Mincon Group Plc Update on Migration (1613S)
March 12 2021 - 10:30AM
UK Regulatory
TIDMMCON
RNS Number : 1613S
Mincon Group Plc
12 March 2021
MINCON GROUP PLC
("Mincon" or the "Company")
UPDATE ON MIGRATION OF UNCERTIFICATED SHARES FROM
CREST TO THE EUROCLEAR BANK SYSTEM
As previously announced, at the extraordinary general meeting of
the Company held on 12 February 2021 (the "EGM") shareholders
approved the Migration and authorised the Board to take all steps
necessary to implement it.
In accordance with the terms of the Migration of Participating
Securities Act 2019 (the "2019 Act") and this authority, the
Company has consented to the Migration and has made the requisite
notifications to the Irish Companies Registration Office and
Euronext Dublin. Accordingly, all steps required to be taken by the
Company under the 2019 Act and the Migration Guide to give effect
to the Migration have now been completed.
Timetable for the Migration
Euronext Dublin has published a statement relating to its
obligations under the 2019 Act. This statement can be found at the
following link: https://www.euronext.com/en/media/4354/
This statement is to the effect that the Migration under the
2019 Act is scheduled to proceed in accordance with the indicative
timetable which was previously communicated to the market, most
recently on 17 February 2021. In particular, Euronext Dublin has
advised that the Live Date on which the Migration is to take effect
is 15 March 2021 and further that this date will be formally
appointed by Euronext Dublin as the Live Date for the Migration
today, 12 March 2021.
Accordingly, no changes are anticipated in relation to the dates
falling after the date of this announcement as set out in the
timetable contained in the Company's EGM Circular dated 15 January
2021 (the "EGM Circular") in respect of the Migration.
Actions to be taken by Mincon Shareholders
For Mincon Shareholders who hold their shares in paper form
(i.e. outside of CREST and in "certificated" form) there will be no
change to what is owned and how it is held. Therefore, the impact
of the Migration on such shareholders is expected to be minimal and
no immediate action is required.
For Mincon Shareholders who hold their shares through the CREST
System (in "uncertificated" form), the Migration will result in
changes to what is technically owned, how the interest is held, and
how rights related to the shares will be exercised. Details of
those changes are set out in the EGM Circular. Specifically:
-- Retail shareholders who hold their Shares electronically in
the CREST System - through a broker, custodian or nominee - will
continue to hold their interest through that broker, custodian or
nominee, as a CREST Depository Interest or (assuming the broker,
custodian or nominee is or becomes a Euroclear Bank Participant in
the way they are in the CREST System) as a Belgian Law Right in the
Euroclear System.
-- Institutional shareholders who hold their Shares
electronically in the CREST System directly in their own name (i.e.
as a CREST member) will continue to be able to hold their interests
in shares directly in their own name as a CREST Depository Interest
or (provided they become a participant in the Euroclear System) as
a Belgian Law Right in the Euroclear System. Where such
shareholders wish to hold in the Euroclear System but are not or do
not become a Euroclear Bank Participant, they will need to enter
into an arrangement with a broker, custodian or nominee who is a
Euroclear Bank Participant, so that they can hold the relevant
interest for them.
If they have not done so already, Mincon Shareholders holding
their shares in the CREST System are strongly encouraged to consult
now with their stockbroker or other intermediary. The Migration
will result in a change in both the form and nature of shareholding
in the Company, and the substance of, and manner in which, rights
can be exercised. In particular, the Migration will result in
important changes to the processes and timelines for submitting
proxy voting instructions for the Company's annual general meeting
later this year. Mincon Shareholders should familiarise themselves
with the new processes and timelines, and ensure all necessary
actions have been taken on their part and by their stockbroker or
other intermediary, to ensure they can continue to enjoy their
rights as a Mincon Shareholder in the context of the Euroclear
System.
The Company does not intend to issue any further updates on the
Migration as it affects the Company before the Migration occurs,
save to the extent that there is a material change to the
information previously provided.
Defined terms used in this announcement have the same meaning as
set out in the EGM Circular.
Shareholders are also referred to the Migration Guide (Version 3
January 2021) for further details in relation to the operation of
the Migration.
END
For further information please contact
Mincon Group plc
Joe Purcell - Chief Executive Officer Tel: +353 (61) 361 099
Mark McNamara - Chief Financial Officer
Barry Vaughan - Company Secretary
Davy Corporate Finance (Nominated Adviser and Euronext Growth
Advisor)
Anthony Farrell Tel: +353 (1) 679 6363
Daragh O' Reilly
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END
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