Caffyns Plc
("Caffyns" or the "Company")
Results of the Redemption Option
Caffyns, the listed motor dealership operator, is pleased to announce that, as at 1.00 p.m. on 28 January 2016, the latest time for the receipt of Redemption Forms or TTE Instructions from Preference Shareholders in respect of the Redemption Option, it has received valid elections in respect of 218,268 First Preference Shares (representing 56.1 per cent. of the issued First Preference Shares) and 206,664 New Preference Shares (representing 31.9 per cent. of the issued New Preference Shares) pursuant to the Redemption Option.
As a result, the Company will purchase 218,268 First Preference Shares for 108 pence each and 206,664 New Preference Shares for 167 pence each pursuant to the Redemption Option for an aggregate consideration of £580,858, to be funded from existing banking facilities.
Shareholder resolutions authorising the market purchase of First Preference Shares and New Preference Shares pursuant to the Redemption Option were passed at the General Meeting held on 14 January 2016.
Following completion of the above mentioned purchases by the Company, expected to be by 8 February 2016, there will be 170,732 First Preference Shares and 441,336 New Preference Shares in issue respectively.
Unless the context requires otherwise, words and expressions defined in the circular to Caffyns shareholders dated 21 December 2015 shall have the same meanings in this announcement.
For further information please contact:
Caffyns PLC Telephone: +44 (0) 1323 730201
Simon Caffyn (Chief Executive) Mark Harrison (Finance Director |
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