21 March 2018
GREAT PORTLAND ESTATES PLC
(the Company)
Return of Capital Update
Proposed adjustment to Share Consolidation ratio
On 28 February 2018, the Company published an explanatory circular regarding a B Share Scheme and Share Consolidation, and containing a notice of general meeting (the Circular). The Circular explained that the Directors could, at the General Meeting, adjust the Share Consolidation ratio to maintain, as far as possible, comparability of the Company's share price before and after the implementation of the B Share Scheme.
As the price of an Existing Ordinary Share has increased since 28 February 2018 such that the Share Consolidation ratio as stated in Resolution 3 no longer maintains comparability of the Company's share price before and after the implementation of the B Share Scheme, the Directors intend to adjust the Share Consolidation ratio at the General Meeting so that the B Share Scheme is accompanied by a 25 for 29 consolidation of the Company's ordinary share capital.
On the basis of the adjusted Share Consolidation ratio above, subject to the passing of Resolutions 1 and 2, and subject to and conditional upon Admission (as defined in Resolution 1) occurring, every ordinary share of 13 3/19 pence each in the capital of the Company in issue as at 6.00 p.m. on 26 March 2018 (or such other time and date as the Directors may determine) will be subdivided into 25 undesignated shares in the capital of the Company and immediately thereafter, every 29 undesignated shares will be consolidated into one new ordinary share of 15 5/19 pence each.
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. A detailed timetable and the terms of the B Share Scheme and Share Consolidation are set out in the Circular.
Capitalised terms used in this announcement which are not otherwise defined in this announcement have the same meaning as set out in the Circular.
A copy of the Circular is available at http://www.morningstar.co.uk/uk/NSM and on the Company's website at www.gpe.co.uk under 'Investors - Shareholder Information'.
Contacts:
Great Portland Estates plc |
Nick Sanderson |
Finance Director |
020 7647 3034 |
Finsbury |
Gordon Simpson |
|
020 7251 3801 |
LEI number of Great Portland Estates PLC:
213800JMEDD2Q4N1MC42
