QIAGEN, a global provider of sample-to-insight solutions, has announced details of its synthetic share repurchase plan to return approximately $300 million to shareholders. The plan combines a direct capital repayment with a reverse stock split, resulting in an approximately 3% reduction in the number of issued shares. The repayment will be made from existing cash reserves and is expected to lead to a reduction of about 6.9 million shares. The last day of trading for pre-split shares is planned for January 29, 2024, with consolidated shares expected to begin trading on January 30, 2024.
QIAGEN N.V. (NYSE: QGEN; Frankfurt Prime Standard: QIA) today announced details for completion of the synthetic share repurchase plan to return up to approximately $300 million that combines a direct capital repayment to QIAGEN shareholders with a reverse stock split.
The repayment from existing cash reserves is expected to lead to an approximately 3% reduction in the number of issued shares (based on current share price).
The terms of the synthetic share repurchase are as follows:
- Every 25 issued QIAGEN shares will be consolidated into 24.25 QIAGEN shares, leading to a reduction of approximately 6.9 million shares from the level of 230.8 million shares at the end of 2023.
- Following the implementation of the consolidation, QIAGEN will repay capital to shareholders of record in the amount of $1.28 per pre-split share. (As the par-value of QIAGEN shares is denominated in euros, the amount of the capital decrease and repayment in the respective notarial deeds will also be denominated in euros. The payment, however, will be made in U.S. dollars.)
The last day of trading of the pre-split shares on the New York Stock Exchange and the Frankfurt Stock Exchange is planned to be Monday, January 29, 2024. Beginning on Tuesday, January 30, 2024, the consolidated QIAGEN shares, excluding the entitlement to the capital repayment, are expected to begin trading on the Frankfurt Stock Exchange (QIA) and on the NYSE (QGEN) under the Company’s current ticker symbols. In addition, the post-split shares will carry the following new security identifiers:
Want to publish your own articles on DistilINFO Publications?
Send us an email, we will get in touch with you.
ISIN: NL0015001WM6
CUSIP: N72482 149
WKN: A40 0D5
Technical details regarding settlement mechanics
Shareholders holding their QIAGEN shares in brokerage accounts in the United States will have their holdings automatically consolidated in line with the consolidation ratio described above, whereby any fractional shares are planned to be sold and proceeds deposited in their account, effective as of close of business at 4:00 p.m. EST on Monday, January 29, 2024 (the “Effective Date” and the last trading day of the prior ISIN / CUSIP / WKN).
The capital repayment is planned to be made via Depository Trust Company to the respective brokerage accounts of the shareholders in the subsequent days. Unsettled market trades as of the Effective Date are planned to be reconciled by Depository Trust Company and settled in line with market practice (with the “Repayment Record Date” being January 31, 2024).
For shareholders who hold their QIAGEN shares in Germany and elsewhere in Europe directly or indirectly via Clearstream Banking AG, these holdings are expected to be consolidated through their banks, broker and custodians as of close of business European time on Monday, January 29, 2024. The capital repayment for these shareholders is expected to also be made in the subsequent days. Any fractional shares will be sold and deposited in their account.
Shareholders holding their QIAGEN shares in registered form directly at Equiniti (formerly American Stock Transfer and Trust Company (“AST”)) are planned to have their holdings automatically consolidated in line with the consolidation ratio described above by processing in the register held by Equiniti, effective as of the Effective Date, and receive the capital repayment in their bank account known to the Company.
Shareholders are advised to consult with their bank or broker with any questions on the reverse stock split and the capital repayment.
Shareholders with questions about their tax status are advised to consult with their local tax advisor.
Source: Bio Space