14 February 2014
IMI plc announces the expected date of its Share Capital Consolidation and update relating to its Return of Cash
IMI plc ("IMI" or the "Company") today announces that, following the approval of all of the resolutions proposed at the general meeting of the Company held on 13 February 2014 relating to its proposed Return of Cash and Share Capital Consolidation, the allotment and issue of the B Shares and C Shares relating to its Return of Cash and the Share Capital Consolidation are each expected to occur on 17 February 2014.
The Share Capital Consolidation will consolidate every 8 Existing Ordinary Shares of 25 pence each into 7 New Ordinary Shares of 28 4/7 pence each. The Share Capital Consolidation and the allotment and issue of the B Shares and C Shares each remain conditional on the admission of the New Ordinary Shares of 28 4/7 pence each to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market becoming effective. Applications have been made to the UK Listing Authority for an amendment to the Official List and to the London Stock Exchange for an amendment to trading to reflect the Share Capital Consolidation.
The New Ordinary Shares are expected to be admitted to the Official List of the UK Listing Authority and to commence trading on the London Stock Exchange's main market at 8.00 a.m. on 17 February 2014.
Expected timetable of principal events
Election Deadline: latest time and date for receipt of Forms of Election or TTE Instructions from CREST holders in relation to the Alternatives |
4.30 p.m. on 14 February 2014 |
Latest time and date for dealings in Existing Ordinary Shares |
4.30 p.m. on 14 February 2014 |
Record Time for entitlement to B Shares and/or C Shares and for the Share Capital Consolidation. Share register of Existing Ordinary Shares closed and Existing Ordinary Shares disabled in CREST |
6.00 p.m. on 14 February 2014 |
Cancellation of trading of Existing Ordinary Shares. Admission of New Ordinary Shares to the Official List and to trading on the London Stock Exchange's main market for listed securities. Dealings commence in New Ordinary Shares |
8.00 a.m. on 17 February 2014 |
CREST accounts credited with New Ordinary Shares and (if applicable) B Shares issued pursuant to the Deferred Capital Option |
Approximately 8.00 a.m. on 17 February 2014 |
B Shares issued pursuant to the Immediate Capital Option and/or the Deferred Capital Option and C Shares issued pursuant to the Income Option and (if applicable) the Immediate Capital Option and/or the scaling-back arrangements of the Deferred Capital Option |
8.00 a.m. on 17 February 2014 |
C Share Dividend becomes payable on C Shares issued pursuant to the Income Option and those C Shares automatically reclassified as Deferred Shares |
By 24 February 2014 |
Redemption of B Shares under the Immediate Capital Option |
By 24 February 2014 |
If applicable, J.P. Morgan Cazenove makes the Purchase Offer for C Shares issued pursuant to the Immediate Capital Option and/or the scaling back arrangements of the Deferred Capital Option by means of an announcement through a Regulatory Information Service |
By 24 February 2014 |
Despatch of cheques or payment by BACS to mandated sterling bank accounts, in respect of proceeds under the Income Option |
By 10 March 2014 |
Despatch of cheques or, if held in CREST, CREST accounts credited in respect of proceeds under the Immediate Capital Option |
By 10 March 2014 |
Despatch of share certificates in respect of New Ordinary Shares and, if applicable, despatch of cheques and CREST accounts credited in respect of fractional entitlements |
By 10 March 2014 |
Redemption of B Shares issued under the Deferred Capital Option |
Between 7 April and 14 April 2014 |
Despatch of cheques or, if held in CREST, CREST accounts credited in respect of proceeds under the Deferred Capital Option |
By 21 April 2014 |
Notes:
· All time references above are to London time.
· These dates are given on the basis of the Board's current expectations and are subject to change. If any of the above times and/or dates change, the revised times and/or dates will be notified to Shareholders by announcement through a Regulatory Information Service and will be available on www.imiplc.com.
· All events in the timetable from Admission of the New Ordinary Shares are conditional upon Admission occurring.
Terms used in this announcement but which are not otherwise defined shall have the same meanings as set out in the circular published by the Company on 21 January 2014 in relation to the Return of Cash.
Enquiries to:
Will Shaw IMI Tel: +44 (0)121 717 3712
Suzanne Bartch StockWell Communications Tel: +44 (0)20 7240 2486
Robert Morgan
Edmund Byers J.P. Morgan Cazenove Tel: +44 (0)20 7777 2000
James Thomlinson
Andrew Seaton Citi Tel: +44 (0)207 986 0500
Christopher Wren
Ends
