Business
Results of elections
Results of elections.
About this update from Topps Tiles Plc
[{"type":"text","content":"\n Topps Tiles PLC\n01 August 2006\n\n\n 1 August 2006\n\n Topps Tiles plc\n\n Return of Cash\n\n Results of elections\n\nTopps Tiles plc (the 'Company') announces the results of elections by\nShareholders for the Share Alternatives being made available by the Company\npursuant to the Return of Cash which was approved by Shareholders at the\nCompany's EGM yesterday.\n\nThe terms of the Return of Cash gave Shareholders (other than US Holders) a\nchoice between receiving cash in a way that would be treated as income\n(Alternative 1), deferred income (Alternative 2) or capital (Alternative 3) for\nUK tax purposes. Shareholders could elect for Alternative 1, Alternative 2 or\nAlternative 3 or a combination of these Share Alternatives in respect of their\nholding of Existing Ordinary Shares.\n\nAs at the close of the Election Period, being 4.30 p.m. (London time) on 31 July\n2006, the results of elections were as follows:\n\n\n Number of Existing\n Ordinary Shares\n\nAlternative 1 (income) 38,739,832\nAlternative 2 (deferred income) 269,052\nAlternative 3 (capital) 137,247,422\nTotal elections 176,256,306\nThe C Share Choices:\nCapital option 115,295,765\nSingle C Share Dividend 21,836,280\nDeferred receipt option 115,377\nTotal Alternative 3 elections 137,247,422\n\nUS Holders, and Shareholders who have not elected for any of the Share\nAlternatives, are deemed to have elected for Alternative 1 in respect of all of\ntheir Existing Ordinary Shares.\n\nValid elections to receive Alternative 3 have been received in respect of\n137,247,422 Existing Ordinary Shares. Since no more than 37,000,000 B Shares can\nbe issued, elections for B Shares have been scaled back pro rata (as nearly as\nmay be) to the number of B Shares which each Shareholder has elected to receive.\nThe excess number of Shareholder Entitlements has resulted in Shareholders who\nelected for Alternative 3 together receiving 100,247,422 C Shares, as well as\n37,000,000 B Shares.\n\nShareholders who have elected for Alternative 3 can change their C Share Choice\nin respect of these C Shares between today and 3.00pm on 4 August 2006 by\nwithdrawing their original Election Form and submitting a revised election form\nmaking a new C Share Choice in respect of all the C Shares they have received\nunder Alternative 3. Further details of the relevant withdrawal rights are\nconta...