The Repsol Flexible Dividend Program is a reward program that allows shareholders to decide whether to receive some or all of their remuneration in cash or in Repsol bonus shares, without payment by the shareholder.
The program is implemented through capital increases against voluntary reserves derived from retained earnings, with the Repsol’s purchase commitment of free-of-charge allocation rights at a guaranteed fixed price.
The “last trading date” of Repsol shares entitled to automatically receive free allocation rights for the new shares issued, will be the day the notice of capital increase is published in the Official Gazette of the Mercantile Registry. It will be necessary to hold a minimum number of rights for the allocation of one new share. This number will result from the relationship between the amount of the capital increase and the number of shares outstanding.
The allocation rights will be listed on the Stock Exchange for a minimum of 15 calendar days after publication of the notice of the capital increase in the Official Gazette of the Mercantile Registry. During this period, the shareholder may choose between:
Repsol guarantees, through an irrevocable commitment to purchase rights at a fixed price, that shareholders wishing to sell their rights and receive cash may do so. This option is granted only to shareholders on the Record Date, that is, on the effective settlement date for transactions made on the “last trading date”, and only for the free allocation rights they receive. Consequently, it is not possible to request this option with respect to free allocation rights acquired on the Stock Exchange.