Great Portland Estates PLC Return of capital and notice of General Meeting (1590G)
February 28 2018 - 2:01AM
UK Regulatory
TIDMGPOR
RNS Number : 1590G
Great Portland Estates PLC
28 February 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION
28 February 2018
GREAT PORTLAND ESTATES PLC
(the Company)
Publication of Circular relating to return of capital to
shareholders and containing notice of General Meeting
As previously announced on 25 January 2018, the Company intends
to return approximately GBP306.0 million (being the net cash
proceeds generated for the Company from the sales of 240
Blackfriars Road and 30 Broadwick Street to clients of Wolfe Asset
Management Limited and Savills Investment Management respectively)
to shareholders in the form of a payment of 93.65 pence per
ordinary share.
The Company intends to implement this return of capital through
the issue and redemption of a new class of redeemable B shares (the
B Share Scheme), which will be accompanied by a 16 for 19 share
consolidation of the Company's existing ordinary share capital (the
Share Consolidation). The B Share Scheme and Share Consolidation
are subject to the approval of the Company's shareholders and
accordingly the following documentation has been published and will
shortly be issued to shareholders:
-- an explanatory circular regarding the B Share Scheme and the Share Consolidation, and containing a notice of
general meeting (the Circular); and
-- the form of proxy for use at the general meeting (the Form of Proxy).
The Company's general meeting to approve the B Share Scheme,
Share Consolidation and associated resolutions regarding the share
capital of the Company will be held at 2.00 p.m. on Monday 26 March
2018 at the registered office of the Company at 33 Cavendish
Square, London, W1G 0PW, United Kingdom.
The record time for entitlement to the B shares and the Share
Consolidation will be 6.00 p.m. on 26 March 2018 (the date of the
general meeting). The B shares are expected to be issued on 27
March 2018. The redemption and cancellation of the B shares is
expected to occur on 28 March 2018, with the despatch of payments
and the crediting of CREST accounts in respect of the redemption
proceeds expected to occur on 13 April 2018. A detailed timetable
and the terms of the B Share Scheme and Share Consolidation are set
out in the Circular.
The Circular can be found on the Company's website at
www.gpe.co.uk under 'Investors - Shareholder Information'.
A copy of the Circular will be submitted to the National Storage
Mechanism and will shortly be available for inspection at:
www.morningstar.co.uk/uk/NSM.
A hard copy of the Circular can be obtained free of charge on
request from the Company Secretary of the Company at 33 Cavendish
Square, London, W1G 0PW, United Kingdom.
Contacts:
Great Portland Estates plc
Nick Sanderson Finance Director 020 7647 3034
Finsbury
Gordon Simpson 020 7251 3801
Important Notices
This announcement introduces the proposals contained in the
Circular, which should be read by shareholders before taking a
decision. The announcement is not a summary of the proposals and
should not be regarded as a substitute for reading the
Circular.
The release, publication or distribution of this announcement
into jurisdictions other than the United Kingdom may be restricted
by law and therefore any persons who are subject to the law of any
jurisdiction other than the United Kingdom should inform themselves
about, and observe, any such restrictions.
If you are in any doubt about the contents of this announcement
or the action you should take, you are recommended to seek your own
financial advice immediately from your stockbroker, bank manager,
fund manager, solicitor, accountant or other appropriate
independent financial adviser duly authorised under the Financial
Services and Markets Act 2000 if you are resident in the United
Kingdom or, if not, from any appropriately authorised independent
financial adviser.
LEI number of Great Portland Estates P L C:
213800JMEDD2Q4N1MC42
This information is provided by RNS
The company news service from the London Stock Exchange
END
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