7th Apr 2014 08:45
LONDON (Alliance News) - IMI PLC Monday said all outstanding B Shares issued under the deferred capital option of its recent shareholder payout will be redeemed at 200 pence each with immediate effect.
It said there were nearly 5.5 million B shares to be redeemed under the deferred capital option.
IMI said it would return GBP620 million in cash to shareholders from the proceeds of the sale of its beverage dispensing business, structuring the payout as a "B and C share" scheme, which allows shareholders to elect to receive their cash proceeds as an immediate income payment, an immediate capital payment, a deferred capital payment or any combination of the three.
IMI shares were down 0.1% at 1,550 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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