Arcelor Calls a Second Extraordinary Shareholders' Meeting on June 21 to Decide on Public Share Buy-Back Offer and Strengthening of Shareholders' Rights.LUXEMBOURG -- Arcelor (ISIN Isin (ĭs`ĭn), capital of an ancient Semitic kingdom of N Babylonia. The city became important after the third dynasty of Ur fell to the Elamites and the Amorites (c.2025 B.C.). The phase from c.2025–c.1763 B.C. :LU0140205948) (Pink Sheets:ARLOF) (Paris:LOR LOR Letter Of Reprimand (military) LoR Lord of the Rings (J.R.R. Tolkien) LOR Learning Object Repository LOR Linux.Org. ) will call a second extraordinary general meeting of shareholders in Luxemburg, for Wednesday, 21 June, 2006 after a first meeting held on May 19th did not gather the required quorum A majority of an entire body; e.g., a quorum of a legislative assembly. A quorum is the minimum number of people who must be present to pass a law, make a judgment, or conduct business. of 50% of the issued capital. The absence of quorum at the first convened extraordinary general meeting is frequent and usual in many large listed companies listed company n → compañía cotizable listed company n → société cotée en Bourse listed company list n → . No quorum will be required for the second meeting at which resolutions may be adopted with a majority of at least two thirds of the votes of the shares present or represented. The agenda for the upcoming meeting remains unchanged and contains a draft resolution providing for a share capital reduction by a public offer to buy back shares of the company, which will then be cancelled. This offer will be open to all shareholders and will concern a maximum of 150 million shares, at a price to be set by the Board of Directors, but not exceeding 50 euros per share. The proposed share buy-back is one of the possible options announced by the Board of Directors on April 4, 2006 in connection with the distribution of a total amount of 5 billion euros to the shareholders. Another proposed resolution on the extraordinary general meeting agenda seeks to reinforce the group's already high corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. standards. It proposes the insertion of a paragraph into Article 13 of Arcelor's Articles of Association allowing shareholders holding at least 1% of issued shares to request that draft resolutions be put on the agenda of a shareholders meeting. The complete Convening Notice is available here : www.arcelor.com/index.php?lang=en&page=236 Arcelor is the number one steel company in the world with a turnover of 32.6 billion euros in 2005. The company holds leadership positions in its main markets: automotive, construction, household appliances and packaging as well as general industry. The company - number one steel producer in Europe and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. - ambitions to further expand internationally in order to capture the growth potential of developing economies and offer technologically advanced steel solutions to its global customers. In 2006, Arcelor employs 110,000 associates in over 60 countries. The company places its commitment to sustainable development Sustainable development is a socio-ecological process characterized by the fulfilment of human needs while maintaining the quality of the natural environment indefinitely. The linkage between environment and development was globally recognized in 1980, when the International Union at the heart of its strategy and ambitions to be a benchmark for economic performance, labour relations labour relations (US), labor relations npl → relations fpl dans l'entreprise labour relations labour npl → Beziehungen pl and social responsibility. For more information visit www.arcelor.com |
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