Completion of Capital Reduction
March 05 2009 - 12:05PM
UK Regulatory
TIDMCMF
RNS Number : 4156O
CMR Fuel Cells PLC
05 March 2009
5 March 2009
CMR Fuel Cells plc ("Company" or "CMR")
Reduction of capital, completion of tender offer, declaration of special
dividend and cancellation of admission to trading on AIM
The Board of CMR Fuel Cells plc is pleased to announce that the reduction of
capital referred to in the circular sent to shareholders on 14 January 2009 (the
"Circular") has now become effective.
Capitalised terms used but not defined in this announcement shall have the
meaning given to them in the Circular.All conditions regarding completion of the
Tender Offer have now been satisfied and the Board is also pleased to announce
that the Tender Offer has now completed in accordance with its terms. It is
anticipated that those Shareholders whose shares were validly tendered and
purchased under the Tender Offer will be issued with a cheque or have their
CREST accounts credited by 19 March 2009. In addition, it is anticipated that
CREST accounts will be credited, balance certificates will be issued and share
certificates for unsuccessfully tendered Ordinary Shares will be sent by 19
March 2009.
Accordingly, and as set out in the Expected Timetable of Principal Events
contained in the Circular, the Directors of the Company have declared a special
dividend of 17 pence per Ordinary Share. The Special Dividend will be paid to
Shareholders on the register of members of the Company at 5.00 p.m. on 27 March
2009 and in respect of their Ordinary Shares held on such date.
Following completion of the Tender Offer and the related cancellation of the
Ordinary Shares successfully tendered, the Company has a total of 9,560,570
Ordinary Shares of 0.6 pence each in issue.
So as to be able to declare the Special Dividend, the Company was required to
prepare interim accounts that reflect the Company's financial position following
completion of the Capital Reduction and Tender Offer. Accordingly, the Company
has delivered to the Registrar of Companies interim accounts of CMR Fuel Cells
plc for the period from 1 January 2008 to 5 March 2009. These are unaudited
interim accounts for CMR Fuel Cells plc and are not consolidated financial
results for the group.
Following the approval of Shareholders at the General Meeting of the Company
which was held on 6 February 2009, the cancellation of admission of the
Company's shares to trading on AIM is expected to become effective at 7a.m. on 3
April 2009
Further Information
John Halfpenny CMR Fuel Cells plc 01223 875 544
CEO
Vikki Krause Hansard Group 020 7245 1100
Michael Ansell Investec Investment Banking 020 7597 5970
Daniel Adams
Investec Investment Banking, which is regulated for designated investment
business in the UK by the Financial Services Authority, is acting for CMR Fuel
Cells plc and no one else in connection with the Tender Offer and will not be
responsible to anyone other than for CMR Fuel Cells plc providing the
protections afforded to customers of Investec Investment Banking or for
providing advice in relation thereto or for advising any such person on the
contents of this document or any transaction or agreement referred to herein.
Overseas Shareholders should inform themselves about and observe any applicable
legal or regulatory requirements. If they are in any doubt about their position,
they should consult their professional advisor in the relevant territory.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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