Share Capital Consolidation expected date

RNS Number : 0284A

IMI PLC

14 February 2014

 

14 February 2014

IMI plc announces the expected date of its Share Capital Consolidation and update relating to its Return of Cash

IMI plc ("IMI" or the "Company") today announces that, following the approval of all of the resolutions proposed at the general meeting of the Company held on 13 February 2014 relating to its proposed Return of Cash and Share Capital Consolidation, the allotment and issue of the B Shares and C Shares relating to its Return of Cash and the Share Capital Consolidation are each expected to occur on 17 February 2014.

The Share Capital Consolidation will consolidate every 8 Existing Ordinary Shares of 25 pence each into 7 New Ordinary Shares of 28 4/7 pence each. The Share Capital Consolidation and the allotment and issue of the B Shares and C Shares each remain conditional on the admission of the New Ordinary Shares of 28 4/7 pence each to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market becoming effective. Applications have been made to the UK Listing Authority for an amendment to the Official List and to the London Stock Exchange for an amendment to trading to reflect the Share Capital Consolidation.

The New Ordinary Shares are expected to be admitted to the Official List of the UK Listing Authority and to commence trading on the London Stock Exchange's main market at 8.00 a.m. on 17 February 2014.

Expected timetable of principal events

Election Deadline: latest time and date for receipt of Forms of Election or TTE Instructions from CREST holders in relation to the Alternatives	4.30 p.m. on 14 February 2014
Latest time and date for dealings in Existing Ordinary Shares	4.30 p.m. on 14 February 2014
Record Time for entitlement to B Shares and/or C Shares and for the Share Capital Consolidation. Share register of Existing Ordinary Shares closed and Existing Ordinary Shares disabled in CREST	6.00 p.m. on 14 February 2014
Cancellation of trading of Existing Ordinary Shares. Admission of New Ordinary Shares to the Official List and to trading on the London Stock Exchange's main market for listed securities. Dealings commence in New Ordinary Shares	8.00 a.m. on 17 February 2014
CREST accounts credited with New Ordinary Shares and (if applicable) B Shares issued pursuant to the Deferred Capital Option	Approximately 8.00 a.m. on 17 February 2014
B Shares issued pursuant to the Immediate Capital Option and/or the Deferred Capital Option and C Shares issued pursuant to the Income Option and (if applicable) the Immediate Capital Option and/or the scaling-back arrangements of the Deferred Capital Option	8.00 a.m. on 17 February 2014
C Share Dividend becomes payable on C Shares issued pursuant to the Income Option and those C Shares automatically reclassified as Deferred Shares	By 24 February 2014
Redemption of B Shares under the Immediate Capital Option	By 24 February 2014
If applicable, J.P. Morgan Cazenove makes the Purchase Offer for C Shares issued pursuant to the Immediate Capital Option and/or the scaling back arrangements of the Deferred Capital Option by means of an announcement through a Regulatory Information Service	By 24 February 2014
Despatch of cheques or payment by BACS to mandated sterling bank accounts, in respect of proceeds under the Income Option	By 10 March 2014
Despatch of cheques or, if held in CREST, CREST accounts credited in respect of proceeds under the Immediate Capital Option	By 10 March 2014
Despatch of share certificates in respect of New Ordinary Shares and, if applicable, despatch of cheques and CREST accounts credited in respect of fractional entitlements	By 10 March 2014
Redemption of B Shares issued under the Deferred Capital Option	Between 7 April and 14 April 2014
Despatch of cheques or, if held in CREST, CREST accounts credited in respect of proceeds under the Deferred Capital Option	By 21 April 2014

Notes:

·      All time references above are to London time.

·      These dates are given on the basis of the Board's current expectations and are subject to change. If any of the above times and/or dates change, the revised times and/or dates will be notified to Shareholders by announcement through a Regulatory Information Service and will be available on www.imiplc.com.

·      All events in the timetable from Admission of the New Ordinary Shares are conditional upon Admission occurring.

Terms used in this announcement but which are not otherwise defined shall have the same meanings as set out in the circular published by the Company on 21 January 2014 in relation to the Return of Cash.

Enquiries to:

Will Shaw                                IMI                                                        Tel:      [phone]

Suzanne Bartch                      StockWell Communications               Tel:      [phone]

Robert Morgan           

Edmund Byers                        J.P. Morgan Cazenove                       Tel:      [phone]

James Thomlinson

Andrew Seaton                       Citi                                                       Tel:      [phone]

Christopher Wren

Ends

 

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