Business
Tender Offer and Share Consol
Tender Offer and Share Consol.
About this update from Stv Group Plc
[{"type":"text","content":"\n RNS Number : 8024C SMG PLC 05 September 2008 \n \nSMG plc\n5 September 2008\nNOT FOR RELEASE IN OR INTO AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES\nProposed return of up to £30m to Shareholders by way of Tender Offer,Share Consolidation,Change of Name to stv group plcandNotice of General Meeting\nHighlights\n\n\nThe Board intends to return to Shareholders up to £30 million of cash which will be made available through the Tender Offer;\n\n\nQualifying Shareholders may tender their SMG Shares at prices between 9 pence and 15 pence (inclusive) per SMG Share, in increments of 0.5 pence only;\n\n\nThe Tender Offer will be structured using a Strike Price mechanism. All successfully tendered SMG Shares will be acquired at the Strike Price;\n\n\nAssuming the Tender Offer is fully subscribed, the Tender Offer will result in the purchase (and subsequent cancellation) of between 200,000,000 SMG Shares if the Strike Price is the maximum price in the Price Range and 333,333,333 SMG Shares if the Strike Price is the minimum price;\n\n\nThe Tender Offer is being made available to all Qualifying Shareholders who are on the Register at 5.00 p.m. on 25 September 2008;\n\n\nGives small Shareholders (being Shareholders who hold 10,000 or fewer SMG Shares) the opportunity to liquidate their entire holdings of SMG Shares;\n\n\nFollowing the Tender Offer, the Share Consolidation will reduce the number of SMG Shares in issue so that Shareholders will receive 1 New SMG Share for every 20 existing SMG Shares;\n\n\nThe Board also proposes to change the name of SMG plc to stv group plc;\n\n\nThe Tender Offer, the Share Consolidation and the Change of Name are all conditional on shareholder approval. A general meeting of Shareholders has been convened for 10.30 a.m. on Tuesday 23 September 2008; and\n\n\nThe Circular (containing the details of the resolutions being put to Shareholders and the terms and conditions of the Tender Offer and the Share Consolidation), the Notice of General Meeting, the Form of Proxy, the Shareholder Tender Form and a Q&A are being posted to Shareholders today.\n\n\n\n &nb...