Result of the Offer & Buyback
June 28 2010 - 7:21AM
UK Regulatory
TIDMTTS
RNS Number : 3406O
Total Systems PLC
28 June 2010
Total Systems plc (the "Company")
28 June 2010
Result of the Offer & Buyback
On 13 May 2010, the Company sent a circular to its shareholders (the 'Circular')
with proposals for the cancellation of admission of the Company's Ordinary
Shares to the Official List and to trading on the Main Market of the London
Stock Exchange, an offer by Brewin Dolphin to Participating Shareholders to
purchase up to 2,331,514 Ordinary Shares (the 'Offer') and a buy-back by the
Company of the Ordinary Shares purchased by Brewin Dolphin pursuant to the Offer
('Buyback').
The Company is pleased to announce the result of the Offer, which closed at 1.00
pm on 25 June 2010.
Acceptances were received for a total of 1,362,462, Ordinary Shares,
representing approximately 13.0 per cent. of the issued Ordinary Share capital
and approximately 58.4 per cent. of the maximum number of Ordinary Shares that
Brewin Dolphin offered to purchase under the Offer.
The Offer is expected to be implemented on 29 June 2010 by Brewin Dolphin
purchasing the Ordinary Shares for which it has received valid acceptances as
principal. Brewin Dolphin will then sell these Ordinary Shares (or otherwise a
corresponding number of Ordinary Shares) to the Company as a market purchase
pursuant to the terms of the Repurchase Agreement.
The CREST accounts of Shareholders who held their shares in uncertificated form
are expected to be credited with the Offer proceeds on 2 July 2010 and cheques,
with balance share certificates as appropriate, are expected to be despatched to
Shareholders who held their shares in certificated form on the same day.
Ordinary Shares purchased under the Offer (or otherwise a corresponding number
of Ordinary Shares) and the 85,000 Treasury shares currently held by the Company
will be cancelled on completion of the Offer and the Buyback and the number of
Ordinary Shares in issue will be 9,072,091.
As previously notified, cancellation of admission of the Company's Ordinary
Shares to the Official List and to trading on the Main Market of the London
Stock Exchange is expected to occur with effect from 8.00 a.m. on 6 July 2010.
Definitions used in the Circular apply in this announcement unless the context
requires otherwise.
For further information, please contact:
Terence Bourne - Chairman
Granville Harris - Finance Director
Total Systems plc
020 7294 4888
Mark Brady / Matthew Cheetham
Brewin Dolphin
0845 213 4729
This information is provided by RNS
The company news service from the London Stock Exchange
END
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