Covivio General Meeting of 17 April 2024: approval of the scrip dividend option

Paris, 17 April 2024

 Covivio General Meeting of 17 April 2024:

Approval of the option for the payment of the dividend in shares with a subscription price of €38.61

Option for the payment of the dividend in shares

During the Combined General Meeting of 17 April 2024, the shareholders approved the amount of the dividend paid in respect of fiscal year 2023 of €3.30 per share as well as the option for the payment of the dividend in shares, contributing to strengthen the balance sheet. 

The subscription price of the shares to be delivered as payment of the dividend has been set at €38.61 per share. It corresponds to 90% of the average of the closing share price of the 20 trading sessions prior to the Combined General Meeting, less the net dividend¹.

The shares issued as a result will bear current dividend eligibility and will be the subject of a request for authorization to trade on the Euronext Paris regulated market, on the same quotation line as the existing shares.

The main part of shareholders represented on the Covivio Board of Directors (representing 43% of capital) have already undertaken to subscribe to this option. The balance sheet of Covivio will thus be reinforced by a capital increase between €142 million to €331 million.

Dividend calendar:

•       19 April 2024: ex-dividend date

•       23 April 2024 to 07 May 2024 inclusive: period for exercising the option for the payment of the dividend in shares (after this period has expired, the dividend will be paid in cash)

•       10 May 2024: results of the option for the payment of the dividend in shares 

•       27 May 2024: payment of the dividend in cash and settlement and delivery of the new shares

¹ The subscription price is rounded up to the next cent higher. 

If the amount of dividends for which the option is exercised does not correspond to a whole number of shares, the shareholders will be able to receive the next lowest whole number of shares and the remainder paid in cash by Covivio.

The shareholders who wish to opt for the payment of the dividend in shares should address their request to the financial intermediary handling their securities account for shares registered in an account in bearer form or in a managed registration account, and to the issuer account registrar of Covivio (Société Générale Securities Services) for shares in the issuer registration account.

The maximum number of shares to be issued through the payment of the dividend in shares, if 100% of the shareholders were to subscribe to the option, would represent 8,5% of the share capital as of 17 April 2024.

   DISCLAIMER

The present release constitutes an information document required in application of Article 1 of chapter 1, paragraph 4, point h) and paragraph 5, point g) of EU Regulation 2017/1129 of the European Parliament and the Council of 14 June 2017. 

This release does not constitute a public offering to purchase financial securities subject to the producing of a prospectus. This press release and any document pertaining to the payment of the dividend in the form of shares may only be distributed outside France, if this is in accordance with applicable laws and local regulations in force. It can in no way constitute an offering of financial securities in countries where such an offer would violate applicable laws and regulations.

The afore-mentioned dividend payment option in respect of fiscal year 2023 is available to all Covivio shareholders, except shareholders resident in countries where the share issue resulting from such an option would have to be registered with, or approved by, the local securities regulator. Shareholders resident outside France should enquire about the conditions pertaining to this option which could be applied by virtue of local laws. Shareholders are expected to inform themselves of any conditions concerning such reinvestment that may apply under local law. For tax aspects related to the payment of the dividend in shares, shareholders are invited to discuss their particular situation with their usual tax advisor. When deciding whether or not to exercise the stock dividend option, shareholders should consider the risks associated with an investment in Covivio shares. For further information regarding the Company and the risks relating to the Group, please refer to the chapter entitled "Risks and control mechanisms" in the Company's 2023 universal registration document filed with the AMF on 19 March 2024 under number D.24-0137 (available on the website www.covivio.eu).  

 CONTACTS

Press Relations

Géraldine Lemoine

Tel: + 33 (0)1 58 97 51 00

geraldine.lemoine@covivio.fr

Louise-Marie Guinet

Tel: + 33 (0)1 43 26 73 56 covivio@wellcom.fr

 ABOUT COVIVIO

Investor Relations

Vladimir Minot Tel: + 33 (0)1 58 97 51 94 vladimir.minot@covivio.fr

Thanks to its partnering history, its real estate expertise and its European culture, Covivio is inventing today’s user experience and designing tomorrow’s city.

A preferred real estate player at the European level, Covivio is close to its end users, capturing their aspirations, combining work, travel, living, and co-inventing vibrant spaces.

A benchmark in the European real estate market with €23.1 bn in assets, Covivio offers support to companies, hotel brands and territories in their pursuit for attractiveness, transformation and responsible performance.

Build sustainable relationships and well-being, is the Covivio’s Purpose who expresses its role as a responsible real estate operator to all its stakeholders: customers, shareholders and financial partners, internal teams, local authorities but also to future generations and the planet. Furthermore, its living, dynamic approach opens up exciting project and career prospects for its teams.

Covivio’s shares are listed in the Euronext Paris A compartment (FR0000064578 - COV), are admitted to trading on the SRD, and are included in the composition of the MSCI, SBF 120, Euronext IEIF “SIIC France” and CAC Mid100 indices, in the “EPRA” and “GPR 250” benchmark European real estate indices, and in the ESG FTSE4 Good, CAC SBT 1.5°C, DJSI World & Europe, Euronext Vigeo (World 120, Eurozone 120, Europe 120 and France 20), Euronext® CDP Environment France EW, ISS ESG, Ethibel and Gaïa ethical indices and also holds the following awards and ratings: CDP (A), GRESB (90/100, 5-Star, 100% public disclosure), ISS-ESG (B-) and MSCI (AAA).

Notations solicited:

Financial part:                BBB+ / Stable outlook by Standard and Poor’s