Business
Posting of Circular and Notic
Posting of Circular and Notic.
About this update from Tandem Group Plc
[{"type":"text","content":"\n RNS Number : 0556Y Tandem Group PLC 26 August 2009 \n \n\nTandem Group plc \n(the 'Company')\n\nPosting of Circular and Notice of EGM\n\n\nThe Board announces that it posted a circular (including a notice of an extraordinary general meeting) to shareholders today, a copy of which is available on the Company's website, www.tandemgroup.co.uk.\n \nThe text of the Chairman's letter included in the circular is set out below.\n\n\nEnquiries:\nTandem Group plc\nJim Shears, Company Secretary\nTelephone 0121 748 8075\n\nNominated Adviser\nDowgate Capital Advisers Limited\nTony Rawlinson\nTelephone 020 7492 4777\n\n\n\n'Dear Shareholder\n\nProposed Capital Reorganisation\n\nIntroduction\nThe Board has announced a proposal to reorganise the Company's share capital. Owing to the very large number of small shareholders in MV Sports Group plc, which the Company acquired in 2003, the Company has approximately 17,500 Shareholders, many of whom hold fewer than 250 shares. The Board considers that it is in the interests of the Company and its Shareholders to reorganise the Company's share capital in such a way as to provide a cash payment for their entire shareholding to all holders of fewer than 250 Ordinary Shares.\n\nCapital Reorganisation\nWe are aware that it can be difficult for our Shareholders to sell very small shareholdings and that dealing charges might make selling small shareholdings uneconomic. Maintaining a large register of very small shareholdings is also expensive for the Company and not, we consider, in the best interests of the Company and its Shareholders as a whole. \n\nThe Board has, therefore, sought to make arrangements to give the holders of very small shareholdings cash in consideration for their Ordinary Shares without those Shareholders incurring dealing charges. This document provides details of such a proposal.\n\nThe Capital Reorganisation is conditional upon the approval of Shareholders in the General Meeting. Part of the purpose of this document is to provide details of the Capital Reorganisation and to seek the approval of Shareholders.\n\nConsolidation\nOrdinary resolution number 2 to be proposed at the General Meeting is to consolidate every 250 Ordinary Shares into 1 Consolidated Share.\n\nFractional entitlements to Consolidated Shares\nFollowing the Consolidat...