Imerys : LV= makes GBP30m available to help those struggling financially from Covid-19

LV= General Insurance (LV= GI) has today announced that it's making GBP30 million available to its car and motorbike insurance customers through its Green Heart Support to help those who are experiencing financial difficulties as a result of coronavirus.

The money is being made available due to the savings that LV= GI expects to make as a result of reduced claims during the lockdown, and represents around a third of the company's profits from 2019.

The GBP30 million is available to customers who have an existing direct car or motorbike insurance policy with LV= GI and because of COVID-19:

Have not yet received the 80% payment scheme from their employer or;

Are self-employed and are unable to work or trade because of coronavirus, and haven't yet received the 80% payment scheme via the government or;

Steve Treloar, Chief Executive of LV= GI, said: 'Right now, there are millions of families across the UK who are facing unforeseen pressures on their finances as a result of coronavirus. Our research shows that a third of people with motor insurance are currently concerned that they will struggle to pay bills such as insurance premiums over the next three to six months with 1 in 10 saying they are very concerned at their ability to do so. So, we believe it's vital and the right thing to do to concentrate the additional financial support we can offer on those who are really struggling.

'We spent a lot of time thinking about the best way to help customers and this enables us to give between GBP20 - GBP50, which to some families will make a real difference. In taking this approach, we can do more for those who need help the most.'

LV= has been trialling this support in its call centre since Wednesday and the response has so far been very positive with many customers grateful for the additional help.

LV= GI has already been helping all customers to reduce premiums by temporarily changing the cover they have, such as reducing mileage or changing the cover to fire and theft if a customer doesn't intend to use their car at this time. LV= GI is also not charging administration or cancellation fees and is waiving excesses on claims for the hardest hit financially, as well as offering free enhancements to cover for customers who are NHS and key workers.

As part of a wider contribution to the community, its employees and its suppliers, LV= GI has also announced a number of additional initiatives. The Green Heart Difference helps its employees support local communities by becoming a pen-friend with people in local care homes, donating to the Trussell Trust to support the vital work of food banks around the country, donating to the Big Issue or joining the national call for NHS volunteers. They've also given the Royal College of Nurses a donation of GBP85,000 as the institution is one of its key partners.

As part of its commitment to its people, it has announced that no one will be furloughed and, irrespective of whether they're able to work from home or not, they will receive 100% pay.

The company also announced it was supporting its supplier network, who have been badly impacted by the lockdown, through increased payments to some suppliers, including bodyshops, breakdown drivers and home contractors.

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Modalities of the payment of the 2019 dividend

The Combined Shareholders' General Meeting of Imerys which met today has approved the distribution of a dividend of 1.72 euros per share (3rd resolution) as well as the option for payment in whole or in part of the amount of this dividend in shares (4th resolution).

The main terms and conditions relating to this payment of the 2019 dividend in shares and / or in cash are as follows:

Possible options

At the choice of each shareholder expressed as described below, the 2019 dividend will be payable:

Option 1: entirely in new shares

Option 2: entirely in cash

Option 3: in new shares and in cash in the proportions chosen by such shareholder

Issue price of new shares

The issue price is 21.12 euros per share, corresponding to 95% of the average market price at the opening on the regulated market of Euronext Paris during the 20 trading sessions preceding the date of the Shareholders' General Meeting of May 4, 2020 reduced by the net amount of the dividend, this price being rounded up to the nearest euro cent.

Exercise of the option

Shareholders who wish to opt for the payment of the dividend in whole or in part in shares must opt from May 19, 2020 pursuant to modalities and before the deadline specified above. If the option is not exercised by such deadline, the shareholder will receive the entire dividend in cash.

The subscription shall be for a whole number of shares. If the amount of the dividend for which the payment option in shares is exercised does not correspond to a whole number of shares, the shareholder will receive the immediately lower whole number of shares with the balance paid in cash.

If your shares are pure registered: As the payment in cash is the default option, each holder of pure registered shares must express its choice for the payment of the dividend in full or in part in shares (in this second case, with indication of the number of shares concerned) by:

by using the OLIS-Shareholder website, by June 7, 2020 (23h59); or by returning the form sent by CACEIS, duly completed, dated and signed: by mail to the following address: CACEIS Corporate Trust - OST Service Registry - 14 rue Rouget de Lisle, 92862 Issy les Moulineaux Cedex 09, France or by fax at [phone], by June 4, 2020 to ensure its receipt by CACEIS no later than June 8, 2020 (morning). Please do not send your form directly to Imerys.

If your shares are administered registered or bearer:

You must contact your financial intermediary authorized to pay said dividend.

Rights attached to new shares

The new shares thus issued will be ordinary shares and will carry right to immediate enjoyment. They will be the subject of a request for admission to listing on the regulated market Euronext in Paris and will carry the same rights and obligations as the existing ordinary shares and will be fully assimilated to the other existing shares as from their issue.

Maximum capital increase 1

The maximum number of new shares that might be issued as payment of the dividend in shares is 6,461,655 shares, representing a maximum 7.53% of the capital and 5,12% of voting rights of the Company based on the share capital on April 30, 2020 (i.e. 79,343,115 existing shares and 126,163,067 (net) voting rights).

Calendar

May 15, 2020 (before trading) Date of ex-dividend

May 18, 2020 Record date

May 19, 2020 Opening of the option period for the payment of the dividend in shares

June 8, 2020 Closing of the option period for the payment of the dividend in shares

June 10, 2020 Announcement of the results of the option to pay the dividend in shares

June 12, 2020 Delivery date of newly issued shares and payment of dividend in cash

Warning

This press release constitutes the information document required under Article 1, paragraphs 4. (h) and 5. (g) of Chapter I of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017. It does not constitute an offer to buy financial securities subject to the publication of a prospectus. This press release and any other document relating to the payment of the dividend in shares may only be distributed outside of France in accordance with the laws and regulations applicable locally, and may not constitute an offer of financial securities in countries where such an offer would violate the locally applicable legislation. The option to receive the dividend payment for the 2019 financial year in shares is thus open to all shareholders of the Company, except those of shareholders residing in any country for which such an option would require registration. or obtaining an authorization from local stock exchange authorities; shareholders residing outside of France must inform themselves of any local restrictions and comply with them. The shareholders must inform themselves of the conditions and consequences relating to such an option and which could be applicable under local law. For the tax aspects related to the payment of the dividend in shares, the shareholders are invited to study their particular situation with their tax adviser. When deciding whether to opt for a dividend payment in shares, shareholders must take into consideration the risks associated with an investment in shares. For any additional information relating to the Company and the risks relating to the Group, please refer in particular to the 'Risk Factors' Chapter of the Company's 2019 Universal Registration Document (available on the website www.imerys.com).

The world's leading supplier of mineral-based specialty solutions for industry with EUR4.4 billion in revenue and 16,300 employees in 2019. Imerys delivers high value-added, functional solutions to a great number of sectors, from processing industries to consumer goods. The Group draws on its understanding of applications, technological knowledge and expertise in material science to deliver solutions by beneficiating its mineral resources, synthetic minerals and formulations. Imerys' solutions contribute essential properties to customers' products and their performance, including heat resistance, hardness, conductivity, opacity, durability, purity, lightness, filtration, absorption and water repellency. Imerys is determined to develop responsibly, in particular by fostering the emergence of environmentally-friendly products and processes.

The present document is a translation of the French language version provided solely for the convenience of English-speaking users. In all matters of interpretation, views or opinions expressed in the original language version of the document in French take precedence over the translation. Only the French language version is binding.

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