27th Mar 2006 12:19
Marks & Spencer Group PLC27 March 2006 Issued - 27 March 2006 Marks and Spencer Group plc - B Share Redemption and Dividend payment Redemption of all outstanding B Shares and Final B Share Dividend payment Marks and Spencer Group plc (the "Company") announces that on 5 May 2006 (the"Redemption date") the Company will redeem (the "Redemption") all outstanding Bshares (the "B Shares") remaining in issue at par value (70 pence). As at 27 March 2006 there are 78,184,314 B Shares still in issue, with a totalvalue of £54,729,019.80. The decision by the Company to redeem all outstanding B Shares is consistentwith the rights and restrictions attaching to the B Shares contained in thecircular sent to shareholders in February 2002 prior to approval at theExtraordinary General Meeting of the Company on 28 February 2002. A copy ofthis circular can be found under the Shareholder Information section on theCompany website at www.marksandspencer.com/investorrelations Holders of the B Shares ("B Shareholders") will be entitled to receive adividend in respect of their B Shares for the period 26 March to 4 May 2006 (the"B Share Dividend"). The B Share Dividend is payable at a rate of 75% of LIBOR (London Inter BankOffer Rate) in respect of the period 26 March to 4 May 2006. The B ShareDividend rate will be 0.2667 pence per B Share. The Redemption proceeds and the B Share Dividend will be paid to holders of BShares in whose names the relevant B Shares are registered at the close ofbusiness on the record date of 21 April 2006. An explanatory letter containing further details of the Redemption has been sentto B Shareholders.Timetable of Events 27 March 2006 Announcement by Company of Redemption of all outstanding B Shares Redemption notice sent to B Shareholders 21 April 2006 Record date 5 May 2006 Redemption date Redemption money to B Shareholders Dividend to B Shareholders All B Shares will be cancelled following the Redemption and will not bereissued. No further dividends will be payable to B Shareholders. For further information please contact Anthony Clarke - Corporate Governance - 020 8718 9940 Clair Foster - Corporate Press Office - 020 8718 8323 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Marks & Spencer