Business
Proposed Return of Value to Shareholders
Proposed Return of Value to Shareholders.
About this update from Computacenter Plc
[{"type":"text","content":"\n \nRNS Number : 4944F Computacenter PLC 24 May 2013 \n \n\n \n \nComputacenter plc\n \nPROPOSED RETURN OF VALUE TO SHAREHOLDERS OF APPROXIMATELY £75 MILLION\n \nComputacenter plc (\"Computacenter\" or the \"Company\") announces that it proposes to make a one-off Return of Value to Shareholders of 48.7p per existing ordinary share, equivalent to approximately £75 million or approximately 10.8% of Computacenter's current market capitalisation. The return is being made using a B Share structure with an associated Share Capital Consolidation of 9 New Ordinary Shares for every 10 Existing Ordinary Shares. The approval of Shareholders is required for the Return of Value and Share Capital Consolidation. Accordingly, the Company will shortly be posting a circular to its Shareholders and convening an Extraordinary General Meeting, expected to be held on 11 June 2013, to approve the transaction. \n \nComputacenter Chief Executive Officer, Mike Norris said: \"We are very pleased to confirm, as previously announced, the return of approximately £75 million to our shareholders. The cash-generative nature of Computacenter's business has resulted in a net cash balance in excess of our current needs. This has placed us in a position where we are now able to make the second significant one-off return of value to our shareholders, while maintaining an appropriate balance sheet structure to continue growing the business and serving our clients.\" \n \n \nRationale for the Return of Value \n \nWhile the Company intends to continue to maintain a robust and prudent balance sheet, the Directors believe that it is now appropriate to undertake a return of capital to shareholders, in addition to the normal dividend. Computacenter will continue to monitor its balance sheet to ensure that it is efficient, as it has done historically. Computacenter also returned £74.4 million to Shareholders by way of a one-off capital return via a B Share structure in 2006 equating to 39p per share.\n \n \nKey Terms of the Return of Value\n \nThe Return of Value consists of a Capital Reorganisation, including the issue and allotment of B Shares and an associated Share Capital Consolidation. \n \nUnder the terms of the Return of Value, Sharehol...