(CercleFinance.com) – Technicolor announced last night the launch of the distribution in kind of 65% of the capital of its visual effects subsidiary Technicolor Creative Studios (TCS) to its shareholders.
This decision follows the lifting of all the conditions precedent relating to the demerger transaction, a ‘key’ step in the separation process which was unveiled last February by the company.
The admission of the TCS shares to trading on Euronext in Paris will take place on September 27, followed by the delivery of the securities on September 29.
According to the plan adopted, the group’s shareholders will receive one TCS share for each Technicolor share held, which will correspond to the distribution of some 355.3 million TCS shares.
The technical reference price of each TCS share – in view of the opening of the trading session on September 27 – has been set at 1.9539 euros per share, a ‘purely indicative’ technical price according to Technicolor, and which cannot be used to determine the future trading price of TCS shares.