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Kingspan Group PLC (KGP)

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Thursday 11 March, 2021

Kingspan Group PLC

Update on Migration of Kingspan Group Plc Shares

RNS Number : 8722R
Kingspan Group PLC
11 March 2021
 

 

 

KINGSPAN GROUP PLC

("Kingspan" or the "Company")

 

UPDATE ON MIGRATION OF UNCERTIFICATED SHARES FROM

CREST TO THE EUROCLEAR BANK SYSTEM

 

 

Kingspan confirms that it has taken all steps required to be taken by it in connection with the proposed migration of the electronic holding and settlement of its shares from the CREST system to the Euroclear Bank system ("Migration").

 

Migration is expected to take effect from the opening of business on Monday, 15 March 2021, with the migration to Euroclear Bank of the holding and settlement of the securities of all Irish companies with securities that are listed and traded in Dublin and/or London.

 

Migration

 

As previously announced, at the extraordinary general meeting of the Company held on 12 February 2021 (the "EGM") shareholders approved the Migration and authorised the Board to take all steps necessary to implement it.

 

In accordance with the terms of the Migration of Participating Securities Act 2019 and these authorities, the Company has consented to the Migration and has made the requisite notifications to the Irish Companies Registration Office and Euronext Dublin. Accordingly, all steps required to be taken by the Company to give effect to Migration have now been completed.

 

Timetable for Migration

 

Euronext Dublin announced on 8 March 2021 that Market Migration remains scheduled to occur in line with the indicative timetable that was included in the Company's circular to Shareholders dated 13 January 2021 relating to the EGM (the "EGM Circular"). This timetable remains subject to change by decision of Euronext Dublin.

 

Market Migration

Weekend of 12-15 March 2021

'Live date' on which Migration is to take effect

Open of business 15 March 2021

 

Euronext Dublin maintains a dedicated web page relating to Market Migration (on which details of the timetable and other relevant details can be found) at the following link: https://www.euronext.com/en/migration-csd-services-for-irish-securities-crest-euroclear-bank

 

If they have not done so already, Kingspan shareholders holding their shares in CREST are strongly encouraged to consult with their stockbroker or other intermediary at the earliest opportunity. Migration will result in a significant change in both the form and nature of shareholding in the Company, and the substance of, and manner in which, rights can be exercised. In particular, Migration will result in important changes to the processes and timelines for submitting proxy voting instructions for the Company's forthcoming AGM. Shareholders should familiarise themselves with the new processes and timelines, and ensure all necessary actions have been taken on their part and by their stockbroker or other intermediary, to ensure they can continue to enjoy their rights as a Kingspan shareholder in the context of the new Euroclear Bank system.

 

Important notes

 

Unless the context is otherwise required, defined terms used in this announcement have the meanings given to them in Part 9 of the EGM Circular.  

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