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Compass schedules General Meeting

15 May 2017 13:12

Compass Group has called a General Meeting for 7 June to seek shareholder approval for the proposed special dividend of 61p per share and the planned share consolidation.

The Company said:

Shareholder Return

- All Shareholders at the Record Time will be entitled to receive 61 pence per Existing Ordinary Share by way of a special dividend;

- The Shareholder Return and Share Capital Consolidation are conditional upon Shareholder approval which will be sought at the General Meeting and upon Admission of the New Ordinary Shares to the Official List of the United Kingdom Listing Authority and to trading on the London Stock Exchange plc's main market for listed securities; and

- It is expected that payment of the special dividend will be made on Monday 17 July 2017.

Share Capital Consolidation

Alongside the Shareholder Return, the Company proposes a consolidation of its ordinary share capital in order to maintain the market price for Compass shares at approximately the same level as prevailed immediately prior to the implementation of the Shareholder Return (subject to normal market fluctuations). Accordingly, Shareholders will receive 25 New Ordinary Shares in substitution for every 26 Existing Ordinary Shares held at the Record Time. The effect of this Share Capital Consolidation will be to reduce the number of Compass shares in issue to reflect the return of 61 pence per Existing Ordinary Share to Shareholders under the Shareholder Return. However, Shareholders will own the same proportion of the Company as they did beforehand, subject to fractional entitlements. Any fractional entitlements to New Ordinary Shares resulting from the Share Capital Consolidation will be aggregated and sold in the market, with the net proceeds of sale being distributed pro rata to relevant Shareholders.

At 1:12pm: (LON:CPG) Compass Group PLC share price was -18.5p at 1582.5p

Story provided by StockMarketWire.com

Related Company: CPG

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