Servoca PLC Capital Reorganisation and Notice of GM (5087M)
31 Julio 2017 - 1:01AM
UK Regulatory
TIDMSVCA
RNS Number : 5087M
Servoca PLC
31 July 2017
Servoca Plc
("Servoca" or "the Company")
Proposed Capital Reorganisation and Buy-Back
and
Notice of General Meeting
The directors of Servoca Plc (the "Board") announce the proposed
capital reorganisation of the existing ordinary share capital of
the Company followed by a buy-back of certain fractional
entitlements arising on the Capital Reorganisation. Shareholder
approval is required for the Capital Reorganisation and Buy-Back.
The Company has published a notice convening a general meeting of
Servoca Plc to be held at 10.00 a.m. on 14 August 2017 at the
offices of FinnCap Limited at 60 New Broad Street, London EC2M
1JJ.
Background to and reasons for the Capital Reorganisation and
Buy-Back
The Company has a share register which includes a large number
of Shareholders holding a very small percentage of the total
ordinary shares of the Company, which creates a significant
financial and logistical burden for the Company. Therefore a
consolidation and sub-division of the Company's existing Ordinary
Shares and a buy-back by the Company of certain fractional
entitlements arising on the consolidation is proposed, which the
Board has deemed to be an appropriate and commonly used method of
reducing the excessive length of a company's share register. The
purpose of the proposed consolidation, sub-division and Buy-Back is
to rationalise the large shareholder base of the Company, thereby
reducing the costs to the Company of administering the shareholder
base and also providing a cost-effective exit for Shareholders with
very small holdings and little economic interest in the
Company.
Shareholder approval is required for the Capital Reorganisation
and Buy-Back.
As a consequence of the Capital Reorganisation and Buy-Back, a
Shareholder who holds 2,000 or fewer ordinary shares in the Company
at the Record Date (6.00 p.m. on 14 August 2017) will, unless the
Shareholder completes (if the Shareholder holds the shares in the
Company in certificated form) a Form of Election (as defined in the
Circular) or (if the Shareholder holds the shares in the Company in
uncertificated form, that is, in CREST), a CREST Election (as
defined in the Circular), have his or her shareholding purchased by
the Company and the Shareholder will receive the proceeds, free of
dealing costs, via the Company's registrar.
Instructions for Shareholders who hold 2,000 or fewer ordinary
shares in the Company at the Record Date and who wish to retain
their shareholdings are included in the Circular.
The Circular is available on the Company's website:
http://www.servoca.com/investors/shareholder-documents/.
Existing Ordinary Shares 125,575,953
New Ordinary Shares in issue
immediately following the Capital
Reorganisation and Buy-Back 125,576,000
Nominal share value following
the Capital Reorganisation 1p
Proposed new ISIN GB00BF2VKD83
The expected timetable for the Capital Reorganisation is set out
below:
2017
Publication date of the Circular 28 July
Latest time and date for receipt of 10.00 a.m.
Forms of Proxy, CREST Elections and on 12 August
Forms of Election
General Meeting 10.00 a.m.
on 14 August
Record Date 6.00 p.m.
on 14 August
Effective time of the Consolidation 8.00 a.m.
and Sub-Division, Admission and dealings on 15 August
in New Ordinary Shares expected to
commence on AIM
CREST accounts credited with New Ordinary 15 August
Shares
Anticipated date of dispatch of definitive Within 10
share certificates in respect of New Business Days
Ordinary Shares of Admission
Anticipated date of dispatch of cheques Within 10
following sale and purchase of Fractional Business Days
Entitlements of Admission
Servoca
Andy Church
Glenn Swaby 020 7747 3030
finnCap
Geoff Nash
James Thompson 020 7220 0500
Newgate Threadneedle
Bob Huxford
James Browne 020 7653 9850
This information is provided by RNS
The company news service from the London Stock Exchange
END
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