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Registered shares 

Shareholders may hold Vallourec shares in two different ways: as “registered” shares or as “bearer” shares.


Bearer shares

Bearer share accounts are held by your financial intermediary (bank or investment company) and Vallourec cannot identify the direct owner of these shares.


Registered shares:

There are 2 ways in which shareholders may hold registered shares:

  • Managed registered shares
    Your portfolio of shares is held by your financial intermediary, which is responsible for managing the portfolio.
    Your shares are however registered in Vallourec accounts, which enables us to identify you and make direct contact with you.

  • Fully registered shares
    Your shares are registered directly and solely in Vallourec accounts, which enables us to provide you with a personalized service.
    Your shares are registered in a shareholding account opened with CACEIS Corporate Trust, which manages Vallourec’s shareholding service. 

The benefits of registered shares


Holding fully or managed registered shares enables you to benefit from the following advantages :


Guaranteed personalized information service

  •  Prior to General Meetings of shareholders, we will send the following directly to your home:
     - the notice of meeting;
     - a postal voting form;
     - an admission card request form.
  • Our shareholder letters will also be sent to you automatically.
  •  Finally, you will have access to a telephone helpline at CACEIS Corporate Trust, which manages the Vallourec shareholding service. A team of advisors will be at your disposal to inform you about the management of your shares, the tax rules applicable to securities and the organization of General Meetings.

Preferential access to the company’s General Meetings


Holders of registered shares are automatically invited to attend General Meetings and are not required to go through proof of share ownership formalities prior to Meetings.


If you opt for fully registered shares, you will furthermore benefit from :

  • Free management of your shares.
  • Holders of fully registered shares do not pay any custody fees or any fees inherent in the day-to-day management of their securities, i.e. fees for:
    - conversion of their shares into bearer shares, security transfers;
    - transfers, gifts, inheritance;
    - securities transactions (capital increases, scrip issues, etc.);
    - the payment of dividends. 

How to register your shares as fully registered or managed registered ?

  • Example 1 : you already own Vallourec bearer shares :

• should you wish your shares to be held as managed registered shares, you need not transfer your shares or change your bank: your banker will submit a request for registration to CACEIS Corporate Trust, and will continue to manage your shareholding account.

• should you wish your shares to be held as fully registered shares, all you need do is fill in and sign a share transfer request form and send it to your financial intermediary.

For information : shares held in a French equity savings plan (plan d’épargne en actions: PEA) may be managed registered. To have them is a rather complicated process. Please contact CACEIS. They may not, however, be fully registered.

  • Example 2 : you do not yet own Vallourec shares:
    Acquire shares directly through CACEIS Corporate Trust.

CACEIS Corporate Trust contact details:

- telephone: +33 (0)1 57 78 34 44;

- fax: +33 (0)1 49 08 05 80;

- post:

CACEIS Corporate Trust

Relations Investisseurs

14, rue Rouget-de-Lisle

92862 Issy-les-Moulineaux Cedex 09

Summary table

Characteristics of the different methods of holding Vallourecshares



Registered shares

Bearer shares

Fully registered

Managed registered

Share account holder

CACEIS Corporate Trust is responsible for holding your shares on behalf of Vallourec

Your financial intermediary is responsible for managing your share account and sends CACEIS Corporate Trust the information needed for registration

Your financial intermediary

Custody and management fees

No custody fees or fees for current operations

Variable depending on your financial intermediary’s rates and can be higher for the management of managed registered shares

Inclusion in a French equity savings plan (PEA)

Consult CACEIS as regards the regulations

Management fees are set by your financial intermediary. They may be higher than for shares held as bearer shares

Management fees are set by your financial intermediary

Notification of General Meetings of shareholders

All the documents you need to take part in General Meetings will be sent to you automatically

You must complete the formalities required by your financial intermediary

Admission to General Meetings of shareholders

On presentation of your admission card or identity document

On presentation of your admission card or certificate of holding

Voting rights

Double voting right after 4 years

One vote per share


You must send your orders to CACEIS Corporate Trust. Only the following orders are accepted: orders in best limit, market orders and limit orders

You must send your orders to your financial intermediary

Dividend payment

Direct payment on ex-dividend date

Payment by your financial intermediary and in accordance with its terms and conditions

Annual tax return

You will receive a unique tax form (Imprimé Fiscal Unique: IFU) from CACEIS Corporate Trust on which to declare the dividends received in respect of your Vallourec shares

Your financial intermediary will send you a tax form consolidating all transactions in your shareholding account

Capital gains

The IFU that you receive includes only the sales proceeds for Vallourec shares sold during the year. It is your responsibility to calculate the capital gains

The IFU that you receive comprises all disposals made during the year. Some financial intermediaries manage capital gains (a charge is usually made for this service)

Vallourec letter to shareholders

Sent automatically

Sent upon request