Capital Reorganisation
January 19 2010 - 2:00AM
UK Regulatory
TIDMSWP
RNS Number : 7386F
SWP Group PLC
19 January 2010
SWP Group plc ("SWP" or the "Company")
Capital Reorganisation
As announced at the time of the publication of SWP's final results, the Company
is conducting a capital reorganisation including a bonus issue at a ratio of:
10 new ordinary shares of 0.5p each for every 1 existing ordinary share of 0.5p
each
to all those SWP shareholders on the shareholder register as at 20 January 2010.
The capital reorganisation has been approved by shareholders at a General
Meeting of the Company.
The effect of the bonus issue will be to increase the number of ordinary shares
in issue and the holding of each shareholder will be increased on a pro rata
basis with a corresponding adjustment to the market price of each share.
The bonus issue is taking place in order to reduce the Company's Share Premium
Account and increase the Called up Share Capital.
On the basis of the current issued ordinary share capital of 18,264,546 ordinary
shares, the bonus issue will result in the issue of 182,645,460 bonus shares.
Application has today been made to the London Stock Exchange for the new
ordinary shares to be admitted to trading on AIM, where ordinary shares of the
same class are already traded. It is expected that Admission will be effective
and dealing in the ordinary shares will commence on 21 January 2010.
The Company also holds 215,000 shares in treasury. An additional 2,150,000
shares will be issued into treasury as a result of the issue.
The bonus shares, which will be capable of being held in either certificated or
uncertificated (CREST) form as appropriate, will be issued to each shareholder
and are not being marketed.The rights and restrictions attaching to the bonus
shares will be as currently set out in the Articles in relation to the existing
ordinary shares.The bonus shares will rank pari passu in all respects with the
existing ordinary shares.
Where ordinary shares are held in certificated form on the record date,
shareholders will receive non-renounceable share certificates, which will be
posted at the risk of shareholders, in respect of their entitlements to bonus
shares. Where ordinary shares are held in uncertificated form on the record
date, the appropriate CREST accounts will be credited with the relevant number
of bonus shares, save that the Company reserves the right to issue the bonus
shares in certificated form in exceptional circumstances, such as for example,
in the event of any failure or breakdown of CREST. No temporary or renounceable
documents of title will be issued.
Enquiries:
SWP Group plc
David Pett
Finance Director01353 723270
This information is provided by RNS
The company news service from the London Stock Exchange
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