26th Oct 2005 11:27
Dialight PLC26 October 2005 Dialight plc26 October 2005 Court approval of Capital Reduction Dialight plc is pleased to announce that a court hearing held today approved theCapital Reduction and related matters as set out in the Circular to Shareholdersdated 6 September 2005. As a result the return of 150 pence per share toOrdinary Shareholders, by way of the C Share Issue and cancellation and theSpecial Dividend, is expected to be dispatched to Ordinary Shareholders by 10November 2005. The Company's entire share premium account and "other reserves" have beencapitalised to create one C Share for each Ordinary Share, based on the OrdinaryShares and Shareholders on the register as at the Record Date, 6p.m. on 25October 2005. Pursuant to the Capital Reduction the share capital of the Companywill now be reduced by cancelling the C Shares in consideration for a cashpayment to C Shareholders on the register on the Record Date of 86 pence per CShare cancelled, with the balance of the nominal value of the C Shares beingtransferred to distributable reserves. Furthermore the entire capital redemptionreserve of Dialight will be cancelled and returned to distributable reserves.Dialight will return 64 pence per share from its distributable reserves toOrdinary Shareholders on the register on the Record Date by way of a SpecialDividend. The Capital Reduction will take effect on the registration of the Court Orderwith the Registrar of Companies, which is expected to take place after the closeof trading tomorrow, 27 October 2005. The expected date for shares to trade "ex"their entitlement to the Return of Cash in respect of the C Shares and SpecialDividend is therefore 8a.m. on Friday, 28 October 2005. Shareholders should notethat the Company has agreed with the London Stock Exchange that the OrdinaryShares will continue to trade "cum" the entitlement to the Return of Cash (boththrough the payment of the Special Dividend and the cancellation of the CShares) in the period between the Record Date and the expected effective datefor the Capital Reduction. Therefore Shareholders on the Record Date who selltheir Ordinary Shares prior to the "ex date" will be required to pass on theproceeds from the Return of Cash to the purchaser of the Ordinary Shares viamarket claims. It is expected that Shareholders who hold their Ordinary Shares inuncertificated form will, by no later than 10 November 2005, have their CRESTaccounts credited with the amounts due under the Capital Reduction. ForShareholders who hold their Ordinary Share in certificated form, it is expectedthat cheques in respect of amounts due under the Capital Reduction will bedispatched to Ordinary Shareholders by no later than 10 November 2005. It isalso expected that cheques in respect of amounts due under the Special Dividendwill be dispatched to Ordinary Shareholders by no later than 10 November 2005. Terms used in this announcement have the same meanings as in the Circular sentto Shareholders on 6 September 2005. DialightHarry Tee 01480 447 490Cathy Buckley 01480 447 490 JPMorgan CazenovePatrick Magee 020 7588 2828Jonathan Walker 020 7588 2828 gcg hudson sandler Alistair Mackinnon-Musson 020 7796 4133Philip Dennis 020 7796 4133E-mail: [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Dialight