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Proposals for share consolidation & share buy-back
05 Sep '06
2 min read
On 18 August 2006, Marchpole despatched its annual report and accounts to shareholders in respect of the year ended 31 March 2006, together with a notice of its annual general meeting to be held on 12 September 2006. Copies are available on the Company's website.
Included within the special business for approval at the annual general meeting are proposals for a share consolidation and a share buy-back.
The proposed share consolidation is on the following basis: every five existing ordinary shares of 1p each to be consolidated and redesignated as one new ordinary share of 5p each.
Fractional entitlements will be aggregated into whole shares and sold in the market and net proceeds of sale will be distributed to shareholders entitled to such fractions. Cheques in respect of the net proceeds of sale are expected to be despatched by 29 September 2006.
Application will be made to the UK Listing Authority for the new ordinary shares to be admitted to the Official List and to be admitted to trading on the London Stock Exchange.
It is expected that dealings in the new ordinary shares will commence on 18 September 2006. Share certificates in respect of the new ordinary shares are expected to be despatched by 29 September 2006 to those shareholders who hold their shares in certificated form.
Shareholders who hold their shares in uncertificated form through CREST are expected to have their CREST accounts adjusted to reflect their entitlement to new ordinary shares on 18 September 2006.
Aside from having a different nominal value, the new ordinary shares will carry the same rights as the existing ordinary shares.
Under the terms of the proposed share buy- ack, authority is to be granted to the Directors to make market purchases of the ordinary shares of up to 10 percent of the issued share capital at a price not exceeding 105 percent of the average market price over the five previous business days.
Included within the special business for approval at the annual general meeting are proposals for a share consolidation and a share buy-back.
The proposed share consolidation is on the following basis: every five existing ordinary shares of 1p each to be consolidated and redesignated as one new ordinary share of 5p each.
Fractional entitlements will be aggregated into whole shares and sold in the market and net proceeds of sale will be distributed to shareholders entitled to such fractions. Cheques in respect of the net proceeds of sale are expected to be despatched by 29 September 2006.
Application will be made to the UK Listing Authority for the new ordinary shares to be admitted to the Official List and to be admitted to trading on the London Stock Exchange.
It is expected that dealings in the new ordinary shares will commence on 18 September 2006. Share certificates in respect of the new ordinary shares are expected to be despatched by 29 September 2006 to those shareholders who hold their shares in certificated form.
Shareholders who hold their shares in uncertificated form through CREST are expected to have their CREST accounts adjusted to reflect their entitlement to new ordinary shares on 18 September 2006.
Aside from having a different nominal value, the new ordinary shares will carry the same rights as the existing ordinary shares.
Under the terms of the proposed share buy- ack, authority is to be granted to the Directors to make market purchases of the ordinary shares of up to 10 percent of the issued share capital at a price not exceeding 105 percent of the average market price over the five previous business days.
Marchpole Holdings Plc
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