Business
Proposed Tender Offer and Notice of GM
Proposed Tender Offer and Notice of GM.
About this update from Record Plc
[{"type":"text","content":"\n \nRNS Number : 6609I Record PLC 21 June 2017 \n\n21 June 2017\nThis announcement is not for release, publication or distribution in whole or in part, into any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. Neither this announcement, nor the Circular, constitutes an offer to purchase, nor solicitation of an offer to sell, Ordinary Shares in any jurisdiction in which, or to or from any person to or from whom it is unlawful to make such offer or solicitation under applicable securities laws.\n \n \nRECORD PLC\n\nPROPOSED TENDER OFFER AND NOTICE OF GENERAL MEETING\nFurther to the change in capital policy announced on 16 June 2017 with the Final Results for the year ended 31 March 2017, Record plc (\"Record\" or \"the Company\"), the specialist currency manager, is pleased to announce a Tender Offer to return up to approximately £10 million to Shareholders via the purchase of a maximum of 22,326,475 Ordinary Shares representing a maximum of 10.0851 per cent of the entire issued share capital of the Company.\nUnder the Tender Offer, each Qualifying Shareholder is entitled to tender up to 10.0851 per cent of his or her shareholding at the Tender Price of £0.44790 per Ordinary Share, with the potential to tender a greater number of Ordinary Shares depending on the number of Ordinary Shares tendered by other Shareholders. The Tender Price represents the closing middle market quotation of an Ordinary Share on 20 June 2017, being the last practicable date prior to the publication of the Circular. The Tender Price has been adjusted for the final dividend and special dividend totalling £0.02085 for the year ended 31 March 2017 announced on 16 June 2017, as the Company's Ordinary Shares will be ex-dividend prior to completion of the Tender Offer. The Tender Offer is being made available to all Qualifying Shareholders who are on the Register as at 5.00 p.m. on 12 July 2017.\nThe Company requires the authority from Shareholders to purchase Ordinary Shares under the Tender Offer and this is being sought at a General Meeting which is to be held at 10 Snow Hill, London, EC1A 2AL at 3.00 p.m. on 14 July 2017. The Circular which sets out the formal terms and conditions of the Tender Offer and details of how Qualifying Shareholders will be able to participate in the Te...