TIDMAVS
RNS Number : 5079Y
Avesco Group PLC
24 January 2014
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT
JURISDICTION
24 January 2014
AVESCO GROUP PLC
("AVESCO" OR THE "COMPANY")
RETURN OF CASH TO SHAREHOLDERS:
RESULTS OF B/C SHARE SCHEME ELECTIONS
Following approval by Shareholders of the Return of Cash and
certain related matters at the General Meeting of the Company held
on 22 January 2014, the Company today provides an update in respect
of the Return of Cash by way of the B/C Share Scheme.
Results of B/C Share Scheme elections
As at the Election Deadline of 1.00 p.m. on 23 January 2014,
Shareholders' elections or, as the case may be, deemed elections,
for the Share Alternatives in respect of the B/C Share Scheme were
as follows:
Number of Ordinary Percentage*
Shares
Income Option 14,958,700 57.6
------------------- ------------
Capital Option 10,992,850 42.4
------------------- ------------
TOTAL 25,951,550 100.0
------------------- ------------
* Percentage based on issued share capital excluding treasury
shares
Shareholders who had not made a valid election for the Capital
Option and all Overseas Shareholders resident, or with a registered
address, in a Restricted Jurisdiction have been deemed to have
elected for the Income Option in respect of all of their B/C Share
Entitlement.
10,992,850 B Shares of 110 pence each and 14,958,700 C Shares of
0.001 pence each will today be issued and allotted to Shareholders
based on the elections (or deemed elections) made by them.
No share certificates will be issued in respect of the B Shares,
C Shares or Deferred Shares. None of the B Shares, C Shares or
Deferred Shares will be admitted to trading on AIM, nor will the B
Shares, C Shares or Deferred Shares be listed or admitted to
trading on any recognised investment exchange.
Redemption of B Shares (Capital Option)
All B Shares of 110 pence each to be issued pursuant to the
Capital Option are expected to be redeemed today for 110 pence per
B Share. Once they have been redeemed, B Shares will be
cancelled.
If you are a Certificated Shareholder and you validly elect for
the Capital Option in respect of some or all of your B/C Share
Entitlement, it is expected that you will be sent a cheque for the
payment in respect of your B Shares on 31 January 2014.
If you are an Uncertificated Shareholder and you validly elect
for the Capital Option in respect of some or all of your B/C Share
Entitlement, it is expected that your CREST account will be
credited with the payment in respect of your B Shares on 31 January
2014.
All payments will be made in Sterling. Certificated Shareholders
residing or banking outside the UK should contact the Shareholder
Helpline regarding arrangements for overseas payment in a currency
other than Sterling.
C Share Dividend (Income Option)
The C Share Dividend of 110 pence per C Share to be issued
pursuant to the Income Option, will become payable today.
Consequently, immediately upon their issuance and allotment, the C
Shares will automatically be reclassified as Deferred Shares.
If you are a Certificated Shareholder and you are deemed to have
validly elected for the Income Option in respect of some or all of
your B/C Share Entitlement, it is expected that you will be sent a
cheque in respect of the C Share Dividend on 31 January 2014.
If you are an Uncertificated Shareholder and you are deemed to
have validly elected for the Income Option in respect of some or
all of your B/C Share Entitlement, it is expected that your CREST
account will be credited with the C Share Dividend on 31 January
2014.
If dividend mandate instructions in respect of a UK Sterling
bank account are held for you, it is expected that you will be paid
in respect of the C Share Dividend by BACS to that bank account in
accordance with such instructions (unless revoked or amended) on 31
January 2014.
All payments will be made in Sterling. Certificated Shareholders
residing or banking outside the UK should contact the Shareholder
Helpline regarding arrangements for overseas payment in a currency
other than Sterling.
Shareholder helpline
Shareholders who need assistance or have any queries should
telephone the Shareholder Helpline on 0871 664 0321 from within the
UK or on +44 20 8639 3399 if calling from outside the UK. Calls to
the 0871 664 0321 number cost 10 pence per minute from a BT
landline. Other network providers' costs may vary. Lines are open
9.00 a.m. to 5.30 p.m. (London time) Monday to Friday. Calls to the
helpline from outside the UK will be charged at the applicable
international rate. Different charges may apply to calls from
mobile telephones and calls may be recorded and randomly monitored
for security and training purposes. The helpline cannot provide
advice on the merits of the Return of Cash and/or the B/C Share
Scheme nor give any financial, legal or tax advice.
Enquiries
For further information please contact:
Avesco Group plc
Richard Murray, Chairman
John Christmas, Group Finance
Director 01293 583400
finnCap
Julian Blunt/Ed Frisby, Corporate
Finance
Brian Patient/Victoria Bates,
Corporate Broking 020 7220 0500
Important information
Unless otherwise stated, references to time contained in this
announcement are to London time.
This announcement is for informational purposes only and does
not constitute an invitation to participate in the B/C Share Scheme
in or from any jurisdiction in or from which, or to or from whom,
it is unlawful to make such offer under applicable securities laws
or otherwise.
No application has been, or will be, made to any investment
exchange or trading platform for listing or admission to trading of
the B Shares, C Shares or Deferred Shares to be issued under the
B/C Share Scheme.
None of the B Shares, C Shares or Deferred Shares have been or
will be registered under the United States Securities Act of 1933
(as amended) (the "US Securities Act") or the state securities laws
of the United States and none of them may be offered or sold in the
United States unless pursuant to a transaction that has been
registered under the US Securities Act and the relevant state
securities laws or a transaction that is not subject to the
registration requirements of the US Securities Act and the state
securities laws, either due to an exemption therefrom or otherwise.
There will be no public offering of securities in the United
States.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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