Business
Return of capital and notice of General Meeting
Return of capital and notice of General Meeting.
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n \nRNS Number : 1590G Great Portland Estates PLC 28 February 2018 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n \n28 February 2018\n \n \nGREAT PORTLAND ESTATES PLC\n(the Company)\n \nPublication of Circular relating to return of capital to shareholders and containing notice of General Meeting\n \nAs previously announced on 25 January 2018, the Company intends to return approximately £306.0 million (being the net cash proceeds generated for the Company from the sales of 240 Blackfriars Road and 30 Broadwick Street to clients of Wolfe Asset Management Limited and Savills Investment Management respectively) to shareholders in the form of a payment of 93.65 pence per ordinary share. \n \nThe Company intends to implement this return of capital through the issue and redemption of a new class of redeemable B shares (the B Share Scheme), which will be accompanied by a 16 for 19 share consolidation of the Company's existing ordinary share capital (the Share Consolidation). The B Share Scheme and Share Consolidation are subject to the approval of the Company's shareholders and accordingly the following documentation has been published and will shortly be issued to shareholders:\n \n\nan explanatory circular regarding the B Share Scheme and the Share Consolidation, and containing a notice of general meeting (the Circular); and\n\n \n\nthe form of proxy for use at the general meeting (the Form of Proxy). \n\n \nThe Company's general meeting to approve the B Share Scheme, Share Consolidation and associated resolutions regarding the share capital of the Company will be held at 2.00 p.m. on Monday 26 March 2018 at the registered office of the Company at 33 Cavendish Square, London, W1G 0PW, United Kingdom.\n \nThe record time for entitlement to the B shares and the Share Consolidation will be 6.00 p.m. on 26 March 2018 (the date of the general meeting). The B shares are expected to be issued on 27 March 2018. The redemption and cancellation of the B shares is expected to occur on 28 March 2018, with the despatch of payments and the crediting of CREST accounts in respect of the redemption proceeds expected to occur on 13 April 2018. A de...