21st Jan 2014 09:59
LONDON (Alliance News) - Shares in IMI PLC were amongst the biggest gainers Tuesday morning, after the group announced the terms of its proposed return of GBP620 million to shareholders, following the completion of the disposal of its Beverage Dispense and Merchandising divisions.
The UK-based engineering company said that it intends to return 200 pence per existing share to shareholders, which amounts to around GBP620 million.
IMI said that the return of cash is being structured as a "B and C share" scheme, to allow shareholders, subject to applicable overseas restrictions, 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 also Tuesday proposed a share capital consolidation in order to maintain the market price for IMI shares. Under the plan, IMI shareholders will receive seven new shares for every eight existing share they currently own.
IMI shares were trading 1.0% higher at 1,566.00 pence per share Tuesday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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