Listing of New Ordinary Shares

RNS Number : 3275N

Paddy Power plc

18 May 2015

 



Paddy Power plc

Listing of New Ordinary Shares

18 May 2015

Following the approval of the Return of Cash by Shareholders on 14 May 2015, Paddy Power plc (the "Company") today provides an update in respect of the Return of Cash as described in the Circular to Shareholders dated 14 April 2015.  

Capital Reorganisation

The Company announces that the Capital Reorganisation approved at the Annual General Meeting is expected to take effect from 8.00 a.m. today. As described in the Circular, each of the Existing Ordinary Shares will be subdivided into one Intermediate Ordinary Share and one B Share. Every 10 Intermediate Ordinary Shares will immediately be sub-divided and consolidated into 9 New Ordinary Shares.

Applications have been made to the Irish Stock Exchange and to the UK Listing Authority for an amendment to the Official Lists, and to the Irish Stock Exchange and the London Stock Exchange for the amendment to trading to reflect the Capital Reorganisation. Following the amendment, a total of 46,006,533 New Ordinary Shares of €0.09 each and 51,118,370 B Shares of €0.019 each will be in issue. It is expected that the New Ordinary Shares will commence trading on the main markets of the Irish Stock Exchange and the London Stock Exchange at 8.00 a.m. today. The ISIN for the New Ordinary Shares is IE00BWT6H894, and the New Ordinary Shares have replaced the Existing Ordinary Shares. The B Shares will neither be admitted to the Official Lists nor to trading on the main markets of the Irish Stock Exchange or the London Stock Exchange.

With effect from the amendment, share certificates in respect of Existing Ordinary Shares will cease to be valid. It is expected that by 5 June 2015, the Company will despatch share certificates in respect of New Ordinary Shares to those Shareholders who held their Existing Ordinary Shares in certificated form.  Until such time Shareholders should retain any share certificate(s) they currently hold in respect of Existing Ordinary Shares for record purposes only. No share certificates will be issued in respect of the B Shares.

Shareholders who held their Existing Ordinary Shares in CREST will have the New Ordinary Shares to which they are entitled automatically credited to their CREST accounts at approximately 8.00 a.m. today (or as soon as possible thereafter), together with "interim CREST entitlements" to the B Shares to which they are entitled in order to allow such Shareholders to send a USE Instruction through CREST in respect of the B Share Choices.

Election Deadline

The election deadline in relation to the B Share Choices is 4.30 p.m. on 27 May 2015.  Shareholders who do not return a valid Form of Election or send a valid USE Instruction in accordance with the instructions set out in the Circular by the Election Deadline will be deemed to have elected for the Redemption Option in respect of all of their B Shares.

Total Voting Rights

In conformity with Regulation 20 of the Transparency (Directive 2004/109/EC) Regulations 2007, the Company announces that:

The total number of New Ordinary Shares of €0.09 each in issue (with voting rights) as at the date of this notice is 44,040,933. The Company also holds 1,965,600 Ordinary Shares in treasury, which do not carry voting rights.

The figure which may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the Transparency (Directive 2004/109/EC) Regulations 2007 and the Transparency Rules is, therefore, 44,040,933. 

Unless otherwise defined, capitalised terms used in this announcement have the same meaning as those defined in the Circular, which can be viewed on the Company's website, www.paddypowerplc.com/investors/agm-information.

Enquiries:

Edward Traynor

Company Secretary

Tel: [phone]

 

END

 

 

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