Business
Posting of Shareholder Circul
Posting of Shareholder Circul.
About this update from Fletcher King Plc
[{"type":"text","content":"\n RNS Number : 5770B Fletcher King PLC 19 August 2008 \n \nFLETCHER KING PLC\nPOSTING OF SHAREHOLDER CIRCULAR\n\nThe directors of Fletcher King plc (the 'Company') intend to transfer the Company's stock exchange listing from the Official List to AIM, as they believe that a quotation on AIM will suit the Company's needs better than a continued listing on the Official List. \n\nGiven the current market capitalisation of the Company compared to other companies whose shares are listed on the Official List, the board has concluded that AIM is a more appropriate market for the Company's ordinary shares ('Ordinary Shares') than the Official List. The directors believe that trading on AIM should result in ongoing cost savings for the Company and a simplification of administration requirements in line with the size of the Company. The directors also believe that a move to AIM has the benefit of enabling the Company to agree and execute certain transactions more quickly. The board, however, envisages no alteration in the standards of reporting and corporate governance that the Company has historically practised.\nIn order to cancel the listing of the Ordinary Shares on the Official List a special resolution is required by the Listing Rules to be approved by Shareholders. A circular has been sent to shareholders convening a general meeting of the Company to be held at the offices of the Company on 12 September 2008, at which the special resolution to approve the move to AIM will be proposed. The general meeting will take place immediately following the AGM of the Company. Conditional upon the special resolution being approved at the general meeting, the Company will give notice of its intention to cancel the listing of its Ordinary Shares on the Official List and will apply to the London Stock Exchange for their admission to AIM. The passing of the special resolution requires the approval of 75 per cent. of votes cast by shareholders voting at the general meeting, in person or by proxy, to be obtained. \n\nIt is anticipated that trading in the Ordinary Shares on the London Stock Exchange's main market for l...