There are two ways to hold shares in a French listed company: Bearer Shares and Registered Shares.


Bearer Shares

Shares are categorised as "Bearer Shares" when the name of the owner is not disclosed to the issuing company. However, these shares are not anonymous since they appear in an account managed by a financial intermediary. In France, most shares traded on the Stock Exchange belong to this category.

Registered Shares

Shares are categorised as "registered shares" when the name of the shareholder appears in the share register of the company. The use of registered shares makes communication between the company and its registered shareholders easier.

There are two types of registered shares:

  • Managed registered shares – management of the securities account is entrusted to a financial intermediary, -for example, a financial institution chosen by the shareholder, while;
  • Pure registered shares – the shares are entered directly and only in the share register of the issuing company. The issuing company is in charge of the administrative management of the shares and no custodian fees are paid.

In the case of Axway, CM-CIC Market Solutions is in charge of managing Administered Registered Shares.

Pure Registered Shares

The holding of pure registered shares allows the shareholder to receive information on Axway (including notices of General Shareholders Meetings). No custodian fees are charged. The dividend is paid by CM-CIC Market Solutions without any delay.
Drawbacks: In order to buy or sell shares, the shareholder must first ask his bank to transform the shares into bearer shares, as CM-CIC Market Solutions is not authorised to undertake this type of transaction. If all shares n.a. shareholder's portfolio are registered shares, he receives as many statements as he owns registered shares, which may be burdensome when he files his income tax return. 

Managed Registered Shares

The shareholder receives regular information on Axway and may place trading orders through his financial institution. He receives only one securities account statement at the time of his income tax return.
Custodian fees apply. The dividend may be paid by the institution managing the securities account after a delay.

Transformation into Pure Registered Shares

To convert their shares to pure registered shares, shareholders must ask their financial institution to transfer their Axway shares to CM-CIC Market Solutions, which is the account holder for the Axway shares. CM-CIC Market Solutions will then convert the shares to pure nominative. A transfer fee may be charged by the broker for this transaction.

For information on the pratical aspects of transfers, shareholders can contact:

Middle Office
6, avenue de Provence
75009 Paris- France
Tel : +33 1 53 48 80 10
Fax :+33 1 49 74 32 77