CEMEX Announces Subscription Issue Price of New CPOs
April 28 2017 - 5:30PM
Business Wire
CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE:CX) announced today that
as a result of the application of retained earnings for a capital
increase approved by CEMEX’s shareholders at the annual general
ordinary shareholders meeting held on March 30, 2017, CEMEX
shareholders will receive new shares as follows:
- 1 new CEMEX Ordinary Participation
Certificate (“CPO”) per 25 CEMEX CPOs held, or, if applicable, 3
new shares per 75 shares currently outstanding.
- Holders of CEMEX American Depositary
Shares (“ADS”) will receive 1 newly issued ADS per 25 ADSs
held.
- No cash will be distributed by CEMEX,
including for fractions for which no shares are issued.
The delivery of the new CPOs or shares, as applicable, will be
made starting on May 8, 2017. Only holders of record of CEMEX CPOs
or ADSs as of May 5, 2017 (the record date) will receive new shares
as a result of the increase in the capital stock. The new ADSs to
be issued will be distributed on or about May 12, 2017. Each ADS
represents 10 CPOs.
As a result of all of the above, the conversion rate of CEMEX’s
optional convertible subordinated notes due 2018 (the “2018
Convertible Notes”), both series of CEMEX’s optional convertible
subordinated notes due 2020 (the “2020 Convertible Notes”), as well
as CEMEX’s mandatory convertible obligations due 2019 (the “2019
Convertible Notes”) will be adjusted accordingly. The new
conversion rate for the 2018 Convertible Notes will be 116.6193
ADSs per U.S.$1,000 principal amount of 2018 Convertible Notes,
equivalent to a conversion price of approximately U.S.$8.5749 per
ADS. The new conversion rate for the 2020 Convertible Notes will be
90.8592 ADSs per U.S.$1,000 principal amount of 2020 Convertible
Notes, equivalent to a conversion price of approximately
U.S.$11.0060 per ADS. The new conversion rate for the 2019
Convertible Notes will be 509.1077 CPOs per each convertible
obligation, equivalent to a conversion price of approximately
MXN$17.4816 per CPO.
The subscription price is MXN$16.8259 per new CEMEX CPO. The
shares will be subscribed for at a price of MXN$5.6086 per share,
of which MXN$0.00277661 will go to CEMEX´s capital stock and the
remaining amount will be treated as premium for the subscription of
capital, and will be deemed fully paid by a capitalization of
retained earnings. CEMEX shareholders will not be required to pay
any consideration in connection with the issuance of the
shares.
In accordance with applicable tax laws, the previously mentioned
capitalization is not subject to a withholding of income taxes by
CEMEX as the capitalization is being charged against retained
earnings corresponding to the 2016 and prior fiscal years.
This press release contains forward-looking statements and
information that are necessarily subject to risks, uncertainties,
and assumptions. CEMEX assumes no obligation to update or correct
the information contained in this press release.
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version on businesswire.com: http://www.businesswire.com/news/home/20170428006051/en/
CEMEX, S.A.B. de C.V.Media Relations:Jorge Pérez,
+52 (81) 8888-4334mr@cemex.comorInvestor
Relations:Eduardo Rendón, +52 (81)
8888-4256ir@cemex.comorAnalyst Relations:Lucy
Rodriguez, +1 (212) 317-6007ir@cemex.com
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