These shares are registered with Valeo and held in an account at the security services division of Société Générale, appointed by Valeo. You pay no custody fees and receive precise information about the Group (notice for the annual shareholders’ meeting with forms for requesting an admission card, postal voting, proxies, and requests for publications).
Each share held in registered form for more than four years gives you double voting rights. You also benefit from Société Générale’s “Plus” services, consisting of:
Nomilia, a phone service in several languages available 24/7 on +33 (0)2 5185 6789. Telephone service representatives are available from 8:30 am to 6:00 pm, Monday to Friday;
www.nominet.socgen.com, which allows you to view your portfolio and place orders online.
Note: Valeo shares held in pure registered form may not be included in a French stock savings plan (PEA).
These shares are held in a custody account at the intermediary of your choice and registered with Valeo by the intermediary at your request. This system gives you the same advantages as holding pure registered shares, with the exception of free custody services. Valeo shares held in administered registered form may be included in a French stock savings plan (PEA).
These shares are held in a custody account at the financial intermediary of your choice (bank, investment company, online broker, etc.) However you cannot be certain that Valeo will be aware of your identity at all times, even though it periodically asks Euroclear France for information that allows it to identify bearer share holders. As a result, you will not systematically receive information about the Group. By contrast, you have the advantage of being able to pool all the shares in your portfolio in a single account, notably in as part of a French stock savings plan (PEA).
Stock market orders
Opening a pure registered account?
Opening a pure registered account?
Investors wishing to open a pure registered account should contact Société Générale Securities Services, the custodian for Valeo.
SOCIÉTÉ GÉNÉRALE
Département Titres Bourse – Comptes
32, rue du Champ-de-Tir
Phone: +33 (0)2 5185 6789 (local rates apply for calls placed in France)
Fax: +33 (0)2 5185 5342
Converting shares to pure registered form?
Converting shares to pure registered form?
Investors wishing to transfer their shares to a pure registered account, they can simply ask the custodian institution to effect the transfer by sending the transfer order to Société Générale.
SOCIÉTÉ GÉNÉRALE
Département Titres Bourse – Comptes
32, rue du Champ-de-Tir
BP 81236 – 44312 Nantes Cedex 3, France
Phone: +33 (0)2 5185 6789 (local rates apply for calls placed in France)
Fax: +33 (0)2 5185 5342
Buying and selling Valeo shares?
Buying and selling Valeo shares?
Investors who wish to buy or sell Valeo shares:
for bearer and administered registered accounts: speak to your financial intermediary;
for pure registered accounts: submit your order using a Société Générale form sent via internet, fax, telephone or post.
Tax treatment (For French taxpayers only)
Share price for French wealth tax purposes
Share price for French wealth tax purposes
For French taxpayers, the value of the Valeo stock to use for your 2011 wealth tax return is:
the closing share price on December 31, 2010: €42.465, or
the average of the last 30 closing prices of 2010: €42.720 per share.
Taxation of dividends
Taxation of dividends
Since the 2008 Finance Act, dividends are either taxable under income tax as investment income or, at the taxpayer’s discretion, are subject to a flat-rate withholding tax.
1. Income tax
When dividends are subject to the progressive income tax scale, they quality for the following measures:
a general allowance equal to 40% of the gross dividend amount with no ceiling;
a set annual allowance equal to €1,525 for single, widowed, divorced or married persons filing separately, or €3,050 for couples who are either married or in a civil union (PACS) and filing jointly.
2. Withholding tax
If the taxpayer chooses this option, he or she must inform the paying institution before the dividend is collected at the latest. In this case, the dividends are subject to a withholding tax equal to 18% of the gross amount (plus welfare contributions). Taxpayers who choose this option are not eligible for the allowances mentioned above.
In both cases (income tax or withholding tax), the amount of dividends received, before allowances or tax credits, is subject to the general welfare levy (CSG) and other welfare contributions, i.e. a total of 12.30% in 2011.
Since 2008, the welfare contributions taken out of dividends have been withheld at source by the paying institution .
Specific rules apply to dividends received on shares held in stock savings plans (PEA) or employee savings plans (PEE) is France.
Capital gains taxes applicable to French tax residents?
Capital gains taxes applicable to French tax residents?
As of 1 January 2011, all capital gains are subject to the CSG, income tax and other welfare contributions at the overall rate of 12.30%.
However, an allowance was introduced on January 1, 2006 that depends on the length of time shares have been held. This allowance is equal to one-third of the amount of the capital gain per year of ownership after the fifth year. In practice, therefore, any capital gains on your shares are totally tax-exempt after the eighth year of ownership.
Welfare contributions, however, remain due on the entire net capital gain.
Specific rules apply when selling shares held in a stock savings plan (PEA) or an employee savings plan (PEE).
The general rules described above, which are subject to change at any time, must be considered in the context of each taxpayer’s personal circumstances and should be checked with his or her financial adviser.
