Dexia : Extension of the period for the sale of Dexia SA shares resulting from the consolidation of fractions of shares following the reverse stock split on 4 March 2016
The resulting fractions of shares were consolidated into new shares, which are then sold on the market by BNP Paribas Fortis, mandated by Dexia SA to execute this transaction. The net proceeds of the sale of those new shares will be allocated proportionally between the holders of fractions of shares. In order to avoid the sale of a large volume of shares over a short period, liable to disrupt price setting, BNP Paribas Fortis is currently selling these shares over time.
The initially planned period for the sale of these shares ran from 11 March 2016 until 8 April 2016, with a possibility to extend it. Considering the total volume of new shares resulting from the consolidation of and the volume still to be sold by BNP Paribas Fortis as of today, and following the recommendations of BNP Paribas Fortis, Dexia SA decided to extend the sale process of the new shares to 29 April 2016.
The cash compensation corresponding to the proportion of the net proceeds of the sale will be allocated within a period not exceeding one month as from the closing of the sale. To recall, Dexia SA is unable to anticipate the share price at the time of sale and cannot therefore estimate the proceeds of the sale which might have to be made.