Aggreko To Return 55P Per Existing Ordinary Share To Holders
May 10 2011 - 2:55AM
Dow Jones News
Temporary power firm, Aggreko PLC (AGK.LN) said Tuesday that it
is posting a circular to shareholders outlining the proposed return
of cash, adding that shareholders to receive 55 pence per existing
ordinary share, equating to a proposed aggregate return of GBP151.4
million.
MAIN FACTS:
-Return to be implemented by way of a share split whereby each
existing ordinary share will be subdivided into one intermediate
ordinary share and one B share.
-31:32 share consolidation of the intermediate ordinary shares
into new ordinary shares.
-Shareholders may elect to choose between the following options
in respect of those B shares:
* to receive a single dividend of 55 pence per B share for some
or all of their B shares.
* to elect for Aggreko to buy some or all of their B shares for
55 pence per B share; all B shares bought back will subsequently be
cancelled by Aggreko.
* to retain some or all of their B shares; while shareholders
hold these B shares, they will be entitled to receive a B share
continuing dividend at the rate of 75% of 12 month LIBOR, payable
annually in arrear on the notional amount of 55 pence per B
share.
-It is intended that there will be a further offer by Aggreko to
purchase B shares around the time of the Company's AGM in 2012; B
shares will not be listed.
-Shares closed Monday at 1763 pence valuing the company at
GBP4.84 billion.
-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296;
ian.walker@dowjones.com
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