Vivendi has held an extraordinary general shareholders’ meeting in Paris to seek approval for its UMG IPO.
The Vivendi Management Board announced plans for the distribution of 60% of Universal Music Group’s share capital to Vivendi shareholders. This distribution would take the form of special dividend.
With a record quorum of 73.33% of shareholders, the meeting approved by 99.98% the two resolutions submitted for vote. The amendment to the by-laws adopted allows Vivendi to now distribute dividends, interim dividends, reserves or premiums by way of the delivery of assets in kind, including financial securities.
This favourable vote enables the Management Board to continue to study the planned distribution of 60% of Universal Music Group’s shares to Vivendi’s shareholders.
Arnaud de Puyfontaine, chairman of the Management Board and CEO of Vivendi, said: “The unanimous vote in favour of the two resolutions demonstrates the total support of our shareholders for our strategy.”
Due to the restrictive measures implemented as a result of the Covid-19 pandemic, meeting took place behind closed doors and was broadcast live on Vivendi's website and on Dailymotion.