Safeland PLC
10 February 2004
Authority to make an off-market purchase of its ordinary shares
Following his resignation as a director of the Company on 17 November 2003, Mr
Steven Lipman has decided to dispose of his shares in the Company, together with
those of his wife. During the past five years, the Company has followed a policy
of trying to repurchase its own shares and in-line with this policy, the
Directors consider it is in the best interests of the Company to buy back the
shares held by Mr and Mrs Lipman.
Accordingly, the Company is seeking authority from its Shareholders to
repurchase an aggregate of 544,342 shares held by Mr Lipman and his wife (the
'Repurchase Shares'), for a total consideration of £302,109.81 (the 'Proposed
Repurchase').
The Directors are satisfied that the Company has sufficient financial resources
to enable it to carry out the Proposed Repurchase. The Proposed Repurchase would
be made out of the Company's retained reserves and accordingly the purchase and
cancellation of the Repurchase Shares would result in a reduction in the
Company's retained reserves, which might otherwise be available for distribution
to Shareholders of the Company. As at 31 March 2003, the consolidated Safeland
Group reserves amounted to approximately £8.3 million.
The Proposed Repurchase will be considered by the Shareholders of the Company at
an Extraordinary General Meeting to be convened at 10.00am on 5 March 2004,
notice of which is contained in a circular to Shareholders, which is being
posted today.
This information is provided by RNS
The company news service from the London Stock Exchange
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