REG-Dialight PLC Court approval
Date/Range: 26-OCT-2005
Short Abstract: Court approval of Capital Reduction
Dialight plc is pleased to announce that a court hearing held today approved the
Capital Reduction and related matters as set out in the Circular to Shareholders
dated 6 September 2005. As a result the return of 150 pence per share to
Ordinary Shareholders, by way of the C Share Issue and cancellation and the
Special Dividend, is expected to be dispatched to Ordinary Shareholders by 10
November 2005.
The Company’s entire share premium account and “other reserves” have been
capitalised to create one C Share for each Ordinary Share, based on the Ordinary
Shares and Shareholders on the register as at the Record Date, 6p.m. on 25
October 2005. Pursuant to the Capital Reduction the share capital of the Company
will now be reduced by cancelling the C Shares in consideration for a cash
payment to C Shareholders on the register on the Record Date of 86 pence per C
Share cancelled, with the balance of the nominal value of the C Shares being
transferred to distributable reserves. Furthermore the entire capital redemption
reserve of Dialight will be cancelled and returned to distributable reserves.
Dialight will return 64 pence per share from its distributable reserves to
Ordinary Shareholders on the register on the Record Date by way of a Special
Dividend.
The Capital Reduction will take effect on the registration of the Court Order
with the Registrar of Companies, which is expected to take place after the close
of trading tomorrow, 27 October 2005. The expected date for shares to trade “ex”
their entitlement to the Return of Cash in respect of the C Shares and Special
Dividend is therefore 8a.m. on Friday, 28 October 2005. Shareholders should note
that the Company has agreed with the London Stock Exchange that the Ordinary
Shares will continue to trade “cum” the entitlement to the Return of Cash (both
through the payment of the Special Dividend and the cancellation of the C
Shares) in the period between the Record Date and the expected effective date
for the Capital Reduction. Therefore Shareholders on the Record Date who sell
their Ordinary Shares prior to the “ex date” will be required to pass on the
proceeds from the Return of Cash to the purchaser of the Ordinary Shares via
market claims.
It is expected that Shareholders who hold their Ordinary Shares in
uncertificated form will, by no later than 10 November 2005, have their CREST
accounts credited with the amounts due under the Capital Reduction. For
Shareholders who hold their Ordinary Share in certificated form, it is expected
that cheques in respect of amounts due under the Capital Reduction will be
dispatched to Ordinary Shareholders by no later than 10 November 2005. It is
also expected that cheques in respect of amounts due under the Special Dividend
will be dispatched to Ordinary Shareholders by no later than 10 November 2005.
Terms used in this announcement have the same meanings as in the Circular sent
to Shareholders on 6 September 2005.
Dialight
Harry Tee 01480 447 490
Cathy Buckley 01480 447 490
JPMorgan Cazenove
Patrick Magee 020 7588 2828
Jonathan Walker 020 7588 2828
gcg hudson sandler
Alistair Mackinnon-Musson 020 7796 4133
Philip Dennis 020 7796 4133
E-mail: Roxboro@hspr.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange