IBERDROLA today informed of the number of subscription rights required to obtain one new share in the company, through the Iberdrola Flexible Dividend plan, which offers all its shareholders the possibility of obtaining shares at no cost.
Shareholders wishing to receive the final dividend payment against 2011 results in new shares must hold 21 subscription rights in order to obtain one new IBERDROLA share.
The Iberdrola Dividendo Flexible plan gives them the opportunity to receive new shares without cost or commission (default option). To do so, the Company will raise capital by up to €1,012 million. The exact amount will be known on July 19, reflecting how many shareholders have opted to obtain the new shares.
Those shareholders who opt to receive the dividend in cash can sell their rights to the Company or on the open market. If they take the first option IBERDROLA guarantees to pay €0.16 per share, with a withholding tax of 21% applicable. Shareholders who prefer to sell their rights in the market will have no fiscal retention, but neither will they benefit from a fixed guaranteed price.
IBERDROLA thereby maintains shareholder remuneration at the prior year’s level. The commitment to purchase at €0.16 per share announced by the Company is in addition to the ordinary cash dividend of €0.03 per share and the €0.146 per share paid in January, bringing total shareholder remuneration for 2011 to €0.336 per share against €0.326 in 2010.
The Company expects to disburse payment on July 23 with the new shares commencing trading on July 27.
‘Iberdrola Flexible Dividend’ calendar
3 July 2012: Date when the first execution of the capital increase is published in the Boletín Oficial del Registro Mercantil. Reference date for assigning subscription rights.
4 July 2012: Trading in subscription rights starts and timetable begins for shareholders to request payment in cash in line with the purchase commitment made by IBERDROLA.
12 July 2012: Last day to request payment in cash through the sale of rights to IBERDROLA at a fixed guaranteed price.
18 July 2012: End of rights trading period. IBERDROLA buys free subscription rights from shareholders that opt for cash payment.
19 July 2012: Final number of new shares to be isssued for the capital increase published.
23 July 2012: Payment of the price of free subscription rights acquired by IBERDROLA under its purchase commitment.
25 July 2012: Assignment of registries corresponding to shares to be issued in relation to the capital increase.
27 July 2012: New IBERDROLA shares issued as a result of the capital increase start trading.
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