Business
Proposed Bonus Issue of Shares and Notice of GM
Proposed Bonus Issue of Shares and Notice of GM.
About this update from Reach Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4541A\n Reach PLC\n 29 September 2020\n \n \n \n \n \n \n \n 29 September 2020\n \n \n \n \n \n Reach plc\n \n \n (\"the Company\")\n \n \n Publication of Circular and Notice of General Meeting\n \n \n Proposed Bonus Issue of Shares, Adoption of New Articles of Association and \n \n \n Adoption of the Reach All-Employee Share Plan\n \n \n 1. Bonus Issue\n \n \n Further to the announcement made on 28 September 2020, the Company today confirms that, in lieu of payment of a cash interim dividend, it will issue new ordinary shares by way of a bonus issue to Qualifying Shareholders (the \"Bonus Issue\"). In accordance with the Company's Articles of Association, the Bonus Issue is conditional on shareholder approval being obtained at a general meeting to be held at Stoke Mill, Woking Road, Guildford, GU1 1QA on 22 October 2020 at 10:30 a.m. (or any adjournment thereof) (the \"General Meeting\").\n \n \n The Bonus Issue will return value through the issue of 12,798,952 Shares based on a share price of 61.4954 pence per share, being the volume weighted average price of a Share over the five day period ended on 25 September 2020 (the \"Bonus Issue Shares\"). \n \n \n The Bonus Issue Shares will be issued on 23 October 2020 to shareholders who appear on the register of members as at 6:00pm on 22 October 2020 (the \"Qualifying Shareholders\") (the \"Bonus Issue Record Time\"), and each Qualifying Shareholder is expected to receive: \n \n \n \n one Bonus Issue Share for every \n \n \n 23.381Ordinary Shares held at the Bonus Issue Record Time\n \n \n \n Applications will be made to the FCA and to the London Stock Exchange for admission of the Bonus Issue Shares to listing on the premium listing segment of the UK Official List in accordance with the Listing Rules and to trading on the Main Market for listed securities (the \"Admission\"). It is currently expected that Admission of the Bonus Issue Shares will become effective at 8.00 a.m. on 23 October 2020. Following Admission, the Bonus Issue Shares will be fully paid up and rank pari passu in all respects with the Shares of the Company in issue at the time of the Bonus Issue and will have the rights, and be subject to the restrictions, provided for in the Articles of Association of the Company, including the right to receive and retain in full all ...