Vallourec S.A. (VK) Earnings Call Transcript & Summary

Ladies and gentlemen, the special meeting with the shareholders are in order. Due to the lockdown measures imposed by the government, the special meeting is being held behind closed doors. I would very much like to thank the double voting shareholders -- double voting rights who voted by correspondence and who can follow this webcast directly with us. I remind you, you can send in your questions in writing during the webcast, and we will answer them later. We have here Edouard Guinotte, Chairman of the Management Board; Olivier Mallet, member of the Management Board; Jean-Jacques Morin, member of Supervisory Board; and Claire Langelier, General Counsel. Due to restrictions, I'm detained abroad, sir Jean-Jacques will be chairing this special meeting, and I thank him for doing so. Thank you, Jean-Jacques.

Thank you, Vivienne. Thank you. The teller -- shareholders present acting as tellers, managers of the Bureau, VP France participations represented by [ Alexandre Lyra ], who will be monitoring remotely this shareholder meeting, and Vallourec France, Germany, [indiscernible], Brazil, Mexico, UAE, and Vallourec [indiscernible] represented by [ Michel Cardon ], present here. Claire Langelier will be secretary of this meeting. She'll be recalling the formalities, which have been carried out so that this meeting could -- special meeting count be held.

This meeting is on first invitation. The invitations were published in the official gazette. Individual invitations were also sent out to bear shareholders as per legislation. I can confirm required documents were deposited on the desk, quorum requests for deliberations by the special meeting, at least 1/3 of the total of the company's shares with voting rights. The attendance sheet shows the following: 105 shareholders gave proxies to the Chairman. 83 shareholders voted by correspondents. All in all, 188 shareholders holding 197,295 shares and 394,590 voting rights out of the overall number of shares having voting rights, representing 724,748 voting rights. So we can say the quorum is 54.44%. This meeting has been regularly constituted and therefore may deliberate. Now the agenda for this meeting and the resolutions for your approval. I'd say you may read through the invitation document available on the company's website to see the agenda. This brochure contains beyond the draft resolutions, the Management Board's report on these draft resolutions.

I would like to call this meeting to order.

The special meeting will be taking place. Management Board, first of all, we'll recall the purpose of this special meeting. We'll then answer your questions. And after the discussions, we will see the results. We will tally the results of voting on the resolution. I'd like to give the floor to the management now.

Yes, the purpose of this special meeting is to have the shareholders who have double voting rights to accept to the elimination of double voting rights provided for in the company's bylaws. This was approved by the combined AGM that met this morning as part of the financial restructuring of the company, which is a major stage to make it possible for Vallourec to once again have a well-balanced financial structure, reducing its level of debt and securing requisite liquidity, so it can roll out its strategy plan in a volatile marketplace environment. The elimination would be as of the date of the actual carrying out of the financial restructuring.

Now we can answer your questions. You may ask your questions via the live chat.

Do we have more questions than this morning?

I don't get the impression we do. So Vivienne, you may take the floor and continue conducting the meeting. I do not believe there are any questions that have come in through the chart. Vivienne?

Okay. Thank you then. I'd ask Claire to give us the results of the votes on the resolutions.

Thank you, Vivienne. Resolution 1, elimination of double voting rights. If -- we have the restructuring -- effective restructuring date and the amendment of the bylaws. The resolution is adopted by a majority of 99.38%. Resolution 2, that was for formalities. Resolution is adopted, 99.85% of votes in favor.

Okay. We have completed going through our agenda. I would like to adjourn this meeting.

Thank you very much. Thank you for taking part in this meeting. Thank you. [Statements in English on this transcript were spoken by an interpreter present on the live call.]