6.4 Employee shareholdings

As of 31 December 2022, Group employees owned 1.66% of Rubis’ share capital and voting rights through the Rubis Avenir mutual fund. Since the fund was put in place in 2002, Rubis has carried out a capital increase reserved for employees of eligible companies (companies with their registered office in France) every year. All these transactions have attracted a high level of participation by the Group’s employees.

6.4.1 Capital increase reserved for Group employees: 2022 operation

Acting pursuant to the Combined Shareholders’ Meeting’s delegation of 10 June 2021, on 13 January 2022, the Management Board carried out a capital increase reserved for employees of eligible Group companies through the Rubis Avenir mutual fund.

In accordance with Article L. 3332-19 of the French Labour Code and the delegation granted by the shareholders, the subscription price for new shares was set at 75% of the average listing opening prices during the 20 trading days preceding the 13 January 2022 meeting. This average amounted to €26.75, resulting in a subscription price of €20.07.

This transaction resulted in the subscription of 171,576 new shares for a total amount of €3,443,530.32, representing the payment of the par value in the amount of €214,470 and a share premium in the amount of €3,229,060.32. The subscription rate of the Group’s employees was 48.46%.

A new transaction was decided by the Management Board on 3 January 2023 and was ongoing as of the date this document was filed.

6.4.2 Summary table of capital increases reserved for employees

The table below presents the characteristics of the last three capital increases reserved for employees implemented by the Company.

    2022   2021   2020
Number of eligible employees   1,042   1,030   975
Number of subscriptions   505   683   515
Subscription rate   48.46%   66.31%   52.82%
Subscription price (in euros)   20.07   26.35   37.48
Total number of shares subscribed   171,576   265,626   102,837