Paris-headquartered global insurer AXA Group has launched “Shareplan 2021,” this year’s edition of the company’s annual employee share offering.
“We are pleased to offer, for the 28th consecutive year, a capital increase reserved for our employees,” said AXA chief executive Thomas Buberl. “This operation, deeply rooted in AXA’s culture, is a powerful lever to strengthen the existing links with our teams, by associating them even further to the group’s performance and its long-term successes.”
Taking place in 36 countries, Shareplan 2021 will involve approximately 110,000 AXA employees. According to the company, in most countries staff will have the opportunity to participate in both a classic offering and a leverage offering.
Meanwhile, the maximum number of new shares that may be issued is 58,951,965 shares, which AXA said correspond to a capital increase of a nominal amount of around €135 million.
In its announcement, the insurance group noted: “For the classic offering (other than Germany, Italy, South Korea, Spain, and the United States), the new shares will be subscribed through FCPEs of which the employees will receive units. The employees will have direct voting rights at AXA’s shareholders’ meetings.”
FCPE (Fonds Commun de Placement d’Entreprise) refers to the company’s employee stock ownership fund.
AXA went on to note: “In Germany, Italy, South Korea, Spain, and the United States, the shares will be subscribed directly by employees and will be held in registered accounts. They will have direct voting rights. The classic offering will not be offered in Morocco.
“For the leverage offering other than in China, Italy, South Korea, the United States, and Sweden where the leverage formula will not be offered, the new shares will be subscribed through FCPEs of which the employees will receive units. The employees will have direct voting rights at AXA’s shareholders’ meetings.”
The retraction/subscription period is expected to run from October 14 to October 18, with the date of the capital increase slated on November 26.
