Acquisitions, development projects and disposals in 2021
La Compagnie des Cartes Carburant (LCCC)
On April 1, 2021, Edenred raised its stake in LCCC to 100% following the exercise of the last call option on the remaining 19.52% of the share capital.
Timex
On August 12, 2021, Edenred raised its stake in Timex to 100% following the exercise of the last call option on the remaining 46% of the share capital.
Note 3 Significant events
3.1 Payment of the 2020 dividend
At the Combined General Meeting on May 11, 2021, Edenred shareholders approved the payment of a dividend of €0.75 per share in respect of 2020, with the option of receiving payment of the entire dividend in new shares.
The option for payment of the dividend in new shares ran from May 18 to June 2, 2021. It led to the issuance of 3,004,708 new ordinary Edenred shares, representing 1.22% of the share capital, which were settled and admitted to trading on the Euronext Paris stock market on June 9, 2021.
The new shares carry dividend rights from January 1, 2021 and rank pari passu with existing ordinary Edenred shares. Following the issuance, the Company’s share capital comprised 249,588,059 shares.
The total dividend amounted to €185 million and included cash dividends of €60 million paid to Group shareholders on June 9, 2021.
3.2 Issuance of bonds convertible into and/or exchangeable for new and/or existing shares (OCEANEs)
On June 9, 2021, Edenred announced the issuance of sustainability-linked bonds convertible into and/or exchangeable for new and/or existing shares (OCEANEs) for an aggregate amount of approximately €400 million, maturing in seven years in June 2028 (Note 6.4 “Debt and other financial liabilities”). The bonds make no coupon payments but offer investors a premium payment (equivalent to 0.5% of the nominal value) in the event that the Group does not meet its 2025 sustainable development targets.
3.3 Subsequent events
Extension of the maturity of the €750 million credit facility
At December 31, 2021, Edenred had a €750 million undrawn confirmed line of credit, expiring in February 2026. This facility will be used for general corporate purposes.
In February 2022, the maturity of the €750 million syndicated credit facility was extended by one year beyond its February 12, 2026 expiry date, following Edenred’s exercise of the maturity extension option granted in the facility agreement. All participating banks accepted this extension. With the new five-year maturity, the facility will now be utilizable until February 2027.
Edenred strengthens its toll offering in Brazil with the acquisition of Greenpass
On February 22, Edenred announced that it had acquired a 51% controlling interest in Greenpass, an issuer of electronic toll solutions in Brazil. The deal strengthens Edenred’s position in this business as well as its technology and sales capabilities in an attractive market offering significant cross-selling potential with its client base. It is fully in line with the Group’s Beyond Fuel strategy to develop new non-fuel fleet and mobility services, enhancing its value proposition for fleet managers and expanding its addressable market.
