Conversion of C Shares - Conversion Ratio


 

TIDMIAEM TIDMIAEC 
 
RNS Number : 7141X 
Impax Asian Environmental Mkts Plc 
10 December 2010 
 

Conversion of C Shares - Conversion Ratio 
 
Further to the recent announcement that over 80 per cent. of the assets 
attributable to C Shareholders have now been invested in a portfolio of 
securities consistent with the Company's investment policy, the Board of 
Directors of Impax Asian Environmental Markets plc announces that, in accordance 
with the terms and conditions of the Issue, the Conversion Date, on which the C 
Shares will convert into Ordinary Shares, has been determined by the Board to be 
10 December 2010. 
 
The Conversion Ratio, which has been calculated by reference to the total net 
assets of the Company and the net assets of the Company attributable to C 
Shareholders as at close of business on 30 November 2010, is 0.7631. 
Accordingly, a C Shareholder holding 1,000 C Shares will receive 763 New 
Ordinary Shares on Conversion.  Fractions of Ordinary Shares arising on 
Conversion will be aggregated and sold for the benefit of the Company. 
 
The New Ordinary Shares arising on Conversion will rank pari passu with, and 
will have the same rights as, the Ordinary Shares of the Company already in 
issue. 
 
Upon Conversion, holders of New Ordinary Shares will receive a Bonus Issue of 
fully paid up Subscription Shares on the basis of the Subscription Share Ratio, 
being the ratio that the number of Ordinary Shares in issue immediately prior to 
Conversion bears to the number of Subscription Shares in issue immediately prior 
to Conversion (rounded up to one decimal place). The Subscription Ratio is 
1:5.5, and accordingly holders of New Ordinary Shares will receive 1 
Subscription Share for every 5.5 New Ordinary Shares held. These Subscription 
Shares will carry the same rights and rank pari passu in all respects with the 
Subscription Shares already in issue. 
 
Application has been made to the UK Listing Authority for the 99,966,100 
Ordinary Shares  arising on Conversion and the 18,175,491 Subscription Shares 
arising on the Bonus Issue to be admitted to the Official List, and to the 
London Stock Exchange for the same number of Ordinary Shares and Subscription 
Shares to be admitted to trading, on 10 December 2010. The C Shares will be 
permanently removed from trading on the London Stock Exchange with effect from 
8.00 a.m. on 10 December 2010. 
 
Following Conversion and the Bonus Issue, the Company's issued share capital 
will consist of 214,915,100 Ordinary Shares of 1 pence each, carrying one voting 
right each, and 39,075,491 Subscription Shares of 0.1 pence each, carrying no 
voting rights. Therefore, the total number of voting rights for Ordinary 
Shareholders will be 214,915,100. For shareholders holding both Ordinary Shares 
and Subscription Shares, the total number of voting rights is 253,990,591.* 
 
The above figures may be used by shareholders as denominators for the 
calculations by which they will determine if they are required to notify their 
interest in, or a change of interest in, the Company under the FSA's Disclosure 
and Transparency Rules. 
 
 
* The Subscription Shares are considered to be qualifying financial instruments 
under the FSA's Disclosure and Transparency Rules. 
 
 
Enquiries: 
 
+-------------------------------+----------------+ 
| Cavendish Administration      |                | 
| Limited                       |                | 
+-------------------------------+----------------+ 
| Anthony Lee                   | 020 7490 4355  | 
+-------------------------------+----------------+ 
|                               |                | 
+-------------------------------+----------------+ 
| Collins Stewart Europe        |                | 
| Limited                       |                | 
+-------------------------------+----------------+ 
| David Yovichic                | 020 7523 8361  | 
+-------------------------------+----------------+ 
| Lucy Lewis                    | 020 7523 8360  | 
+-------------------------------+----------------+ 
|                               |                | 
+-------------------------------+----------------+ 
 
 
 
Capitalised  terms  in  this  announcement  shall, unless  otherwise stated, 
have the same  meaning  as set  out  in the  section  headed 'Definitions' in 
the prospectus published by the Company on 1 October 2010 (the "Prospectus"). 
 
 
Collins Stewart Europe limited, which is authorised and regulated in the United 
Kingdom by The Financial Services Authority, is acting for Impax Asian 
Environmental Markets plc and for no one else in connection with the contents of 
this announcement and will not be responsible to anyone other than Impax Asian 
Environmental Markets plc for providing the protections afforded to clients of 
Collins Stewart nor for giving advice in relation to the contents of this 
announcement or any other matter referred to herein. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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