Management Consulting Group PLC Publication of Circular (6714L)
October 04 2016 - 11:51AM
UK Regulatory
TIDMMMC
RNS Number : 6714L
Management Consulting Group PLC
04 October 2016
4 October 2016
This announcement contains inside information
Management Consulting Group PLC (the "Company" or "MCG")
Publication of Circular
Further to the announcement made by the Company on 22 September
2016, in which it announced that it had entered into an agreement
with Accenture for the sale of Kurt Salmon, comprising the Kurt
Salmon retail and consumer goods consulting businesses in the
United States, Canada, the United Kingdom, Germany, China, Hong
Kong and Japan (the "Disposal"), the Board of MCG is pleased to
announce that a shareholder circular relating to the Disposal (the
"Circular") has been approved by the UK Listing Authority. The
Circular contains further details of the Disposal and a proposed
court approved reduction of capital, which will enable the Board to
make a capital return of up to GBP75 million, as well as the
further matters set out below.
The Circular includes a notice convening a general meeting of
the Company to be held at the offices of Baker & McKenzie LLP,
100 New Bridge Street, London EC4V 6JA at 11.00 am on 21 October
2016, to seek shareholder approval for:
(a) the Disposal;
(b) a reduction of capital comprising:
(i) a reduction of the Company's share premium account by up to
GBP75 million, with the amount reduced to be repaid to shareholders
pro rata to their shareholding; and
(ii) the cancellation of the deferred shares of the Company to
create additional distributable reserves;
(c) the grant of bonuses to Nicholas Stagg (the Chief Executive)
and Christopher Povey (the Finance Director) in connection with the
Disposal and the disposal of the Company's US healthcare business
which completed on 29 July 2016(1) ; and
(d) amendments to the Company's Restricted Share Plan and Restricted Share Plan 2.
The Circular has been published, and, together with the form of
proxy for the general meeting, is being posted to shareholders
today. A copy of the Circular and the accompanying form of proxy
will also shortly be submitted to the National Storage Mechanism
and will be available for inspection at www.morningstar.co.uk. In
addition, the Circular will be available to view on the Investors
page of the Company's website (www.mcgplc.com/investors) and
available for inspection during normal business hours on any
weekday at the offices of the Company at 10 Fleet Place, London,
EC4M 7RB and at the offices of Baker & McKenzie LLP, 100 New
Bridge Street, London, EC4V 6JA.
References:
(1) The bonus value is GBP550,000 for the Chief Executive and
GBP200,000 for the Finance Director. These payments fall within the
requirements of Listing Rule 11.1.10R.
For further information please contact:
Management Consulting Group PLC
Nick Stagg Chief Executive 020 7710 5000
Chris Povey Finance Director 020 7710 5000
FTI Consulting
Ben Atwell 0203 727 1000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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