Business
Proposed Cancellation&Repayment Preference Shares
Proposed Cancellation&Repayment Preference Shares.
About this update from Tate & Lyle Plc
[{"type":"text","content":"\n \n \n \n NOT 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 \n \n \n \n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n \n \n \n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n \n \n \n \n \n \n \n 15 June 2022\n \n \n \n \n Tate & Lyle PLC\n \n \n \n \n (\"Tate & Lyle\")\n \n \n \n \n \n \n \n \n \n Proposed Cancellation and Repayment of 6½ per cent. Cumulative Preference Shares\n \n \n \n \n \n \n \n \n Tate & Lyle is proposing to reduce its share capital through the cancellation and repayment of its 6½ per cent. cumulative preference shares (the \"\n \n Preference Shares\n \n \" and the \"\n \n Reduction\n \n \", respectively). The Reduction will require the approval of Tate & Lyle's shareholders, as well as confirmation by the High Court.\n \n \n In connection with the Reduction, Tate & Lyle expects to return £1.00 per Preference Share (being the nominal value of, and amount paid-up on, each Preference Share) together with all arrears and/or accruals of the fixed cumulative dividend to the date of the repayment. This amount corresponds with the entitlement of holders of Preference Shares under Tate & Lyle's articles of association. Such amount is expected to include the full accrued entitlement to the 3.25 per cent. dividend on the Preference Shares that is payable on 30 September 2022 to holders of Preference Shares as at the relevant record date.\n \n \n As at the close of business on 14 June 2022, Tate & Lyle had in issue\n 2,394,000\n Preference Shares. The Preference Shares are considered by the Board to be surplus to Tate & Lyle's requirements. The costs of administering the Preference Shares and maintenance of the register are disproportionate to the value of the Preference Shares as capital of Tate & Lyle and they are also an inefficient form of finance in the current environment.\n \n \n The Preference Shares are admitted to the premium segment of the Official List and to trading on the London Stock Exchange's main market for listed securities with ISIN number GB0008754466. The terms of the Preference Shares are set out in Tate & Lyle's articles of association.\n \n \n \n Expect...