Business
Proposed Return of Cash to Shareholders
Proposed Return of Cash to Shareholders.
About this update from Pharos Energy Plc
[{"type":"text","content":"\n \nRNS Number : 1782Q Soco International PLC 28 August 2014 \n \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 OR REGULATIONS OF THAT JURISDICTION\n \n28 August 2014\n \nSOCO International plc\n(\"SOCO\" or the \"Company\")\n \nPROPOSED RETURN OF CASH TO SHAREHOLDERS OF\n22 PENCE PER SHARE VIA A B/C SHARE SCHEME \n \nFurther to the Company's announcement today of its interim results, the Company announces further details of its proposed return of 22 pence per share (approximately £73 million) return of cash to its shareholders (the \"Return of Cash\"). A circular to shareholders in relation to the Return of Cash (the \"Circular\"), which includes a notice convening a general meeting of the Company to approve the Return of Cash, is being posted today.\n \nThe Board has decided to effect the Return of Cash through a structure involving an issue of B Shares and/or C Shares which would enable all Shareholders, subject to applicable overseas restrictions and tax laws, to elect to receive their Return of Cash proceeds as either income (the \"Income Option\") or capital (the \"Capital Option\") or any combination of the two. \n \nUnder this proposal, referred to as the \"B/C Share Scheme\", and subject to shareholder approval being obtained, for every 1 existing Ordinary Share held at 6.00 p.m. on 22 September 2014, 22 pence is to be returned to Shareholders through the issue to them of either one B Share, which will be redeemed by the Company for 22 pence, or one C Share, on which a dividend of 22 pence will be paid.\n \nThe key elements of the proposed B/C Share Scheme are as follows:\n· Shareholders, other than those in certain Restricted Territories (including the United States, Australia, Japan, Canada, the Republic of South Africa or New Zealand) and subject to certain further restrictions detailed in the Circular, can elect to receive their Return of Cash proceeds pursuant to either the Income Option or the Capital Option or any combination of the two;\n· Shareholders in certain Restricted Territories and Shareholders who do not make an election will be deemed to have elected for the Income Option;\n· &nb...