Result of Tender Offer
2009年2月13日 - 2:18AM
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RNS Number : 2574N
CMR Fuel Cells PLC
12 February 2009
12 February 2009
CMR Fuel Cells plc ("Company" or "CMR")
Results of Tender Offer
The Board of CMR Fuel Cells plc is pleased to announce the results of the Tender
Offer referred to in the circular to shareholders of CMR Fuel Cells dated 14
January 2009 (the "Circular"). This offer closed in accordance with its
published timetable at 5.00 p.m. on 11 February 2009.
A total of 10,744,276 Ordinary Shares were tendered at the Tender Offer Price of
20 pence per share pursuant to the Tender Offer, which equates to 52.9 per cent.
of the 20,304,846 Ordinary Shares currently in issue. As the number of Ordinary
Shares tendered under the Tender Offer was below the maximum number available to
be purchased under the Tender Offer, being 11,140,582, Shareholders who validly
tendered all or part of their holding for cash at the Tender Offer Price of 20
pence per Ordinary Share will receive their cash entitlement in respect of all
their Ordinary Shares validly tendered.
Based on the Tender Offer Price of 20 pence per Ordinary Share, the total number
of the Ordinary Shares to be purchased pursuant to the Tender Offer is
10,744,276 Ordinary Shares, for a total cost payable by Investec Investment
Banking of approximately GBP2.1 million.
Completion of the Tender Offer is subject to the confirmation by the Court of
the proposed Capital Reduction.
It is anticipated that those Shareholders whose shares were validly tendered and
purchased under the Tender Offer will be issued with a cheque or have their
CREST accounts credited by 19 March 2009. In addition, it is anticipated that
CREST accounts will be credited, balance certificates will be issued and share
certificates for unsuccessfully tendered Ordinary Shares will be sent by 19
March 2009.
Immediately following completion of the Tender Offer, the Directors of the
Company will declare a special dividend of 17 pence per Ordinary Share (the
"Special Dividend"). The Special Dividend will be paid to Shareholders on the
register of members of the Company at 5.00 p.m. on 27 March 2009 (the "Special
Dividend Record Date") and in respect of their Ordinary Shares held on the
Special Dividend Record Date. As the Special Dividend is conditional on the
completion of the Tender Offer, the Special Dividend is therefore also
conditional on the confirmation by the Court of the proposed Capital Reduction.
Following completion of the Capital Reduction and the Tender Offer and the
related cancellation of the Ordinary Shares successfully tendered, the Company
will have a total of 9,560,570 Ordinary Shares of 0.6 pence each in issue.
Terms used in this announcement have the same meaning as those in the Circular.
Contact information
Further Information
John Halfpenny CMR Fuel Cells plc 01223 875 544
CEO
Vikki Krause Hansard Group 020 7245 1100
Michael Ansell Investec Investment Banking 020 7597 5970
Daniel Adams
Investec Investment Banking, which is regulated for designated investment
business in the UK by the Financial Services Authority, is acting for CMR Fuel
Cells plc and no one else in connection with the Tender Offer and will not be
responsible to anyone other than for CMR Fuel Cells plc providing the
protections afforded to customers of Investec Investment Banking or for
providing advice in relation thereto or for advising any such person on the
contents of this document or any transaction or agreement referred to herein.
Overseas Shareholders should inform themselves about and observe any applicable
legal or regulatory requirements. If they are in any doubt about their position,
they should consult their professional advisor in the relevant territory.
This information is provided by RNS
The company news service from the London Stock Exchange
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