Business
Proposed Capital Return: Publication of Circular
Proposed Capital Return: Publication of Circular.
About this update from Berkeley Group Holdings Plc
[{"type":"text","content":"\n \n \n RNS Number : 8186D\n Berkeley Group Holdings (The) PLC\n 24 February 2020\n \n \n \n \n 24 February 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n THE BERKELEY GROUP HOLDINGS PLC\n \n \n \n \n \n Proposed Capital Return: Publication of Circular\n \n \n \n \n \n · \n £1 billion to be returned to shareholders over the next two years; an increase of £455 million\n \n \n · \n General Meeting to be held on Wednesday 18 March 2020\n \n \n \n \n \n \n \n \n Proposed Capital Return\n \n \n \n \n \n As set out in its announcement on 22 January 2020, The Berkeley Group Holdings plc (\"Berkeley\") intends to increase its returns to shareholders by approximately £455 million over the next two years through a return of capital of approximately £500m in both March 2020 and March 2021.\n \n \n \n \n \n \n \n \n £'million\n \n \n \n \n Current Schedule\n \n \n \n \n Proposed Schedule\n \n \n \n \n Cumulative increase\n \n \n \n \n \n \n Paid for six months to 30 September 2019\n \n \n \n \n 140\n \n \n \n \n 140\n \n \n \n \n -\n \n \n \n \n \n \n Paid for six months to 31 March 2020\n \n \n \n \n 15\n \n \n \n \n 15\n \n \n \n \n -\n \n \n \n \n \n \n To be paid for six months to 31 March 2020\n \n \n \n \n 125\n \n \n \n \n 500\n \n \n \n \n 375\n \n \n \n \n \n \n To be paid for six months to 30 September 2020\n \n \n \n \n 140\n \n \n \n \n -\n \n \n \n \n 235\n \n \n \n \n \n \n To be paid for six months to 31 March 2021\n \n \n \n \n 140\n \n \n \n \n 500\n \n \n \n \n 595\n \n \n \n \n \n \n To be paid for six months to 30 September 2021\n \n \n \n \n 140\n \n \n \n \n -\n \n \n \n \n 455\n \n \n \n \n \n \n To be paid for six months to 31 March 2022\n \n \n \n \n 140\n \n \n \n \n 140\n \n \n \n \n 455\n \n \n \n \n \n \n Thereafter six monthly to 30 September 2025\n \n \n \n \n 140\n \n \n \n \n 140\n \n \n \n \n 455\n \n \n \n \n \n \n \n \n \n \n \n The return of capital in March 2020 will be implemented by way of a B share scheme (the \"B Share Scheme\") \n requiring the issue and allotment of a new class of shares (the \"B Shares\") by Berkeley to shareholders. Following the allotment and issue of the B Shares, UBS AG London Branch (\"UBS\") will make an offer to purchase all of the B Shares for an amount of £4.00 per B Share (approx. £500 mill...