Total SA approved during its June 1 shareholder meeting a final 2017 annual dividend of €2.48 per share for a 1.2% increase over the 2016 dividend, giving shareholders the option of receiving the final interim payment either in cash or in new shares of the company.
In order to avoid diluting the Total shares currently outstanding, the company said it will buy back any newly issued shares during the quarter with the intention of canceling them.
Given the three interim dividends of €0.62 per share paid in October 2017, January and April, the final interim payment will be €0.62 per share.
The share price for shareholders who elect to receive company shares will be €52.03, which is equal to the 20 trading-day average opening price on the Euronext Paris exchange prior to the June 1 shareholder meeting, less the amount of the final dividend.
"Shares issued as payment of the final dividend will carry immediate dividend rights, and an application will be made to admit the shares for trading on the Euronext Paris," the company said.
Total set the ex-dividend date for June 11 and said shareholders may elect to receive the final dividend payment in new shares beginning June 11 and ending June 20 by instructing their financial brokers.
For the company's American depository shares, Total set the ex-dividend date for June 7, and ADS holders may elect to receive their final dividend payment beginning June 11 and ending June 15 by instructing their financial brokers.
Shareholders who do not elect to receive new shares will receive a cash dividend payment on June 28.
To those electing to receive new shares, Total will deliver those shares on June 28, while holders of American depository receipts will receive their ADS distributions on July 6.
