EDENRED (EPA:EDEN) - Edenred: The Combined General Meeting of May 7, 2020 adopts all resolutions

Transparency directive : regulatory news

07/05/2020 17:45

Press release
May 7, 2020

The Combined General Meeting of May 7, 2020 adopts all resolutions Edenred's
Combined General Meeting was today held at the Group's registered office,
chaired by Chairman and Chief Executive Officer Bertrand Dumazy. Exceptionally,
the Meeting took place without the physical presence of shareholders, due to
the Covid-19 epidemic and the health measures taken by the French government in
response. Thanks to the system allowing shareholders to participate remotely
prior to the Meeting, the quorum stood at 79.57%.

The General Meeting adopted all the resolutions proposed by the Board of
Directors, notably:

* the payment of a dividend of EUR0.70 per share in respect of 2019, with the
   option of receiving payment of the entire dividend in new shares(1). The
   ex-dividend date is set at May 13, 2020. Shareholders may opt for payment
   of the dividend in new shares between May 15 and May 29, 2020, inclusive.
   Shareholders that do not exercise the option by May 29, 2020, inclusive,
   will receive the total dividend in cash. The dividend will be payable from
   June 5, 2020;

* the appointment of Alexandre de Juniac as a director;

* the renewal of the terms of office as directors of Jean-Paul Bailly and
   Dominique D'Hinnin.

Therefore, Edenred's Board of Directors now comprises 11 members and complies
with the AFEP-MEDEF Code with regard to gender balance and director
independence. Directors whose names are followed by an asterisk (*) are
independent directors:

* Jean-Paul Bailly*
* Anne Bouverot*
* Sylvia Coutinho*
* Dominique D'Hinnin*
* Alexandre de Juniac*
* Bertrand Dumazy, Chairman and Chief Executive Officer
* Gabriele Galateri di Genola*
* Maëlle Gavet*
* Françoise Gri*, Lead Independent Director and Vice-Chairman of the Board of
   Directors
* Jean-Bernard Hamel, employee director
* Jean-Romain Lhomme*

(1) Disclaimer: The option to receive the dividend payment in shares does not
constitute an offer or a solicitation to subscribe to or purchase securities in
the United States within the meaning of the U.S. Securities Act of 1933, or in
any other country where such transaction would be contrary to the applicable
laws and regulations. The option to receive the dividend payment in shares is
not available in certain countries, notably those where such an option would
require registration with, or authorization from, the local securities
regulator. Shareholders residing outside France should inquire about and
comply with any local restrictions.

A group taking action alongside people at work amid the Covid-19 epidemic

Faced with the impact of the Covid-19 epidemic in the 46 countries where the
Group operates, Edenred's 10,000 employees are working hard on five
priorities:

* Protecting the health of the Group's employees with the introduction of
   home-working arrangements for 95% of the workforce, made possible thanks to
   significant investments in digital tools in recent years;

* Guaranteeing excellent business continuity and service quality for 850,000
   clients, 50 million users and 2 million partner merchants, through a
   leading-edge technology platform, a large offer of digital solutions
   representing more than 83% of consolidated business volume, and established
   connections with around 50 of the biggest meal delivery platforms;

* Quickly and agilely designing new digital solutions to organize the
   distribution of earmarked funds (i.e., funds dedicated to specific
   purposes) to cover fundamental needs (Eat, Move, Care, Pay), in response
   to urgent demand from some companies and governments;

* Limiting the impact of the crisis on Edenred's earnings by launching a
   EUR100 million cost-saving plan in 2020 and revising intended capital
   expenditure for the year downward, without compromising the Group's
   capacity for technological innovation or growth;

* Helping Edenred's ecosystem to mitigate the consequences of the Covid-19
   epidemic, via local initiatives and the "More than Ever" relief plan,
   through which the Group has pledged to commit up to EUR15 million. The
   relief plan will notably be financed by:

    o the 20% decrease in the dividend initially proposed for 2019, to EUR0.70
      per share;

    o the reduction in the Chairman and Chief Executive Officer's
      compensation, in line with AFEP recommendations;

    o the reduction in the compensation of the members of the Group's
      Executive Committee and Board of Directors.

A resilient group

A leading digital services and payments platform and the everyday companion for
people at work, Edenred has strong fundamentals that will enable it to stay
resilient through the challenging times brought about by Covid-19 and create
new opportunities from the crisis:

  * a high-growth profile and robust financial position;
  * offers covering essential needs (Eat, Move, Care, Pay);
  * a leading position on vastly underpenetrated markets in 46 countries;
  * a multilocal, agile organization;
  * an innovative digital offering dedicated to delivering earmarked payment
    solutions.

A replay of the General Meeting, as well as the detailed results of the votes,
are accessible on Edenred's website (www.edenred.com, Investors/Shareholders
section, then General Meeting). A summary will be available online shortly.

Edenred is a leading services and payments platform and the everyday companion
for people at work, connecting 50 million employees and 2 million partner
merchants in 46 countries via more than 850,000 corporate clients.

Edenred offers specific-purpose payment solutions for food (meal vouchers),
fleet and mobility (fuel cards, commuter vouchers), incentives (gift vouchers,
employee engagement platforms) and corporate payments (virtual cards). These
solutions enhance employee well-being and purchasing power, improve companies'
attractiveness and efficiency, and vitalize the employment market and the
local economy.

Edenred's 10,000 employees are committed to making the world of work a
connected ecosystem that is safer, more efficient and more user-friendly every
day.

In 2019, thanks to its global technology assets, the Group managed EUR31
billion in business volume, primarily carried out via mobile applications,
online platforms and cards.

Edenred is listed on the Euronext Paris stock exchange and included in the
following indices: CAC Next 20, FTSE4Good, DJSI Europe and MSCI Europe.

For more information: www.edenred.com

The logos and other trademarks mentioned and featured in this press release
are registered trademarks of Edenred S.A., its subsidiaries or third parties.
They may not be used for commercial purposes without prior written consent
from their owners.

Edenred is celebrating its tenth anniversary in 2020.
_____

CONTACTS

Communications Department

Marie-Laurence Bouchon
+33 (0)1 86 67 20 08
marie-laurence.bouchon@edenred.com

Media Relations

Matthieu Santalucia
+33 (0)1 86 67 22 63
matthieu.santalucia@edenred.com

Investor Relations

Solène Zammito
+33 (0)1 86 67 23 13
solene.zammito@edenred.com

Loïc Da Silva
+33 (0)1 86 67 20 67
loic.dasilva@edenred.com

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EDENRED (EPA:EDEN) - Edenred: The Combined General Meeting of May 7, 2020 adopts all resolutions

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