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ALSTOM's €3.2 billion refinancing package approved at General Shareholders' Meeting


Shareholders at ALSTOM’s Ordinary and Extraordinary Meeting held today in Paris voted in favour of resolutions which will allow the Group to implement totally the refinancing agreement announced on 22 September 2003.

The approval of the resolutions will allow ALSTOM to proceed with the planned  €300 million capital increase and €900 million issue of Bonds Mandatorily Reimbursable with Shares (ORA) designed to strengthen the Group’s equity and to rapidly conclude all other aspects of the €3.2 billion refinancing package announced on 22 September 2003.

Summary voting results:

- the third and fourth resolutions relative to the capital increase at an issue price of €1.25 per share, were approved by 98.2% and 98% respectively.
- the fifth resolution relative to the issue of Bonds Mandatorily Reimbursable with Shares (ORA) at an issue price of €1.40 was approved by 99.5%,
- the second and sixth resolutions relative to the issue to the French State of
€200 million of subordinated bonds and €300 million* subordinated bonds   were also approved by 94.6% and 99% respectively.

The shareholders also approved the first resolution relative to the four year appointment of a new director, James William Leng, Chairman of Corus, in replacement of Sir William Purves who resigned after the Annual General Meeting on 2 July 2003.

Patrick Kron, Chairman & CEO, commented: “I thank our shareholders for the confidence they have shown today by voting in favour of the refinancing agreement. The measures it comprises, in addition to the restructuring and operational performance programmes already well underway, give the Group a sound base from which to strengthen customer confidence and deliver a marked turn-around in financial performance.

“On behalf of the Board of Directors, I would also like to welcome James Leng  to the Board; he brings valuable experience and expertise and we all look forward to working with him.”


* reimbursable into shares upon the express approval of the European Commission

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Disclaimer :
This announcement is not an offer of ALSTOM securities for sale or subscription in the United States or any other jurisdiction. Securities may not be sold or subscribed in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States or elsewhere will be made only by means of a prospectus that may be obtained from ALSTOM and that will contain detailed information about ALSTOM and its management, as well as financial statements.  ALSTOM does not intend to register all or part of the offering in the United States or make any public offering in the United States.