year term.
The meeting also approved both resolutions that were proposed in connection with the acquisition of Madeco’s cable business following the signing of a final agreement with Madeco on February 21, 2008:
- the election of Guillermo Luksic Craig* as Director for a 4-year term, subject to and with effect as of the closing of the acquisition of Madeco’s cable business (scheduled for the third quarter of 2008).
- the delegation to the Board of the power to increase Nexans’ capital by a maximum of 10%, which delegation would be used to issue 2.5 million shares to Madeco in consideration for the contribution to Nexans of Madeco’s cable-related activities. The remainder of the consideration due to Madeco would be paid for in cash in the amount of 347 million USD, plus an estimated 75 million USD debt assumption, in a total amount of 422 million USD (to be adjusted, as the case may be, for change in working capital at closing).
« Following the adoption of these resolutions, once the Madeco shareholders have given their approval, we confirm our expectation that the remaining conditions to closing should be met without difficulty, permitting a closing of the transaction in the third quarter” » declared Gérard Hauser.
* Frédéric Vincent
Frédéric Vincent was appointed Chief Operating Officer of Nexans in 2006. From 1978 to 1985, he was a member of a major audit firm. He joined Alcatel in 1986 and integrated Alcatel’s Cables and Components sector in 1989. He was appointed Deputy Managing Director (Administration and Finance) of Alcatel's undersea telecommunications activities in 1994 and of Saft, Alcatel's batteries activity, in 1997. In 2000, he became Nexans' Chief Financial Officer and a member of Nexans Executive Committee.
* Guillermo Luksic Craig
Guillermo Luksic Craig is Chairman of the Board of Quiñenco, a business conglomerate listed in Chile, in which he is also a shareholder. He started his career within the Quiñenco group in 1975 and was appointed Chairman of the Board in 1982. He is currently Chairman of the Boards of the Chilean companies Madeco, Compañía Cervercerías Unidas (CCU), a diversified beverage company controlled by Quiñenco and its strategic partner Heineken, CNT Telefónica del Sur, the leading telephone company in the south of Chile, and Viña San Pedro, a Chilean wine producer. Since 2001 Mr. Luksic Craig has been a member of the Board of the second largest bank in the country, Banco de Chile. Finally, in 2005, he was appointed to the Board of Antofagasta plc., a London-based mining concern with extensive investments in Chile.
2008 Financial Calendar
April 22, 2008: Publication of first-quarter 2008 financial information
April 22, 2008: Shareholders’ information meeting
April 29, 2008: Payment of the share dividend
June 3, 2008: Individual shareholders’ information meeting in Dijon*
June 5, 2008: Individual shareholders’ information meeting in Lille*
July 24, 2008: Publication of the 2008 first-half results and sales
September 30, 2008: Individual shareholders’ information meeting in Nice*
November 24, 2008: Individual shareholders’ information meeting in Reims*
(* provisional dates intended for information purposes only)
With energy as the basis of its development, Nexans, the worldwide leader in the cable industry, offers an extensive range of cables and cabling systems. The Group is a global player in the infrastructure, industry, building and Local Area Network markets. Nexans addresses a series of market segments from energy, transport and telecom networks to shipbuilding, oil and gas, nuclear power, automotive, electronics, aeronautics, handling and automation. With an industrial presence in 39 countries and commercial activities worldwide, Nexans employs 22,800 people and had sales in 2007 of 7.4 billion euros. Nexans is listed on NYSE Euronext Paris, compartment A. More information on www.nexans.com