
Annual General Meeting of Shareholders
Summary of the resolutions and voting at DSM’s most recent Annual General Meeting of Shareholders.
Royal DSM N.V. is a company limited by shares listed on the Euronext Stock Exchange in Amsterdam, the Netherlands.
The last trading date of the DSM Ordinary Shares will be 30 May 2023. The delisting of the DSM Ordinary Shares will be effective on 31 May 2023. After delisting, DSM will be converted from a Dutch public limited liability company (naamloze vennootschap) into a Dutch private limited liability company (besloten vennootschap met beperkte aansprakelijkheid).
DSM-Firmenich AG (DSM-Firmenich AG) will as soon as possible commence the statutory buy-out procedure in accordance with Article 2:359c DCC or a statutory buy-out procedure in accordance with Article 2:92a/2:201a DCC to acquire the DSM Ordinary Shares that have not been tendered in the Exchange Offer (the Buy-Out) as DSM-Firmenich holds more than 95% of DSM's aggregate issued and outstanding ordinary share capital as of the Post-Closing Acceptance Settlement Date. DSM Shareholders who have not tendered their DSM Ordinary Shares in the Exchange Offer will therefore be subject to the Buy-Out and receive a cash consideration for the DSM Ordinary Shares to be transferred under the Buy-Out to DSM-Firmenich.
DSM-Firmenich will request the Dutch Enterprise Court of the Amsterdam Court of Appeal (Ondernemingskamer, the EC) to, in line with past practice, set the fair price (billijke prijs) of each DSM Ordinary Share transferred to the Company pursuant to the Buy-Out at the closing share price of a DSM-Firmenich Ordinary Share on Euronext Amsterdam on Wednesday 3 May 2023 (the Buy-Out Price), with any dividends or other distributions yet to be paid on the DSM Ordinary Shares being deducted from the Buy-Out Price. Statutory interest (which is currently 4%) will accrue on the Buy-Out Price as of 3 May 2023 up until the date of payment of the Buy-Out Price.
DSM-Firmenich is currently in the process of preparing the Buy-Out by drafting a writ of summons in which it will order the remaining DSM Shareholders to transfer their DSM Ordinary Shares to DSM-Firmenich. Once this writ of summons is finalised, it will be served on the remaining DSM Shareholders with due observance of all formalities (including the applicable summons period). After the expiration of the summons period, DSM-Firmenich will bring the writ of summons before the EC. The EC will verify whether DSM-Firmenich meets all statutory requirements of the Buy-Out and, if so, render a judgment in which the remaining DSM Shareholders are ordered to transfer their DSM Ordinary Shares to DSM-Firmenich against payment of the Buy-Out Price.
Following the judgment of the EC, DSM-Firmenich will invite the remaining DSM Shareholders to voluntarily comply with the judgment by transferring their DSM Ordinary Shares to DSM-Firmenich on a specified date and against payment of the Buy-Out Price. For all DSM Ordinary Shares that are not voluntarily transferred, DSM-Firmenich will deposit a certain amount in the consignment fund of the Ministry of Finance. Pursuant to this deposit, the legal entitlement to the applicable DSM Ordinary Shares will transfer to DSM-Firmenich by operation of law.
The total duration of the Buy-Out is expected to be six to twelve months.
AGMs of DSM will be held until the Buy-Out has been finalised and DSM-Firmenich has become the sole shareholder of DSM. DSM will be converted from a Dutch public limited liability company (naamloze vennootschap) into a Dutch private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) after delisting of the DSM Ordinary Shares. In consultation with Euronext Amsterdam, it has been decided that the last trading date of the DSM Ordinary Shares will be 30 May 2023, and that the delisting of the DSM Ordinary Shares will be effective on 31 May 2023. DSM expects to organize its AGM for this year before the end of June. A specific date will be set soon.
Capitalised terms used but not defined herein are defined in the Offering Circular. A digital copy of the Offering Circular is available on the website of DSM-Firmenich.
On 27 April 2006, all bearer shares (‘aandelen aan toonder’) in DSM’s issued share capital were converted into registered shares (‘aandelen op naam’) (pursuant to an amendment of the Articles of Association made at the time). In order to exercise the rights vested in the shares, holders of former bearer shares were required to hand in their bearer share certificates (‘aandeelbewijzen’) to DSM.
Pursuant to an amendment of Section 2:82 of the Dutch Civil Code (DCC) in 2019, DSM shareholders who still have not handed in their bearer share certificates will lose any entitlement to exchange their bearer share certificates for a replacement share as of 2 January 2026.
In accordance with Section 2:391(2) DCC, DSM hereby gives notice of the following:
The procedure described above follows from Section 2:82(3) up to and including (9) DCC, whose provisions apply.
Summary of the resolutions and voting at DSM’s most recent Annual General Meeting of Shareholders.
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