AVEVA completes last few steps of Schneider combination

Engineering and industrial software giant AVEVA announced the completion of the combination with the Schneider Electric industrial software business on Thursday morning.

The FTSE 250 company said the combination created a “global leader” in engineering and industrial software, with an “unmatched” set of solutions covering all aspects of digital asset management.

It said admission of the 97,169,655 consideration shares issued to Schneider Electric Group, and re-admission of its 64,037,660 existing ordinary shares to the premium listing segment of the official list of the London Stock Exchange occurred at 0800 GMT on Thursday.

AVEVA's share capital increased to 161,207,315 ordinary shares, and the total number of voting rights was now 161,207,315.

As it had previously announced, the return of value would be effected by way of an issue of B shares.

It said 64,037,660 B shares of £10.15 each were being issued on Thursday on the basis of one B Share for each ordinary share held at the record date.

Each B share would be redeemed on Thursday.

From seven days following that, there would be a despatch of cheques or - if ordinary shares were held in CREST - CREST accounts would be credited in respect of the proceeds of redemption.

The record date for the £650m cash return of value to AVEVA shareholders of £10.15 per ordinary share was 1800 GMT on 28 February.

AVEVA said its ordinary shares were therefore now trading ex the right to receive B shares.

The company also announced that, with effect from completion, Emmanuel Babeau and Peter Herweck had been appointed non-executive directors of the company.

With effect from completion, Emmanuel Babeau had been appointed to its remuneration committee and Peter Herweck had been appointed to its nomination committee.

As it had previously announced, the effective date of Craig Hayman's appointment as CEO and a director of the company was 19 February.

On the same date, James Kidd moved from CEO to deputy CEO and CFO, and David Ward became deputy CFO and company secretary, and stepped down from the board of directors.

“This combination represents a transformational opportunity for AVEVA to drive growth and advance the digitalisation of the industrial world,” said CEO Craig Hayman.

“I am looking forward to working with all of our stakeholders to deliver this opportunity.”