Business
Notice of EGM
Notice of EGM.
About this update from Fw Thorpe Plc
[{"type":"text","content":"\n \nRNS Number : 2565K Thorpe(F.W.) PLC 26 July 2013 \n \n\n26 July 2013\n \nF W Thorpe Plc\n(\"F W Thorpe\" or the \"Company\")\nNotice of Extraordinary General Meeting\n \nThe Board of F W Thorpe is pleased to announce that a circular (the \"Circular\") has been published today convening an extraordinary general meeting of the Company (\"EGM\") to be held at 9.00 a.m. on 16 August 2013 at the offices of the Company at Merse Road, North Moons Moat, Redditch B98 9HH.\n \nThe purpose of the EGM is to seek shareholder approval for the proposed Share Split and the adoption of new articles of association.\n \nBackground to the Share Split\n \nThe share price of the Existing Shares has more than doubled over the last five years with a middle market closing price of 1,050 pence per Existing Share as at 24 July 2013 (being the latest practicable date prior to the publication of the Circular). The Directors therefore believe that it is appropriate to recommend a ten-for-one Share Split, which will increase the number of ordinary shares by a factor of ten, with an expected resultant reduction in share price.\n \nThis process has a number of potential benefits for Shareholders: these include moving the share price into what the Directors believe to be a more normal range and improving the liquidity of the Company's shares. The Directors also believe that a Share Split should help attract and retain a more diverse shareholder base.\n \nIt is therefore proposed that when the Share Split becomes effective:\n \neach Existing Share be sub-divided into 10 New Shares\n \nAs at the date of this announcement, there are 11,893,559 Existing Shares allotted, called up and fully paid. Immediately following the Share Split becoming effective, there will be 118,935,590 New Shares allotted, called up and fully paid.\n \nThe financial position of the Company will not be affected by the Share Split, nor will its assets, liabilities or shareholders' funds be reduced. Immediately after the Share Split becomes effective, each Shareholder will hold the same percentage of the issued share capital as was held immediately before the Share Split became effective.\n \nApart from taking into account the greater number of shares in issue, the Directors do not intend to alter the dividend policy...