Aggreko To Return 55P Per Existing Ordinary Share To Holders

Date : 05/10/2011 @ 2:55AM
Source : Dow Jones News
Stock : Aggreko (AGK)
Quote : 719.4  -1.6 (-0.22%) @ 12:35PM
Aggreko share price Chart

Aggreko To Return 55P Per Existing Ordinary Share To Holders

Aggreko (LSE:AGK)
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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.


-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;

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