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Market Information
−Removed: As a result of the Chapter 11 Cases, the Class A ordinary shares of Legacy Valaris were delisted from the New York Stock Exchange ("NYSE") effective September 14, 2020.
−Removed: On the Effective Date, the Class A ordinary shares were cancelled.
−Removed: On April 30, 2021, pursuant to the Plan, the Company issued an aggregate of approximately 75.0 million Common Shares and 5.6 million Warrants and has listed the Common Shares and the Warrants on the NYSE under the symbols “VAL” and “VAL WS”, respectively.
+Added: On April 30, 2021, pursuant to the plan of reorganization, the Company issued an aggregate of approximately 75.0 million Common Shares and 5.6 million Warrants and has listed the Common Shares and the Warrants on the NYSE under the symbols “VAL” and “VAL WS”, respectively.
Many of our shareholders hold shares electronically, all of which are owned by a nominee of the Depository Trust Company.
We had 67 shareholders of record on February 1, 2024.
−Removed: For the Successor, we have not paid or declared any dividends on our Common Shares.
−Removed: Our Indenture includes provisions that limit our ability to pay dividends.
−Removed: The Predecessor had not paid or declared dividends since 2019.
+Added: We have not paid or declared any dividends on our Common Shares.
+Added: Our Indenture and the Credit Agreement include provisions that limit our ability to pay dividends.
We have been designated by the Bermuda Monetary Authority as a non-resident for Bermuda exchange control purposes.
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At the present time, there is no Bermuda income or profits tax, withholding tax, capital gains tax, capital transfer tax, estate duty or inheritance tax payable by us or by our shareholders in respect of our shares.
−Removed: We have obtained an assurance from the Minister of Finance of Bermuda under the Exempted Undertakings Tax Protection Act 1966 that, in the event that any legislation is enacted in Bermuda imposing any tax computed on profits or income, or computed on any capital asset, gain or appreciation or any tax in the nature of estate duty or inheritance tax, such tax shall not, until March 31, 2035, be applicable to us or to any of our operations or to our shares, debentures or other obligations except insofar as such tax applies to persons ordinarily resident in Bermuda or is payable by us in respect of real property owned or leased by us in Bermuda.
Equity Compensation Plans
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Issuer Repurchases of Equity Securities
−Removed: In September 2022, our board of directors authorized a share repurchase program under which we may purchase up to $100 million of our outstanding Common Shares.
−Removed: The share repurchase program does not have a fixed expiration, and may be modified, suspended or discontinued at any time.
−Removed: As of December 31, 2022 (Successor), there have been no share repurchases under this repurchase program.
+Added: In 2022, our board of directors authorized a share repurchase program under which we may purchase up to $100.0 million of our outstanding Common Shares.
+Added: In April 2023, the board of directors authorized an increase of this amount to $300.0 million and in February 2024, they authorized a further increase to $600.0 million.
+Added: The share repurchase program does not have a fixed expiration, may be modified, suspended or discontinued at any time and is subject to compliance with applicable covenants and restrictions under our financing agreements.
+Added: The following table provides a summary of our repurchases of our equity securities during the quarter ended December 31, 2023 (in millions, except average price per share):
+Added: Issuer Purchases of Equity Securities
+Added: Total Number of Securities Purchased Average Price Paid per Security Total Number of Securities Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Securities that May Yet Be Purchased Under Plans or Programs
+Added: October 1 - October 31
+Added: 0.3 $ 70.08 0.3 $ 132.5
+Added: November 1 - November 30
+Added: 0.2 $ 68.07 0.2 $ 115.8
+Added: December 1 - December 31
+Added: 0.2 $ 67.08 0.2 $ 100.0
+Added: Total 0.7 $ 68.43 0.7 $ 100.0
Cumulative Total Shareholder Return
−Removed: The chart below presents a comparison of the cumulative total shareholder return, assuming $100 invested on May 3, 2021 (first trading date after our emergence from the Chapter 11 Cases) for Valaris Limited, the Standard & Poor's MidCap 400 Index and Dow Jones US Select Oil Equipment & Services Index.
+Added: The chart below presents a comparison of the cumulative total shareholder return, assuming $100 invested on May 3, 2021 (first trading date after our emergence from the Chapter 11 Cases) for Valaris Limited, the Standard & Poor's MidCap 400 Index and Dow Jones US Select Oil Equipment & Services Index (the "Industry Index").
COMPARISON OF CUMULATIVE TOTAL RETURN (1)
−Removed: Among Valaris Limited, the S&P MidCap 400 Index and Dow Jones US Select Oil Equipment & Services Index
−Removed: May 3, 2021 December 31, 2021 December 31, 2022
+Added: Among Valaris Limited, the S&P MidCap 400 Index and Industry Index
+Added: May 3, 2021 Fiscal Year Ended December 31,
+Added: 2021 2022 2023
Valaris Limited 100.0 151.9 285.3 289.3
S&P MidCap 400 100.0 104.6 91.0 105.9
−Removed: Dow Jones US Select Oil Equipment & Services Index 100.0 96.5 160.7
+Added: Industry Index
+Added: 100.0 96.5 160.7 168.4
(1) Total return assuming reinvestment of dividends.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.