Business
Proposed Return of Cash to Shareholders
Proposed Return of Cash to Shareholders.
About this update from Imi Plc
[{"type":"text","content":"\n \nRNS Number : 1092Y IMI PLC 21 January 2014 \n \n\n \n21 January 2014\n \nIMI plc announces the terms of its proposed return of £620 million to shareholders and share capital consolidation\n \n· Return of 200 pence per existing ordinary share in the capital of IMI plc (\"Existing Ordinary Share\") (the \"Return of Cash\")\n \n· Consolidation of every 8 Existing Ordinary Shares into 7 new ordinary shares (\"New Ordinary Shares\") (the \"Share Capital Consolidation\")\n \nIMI plc (\"IMI\" or the \"Company\") today announces the terms of its Return of Cash to IMI shareholders (\"Shareholders\"), following the completion of the disposal of its Beverage Dispense and Merchandising divisions as announced on 2 January 2014. The Company intends to return 200 pence per Existing Ordinary Share to Shareholders on the register as at 6.00 p.m. on 14 February 2014 (the \"Record Time\"), which amounts to approximately £620 million in aggregate. The Return of Cash is being structured as a \"B and C share\" scheme to allow Shareholders, subject to applicable overseas restrictions, to elect to receive their cash proceeds as an immediate income payment, an immediate capital payment, a deferred capital payment or any combination of the three (the \"Alternatives\"). \n \nKey elements of the proposed Return of Cash\n \n· All Shareholders will be entitled to receive 200 pence per Existing Ordinary Share;\n· Shareholders, subject to restrictions in respect of US Shareholders and certain other overseas Shareholders (as referred to below), can elect to receive their cash proceeds of 200 pence per Existing Ordinary Share as: (i) an immediate income payment (the \"Income Option\"); (ii) an immediate capital payment (the \"Immediate Capital Option\"); (iii) a capital payment deferred until after 7 April 2014 (the \"Deferred Capital Option\"); or (iv) any combination of the above; \n· Shareholders who do not make a valid election, and all Shareholders with a registered address in the United States, Canada, Australia, New Zealand or Japan or who are resident or located in one of those jurisdictions (together, \"Restricted Shareholders\"), ...