21st Nov 2005 15:41
Low & Bonar PLC21 November 2005 21 November 2005 LOW & BONAR PLC CAPITAL REORGANISATION AND PAYMENT OF INTERIM DIVIDEND Low & Bonar PLC (the "Company") today announces that the Court of Session inScotland (the "Court") has confirmed the cancellation of the Company's sharepremium account, the cancellation of its paid up capital to the extent of 25pence per issued ordinary share and the reduction in the nominal value of itsordinary shares from 50 pence to 25 pence (the "Capital Reorganisation"). TheCapital Reorganisation has created a credit on the Company's profit and lossaccount of £85,433,000 which will be partially applied in offsetting the lossarising on the disposal of the Company's Plastics Division and in therecognition of the deficit of the Low & Bonar Group Retirement Benefit Scheme,the Company's UK defined benefit scheme, on the balance sheet upon the adoptionof accounting standard FRS 17 (Retirement Benefits). Payment of Interim Dividend for the year ended 30 November 2005 and Payment ofDividend on the Company's Preference Stock The Company declares an interim dividend for the year ended 30 November 2005 of1.7 pence per ordinary 25 pence share payable on 16 December 2005 toshareholders on the register on 2 December 2005. The Company also announces that it will pay the dividend to holders of its 6%First Cumulative Preference Stock, 6% Second Cumulative Preference Stock and 51/2% Third Cumulative Preference Stock that was due on 1 September 2005 on 16December 2005 to shareholders on the register on 2 December 2005. Share Certificates Following the reduction in the nominal value of its ordinary shares from 50pence to 25 pence, new share certificates for ordinary 25 pence shares will beissued to those ordinary shareholders who currently hold their ordinary sharesin certificated form within the next 10 days. Shareholders can trade in Low &Bonar PLC ordinary 25 pence shares prior to receiving their new sharecertificates. Enquiries: Jon Kempster, Finance Director, Low & Bonar PLC 020 7298 6820David Trenchard, Tulchan Communications 020 7353 4200 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
LWB.L