18 February 2014
IMI plc announces the payment of the C Share Dividend and the redemption of B Shares issued pursuant to the Immediate Capital Option relating to its Return of Cash
IMI plc ("IMI" or the "Company") today announces the payment of the C Share Dividend and the redemption of B Shares issued pursuant to the Immediate Capital Option relating to its Return of Cash.
C Share Dividend (Income Option)
It has been resolved to declare the C Share Dividend of 200 pence per C Share on each C Share issued pursuant to the Income Option (being 228,744,051 C Shares) and, consequently, such C Share Dividend has now become payable. It is expected that Shareholders entitled to receive the C Share Dividend will be sent cheques or, if mandate instructions are held in respect of a sterling bank account, that payments will be made by BACS to mandated bank accounts in respect of the C Share Dividend on or around 4 March 2014.
In accordance with the Company's articles of association and as set out in the circular published by the Company on 21 January 2014 in relation to the Return of Cash (the "Circular"), the relevant C Shares on which the C Share Dividend has become payable are automatically reclassified as Deferred Shares (having negligible value and carrying extremely limited rights) and the Company will appoint a person to execute on behalf of all holders of such Deferred Shares a transfer of all such shares to the Company for the aggregate consideration of one penny. In view of the negligible amount of the aggregate consideration for the Deferred Shares, Shareholders will not be entitled to have any part of the aggregate consideration paid to them.
Redemption of B Shares (Immediate Capital Option)
It has been resolved that all B Shares issued pursuant to the Immediate Capital Option (being 75,928,619 B Shares) be redeemed for 200 pence per B Share with immediate effect.
It is expected that Shareholders entitled to receive payments in respect of the proceeds of the redemption of the B Shares issued pursuant to the Immediate Capital Option will be sent cheques or, if Shareholders held their Existing Ordinary Shares in CREST, will have their CREST accounts credited on or around 4 March 2014.
All B Shares issued pursuant to the Immediate Capital Option and redeemed will be cancelled.
Redemption of B Shares (Deferred Capital Option)
5,475,074 B Shares issued pursuant to the Deferred Capital Option will continue to be in issue until such time as they are redeemed in accordance with the terms and conditions set out in the Circular. A further announcement will be made in due course in relation to the redemption of B Shares issued pursuant to the Deferred Capital Option.
Terms used in this announcement but which are not otherwise defined shall have the same meanings as set out in the Circular.
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
