17th Nov 2005 16:56
Smith & Nephew Plc17 November 2005 17 November 2005 Smith & Nephew plc Circular to Shareholders to Redenominate its Share Capitalinto US Dollars. As previously announced, Smith & Nephew plc intends to redenominate its sharecapital from sterling into US dollars and has today sent a circular to itsshareholders seeking approval to this change. The necessary extraordinarygeneral meeting will be held in London on 12 December 2005. As approximately half of Smith & Nephew's group revenues, trading profits andoperating assets are in US dollars, the Directors consider it advantageous forthe Company to redenominate its functional currency into US dollars and for theGroup to report its results and state of affairs in US dollars, so as to reduceits exposure to foreign exchange fluctuations relative to its capital base. Under the proposals being put to shareholders: • Shareholders will have the same number of shares after the redenomination as they had before; • Smith & Nephew will continue to be listed on the London Stock Exchange and quoted in sterling; • Shareholders' rights to vote will not be affected; and • Dividends will continue to be paid in sterling to those shareholders whose address on the Register is in the UK. Shareholders in the rest of the world will receive their dividends in US dollars. Shareholders will, however, be able to elect to receive their dividends in either US dollars or sterling. A copy of the circular describing these proposals in full can be found on thewebsite at www.smith-nephew.com and is available at the Document ViewingFacility, Financial Services Authority, 25 The North Colonnade, Canary Wharf,London E14 5HS. Enquiries Investors / MediaLiz Hewitt Tel: +44 (0) 20 7401 7646Smith & Nephew Group Director Corporate Affairs About us Smith & Nephew is a global medical technology business, specialising inOrthopaedics, Endoscopy and Advanced Wound Management products. Smith & Nephewis a global leader in arthroscopy and advanced wound management and is one ofthe fastest growing global orthopaedics companies. Smith & Nephew is dedicated to helping improve people's lives. The companyprides itself on the strength of its relationships with its surgeons andprofessional healthcare customers, with whom its name is synonymous with highstandards of performance, innovation and trust. The company has over 8,500employees and operates in 33 countries around the world generating annual salesof £1.25 billion. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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