Business
Notice of General Meeting
Notice of General Meeting.
About this update from Character Group Plc
[{"type":"text","content":"\n RNS Number : 4147R Character Group PLC 20 August 2010 \n \n\n \nIssued by Citigate Dewe Rogerson Ltd, Birmingham\nDate: Friday, 20 August 2010\n \nThe Character Group plc\nNotice of General Meeting\nProposal to Grant the Company an Authority to Buy-Back Shares\n \n \nThe Character Group plc (the \"Company\" or \"Group\") has today posted a circular to its shareholders convening a General Meeting to be held at the offices of Duane Morris, 2nd Floor, 10 Chiswell Street, London, EC1Y 4UQ on Thursday, 9 September 2010 at 11 a.m. to consider and, if thought fit, pass a resolution (the \"Resolution\") granting the Company an authority to buy back ordinary shares of 5 pence each in the capital of the Company (\"Ordinary Shares\").\n \nSince June 2006, the Company has followed a policy of buying back its Ordinary Shares in the market, whenever the Directors felt that the share price undervalued the Group and when they considered it to be the best use of Group funds.\n \nAs at 31 August 2005, there were approximately 52.8 million Ordinary Shares in issue and today that number has been reduced to approximately 26.4 million. The Directors believe that the implementation of the buy-back programme has been a great success. Earnings per Ordinary Share are now virtually double that which they would have been had it not been for the buy-back programme. It has also, from time to time, created the opportunity for shareholders to sell Ordinary Shares into the market.\n \nDuring the current financial year, the Company has continued the buy-back programme, authority for which was granted at the Company's Annual General Meeting held in January 2010 (the \"2010 AGM\"). This has seen a total of 8,619,000 Ordinary Shares in the capital of the Company purchased in the market for cancellation at a total cost of approximately £10,486,000 (excluding dealing costs and stamp duty). As a consequence, the buy-back authority granted at the 2010 AGM has now been fully utilised. The Directors believe that, if stock market conditions permit, a further extension of this programme will be in the interests of shareholders generally. Accordingly, the Directors are seeking a new buy-back authority for the Company before the next Annual General Meeting.\n \nThe board of Directors of the Company (the \"Board\") ...