12th Sep 2006 07:02
Rexam PLC12 September 2006 Rexam proposes early conversion of preference shares Rexam, the global consumer packaging company and the world's leading beveragecan maker, is today sending a circular to all its shareholders detailing aproposal to convert all the 7.75 pence Convertible Cumulative Preference Sharesof 128-4/7p each (Preference Shares) into fully paid New Ordinary Shares of 64-2/7p each (New Ordinary Shares) and the consequential cancellation of thelisting of all the outstanding Preference Shares with effect from the date onwhich dealings are expected to commence in the New Ordinary Shares which is at8.00am on 16 October 2006. The circular also gives notice of an Extraordinary General Meeting of Ordinaryand Preference Shareholders as well as notice of a separate Class Meeting ofPreference Shareholders at 4.00pm and 4.15pm respectively on 5 October 2006. If the proposal is approved by Shareholders, the maximum number of New OrdinaryShares that will be issued will be approximately 26 million. As a consequenceof conversion there will be a reduction of net borrowings of £70m and acorresponding increase in total equity. At the maximum conversion rate anexceptional charge of approximately £9m would be recorded in 2006. A copy of the circular and further information will be available from 13September 2006 on the Company's website (www.rexam.com/prefcon). 12 September 2006 EnquiriesDavid Robbie, Group Finance Director +44 20 7227 4100Andrew Mills, Group Communications Director Financial DynamicsRichard Mountain +44 20 7269 7291 Rexam is a leading global consumer packaging company and the largest beveragecan maker in the world. Our vision is to be the leading global consumerpackaging company. We are business partners to many of the world's most famousand successful consumer brands as well as young, entrepreneurial start-ups. Weoffer a broad range of packaging services and solutions for differentindustries, using different materials and technologies. We have some 25,500people in more than 20 countries. Three things characterise us - leadership inour industry, our commitment to innovation and our passion to deliverexceptional value. Rexam has an ongoing turnover of approximately £3.4 billionand is a member of the FTSE 100. Rexam's ordinary shares are listed with the UKListing Authority and trade on the London Stock Exchange under the symbol REX.For further information, visit Rexam's web site at www.rexam.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
REX.L