Share disposal and special dividend

RNS Number : 0095G

Walker Crips Group plc

25 June 2012

 



Walker Crips Group plc ("WCW")

Disposal of share holding and announcement of special dividend

WCW has notified Liontrust Asset Management plc ("Liontrust") that it has disposed of its entire holding of 1,851,719 Liontrust ordinary shares (the "Liontrust Shares") at a price (net of commissions) of 89.7 pence per share, raising approximately £1.66 million. WCW received the Liontrust Shares as part of the consideration for the disposal of the major portion of its Walker Crips Asset Managers business ("WCAM") to Liontrust, which completed on 12 April 2012.

As stated in WCW's preliminary announcement of results, released on 13 June 2012, following the disposal of WCAM, the Board of WCW has been considering a special dividend to WCW shareholders. The Board is now pleased to announce that the net proceeds of the sale of the Liontrust Shares are to be distributed to WCW shareholders pro rata to their holdings of WCW shares (the "Special Dividend").

Based on the 37,063,187 WCW ordinary shares of 6 2/3 pence ("Ordinary Shares") in issue at close of business on 22 June 2012, the Special Dividend will equate to 4.5p pence per Ordinary Share. The Special Dividend will be paid on 3 August 2012 as an additional interim dividend (and will therefore not require the approval of WCW shareholders) to WCW shareholders on the register at close of business on 20 July 2012.

Commenting, David Gelber, Chairman, said:

"The Board is very pleased to announce the Special Dividend and to allow WCW shareholders to participate directly in the value received by WCW from the disposal of WCAM.

WCW retains the potential to participate in Liontrust's future performance via the loan notes, also received in part satisfaction of the consideration for WCAM, which are convertible into Liontrust shares".

For further information, please contact:

Walker Crips Group plc Rodney FitzGerald, Chief Executive	Tel: [phone]
Altium Tim Richardson Katie Hobbs	Tel: [phone]

 

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