2nd Mar 2007 16:37
Proposed Special Dividend and Share Consolidation
In its announcement of its financial results for 2006 made earlier today, United Business Media plc stated that it is proposing to pay a Special Dividend of 72 pence per Existing Ordinary Share.
In order to maintain comparability of the UBM share price and earnings and dividend per share before and after the payment of the Special Dividend, the Board is also seeking Shareholder approval to implement a consolidation of UBM's ordinary share capital. The Share Consolidation will replace every 49 Existing Ordinary Shares with 44 New Ordinary Shares.
UBM has posted a circular to Shareholders today setting out the details of the Special Dividend and the Share Consolidation and a notice of an Extraordinary General Meeting to be held at 10 a.m. on 19 March 2007 to seek the requisite approvals from Shareholders.
Expected timetable of principal events 2007
Latest time for receipt of Forms of Proxy to be 10.00 a.m. on 17 March
valid at the EGM
Extraordinary General Meeting 10.00 a.m. on 19 March
Last time for dealings in Existing Ordinary Shares by close of business on 19 March
Record Date for entitlement to the Special 6.00 p.m. on 19 March
Dividend and for the Share Consolidation
Shares marked ex Special Dividend 20 March
Admission of New Ordinary Shares and dealings 8.00 a.m. on 20 March
commence
New Ordinary Shares credited to CREST accounts 20 March
Payment of Special Dividend 27 March
Despatch of share certificates for New Ordinary
Shares and cheques in respect of the sale of
fractional entitlements to New Ordinary Shares 29 March
All times stated in this announcement are London time. If any of the above dates change, the revised dates will be notified to Shareholders by announcement through a Regulatory Information Service.
A copy of the circular has been submitted to the UK Listing Authority and will shortly be available for public inspection at the UK Listing Authority's Document Viewing Facility, which is situated at:
Financial Services Authority, 25 The North Colonnade, London E14 5HS.
All definitions used in the circular to Shareholders dated 2 March 2007 have the same meaning when used in this announcement.
Enquiries
United Business Media plc
Anne Siddell +44 (0)20 7921 5004
Company Secretary
Dresdner Kleinwort Limited +44 (0)20 7623 8000
David Hutchison
Alex Reynolds
Dresdner Kleinwort Limited, which is authorised and regulated by the Financial Services Authority, is acting exclusively for United Business Media plc and for no one else in connection with the Proposals, and will not be responsible to anyone other than United Business Media plc for providing the protections afforded to customers of Dresdner Kleinwort Limited, or for affording advice in relation to the Proposals or any matter referred to in this announcement.
UNITED BUSINESS MEDIA PLCRelated Shares:
UBM