3rd Apr 2008 12:42
Northamber PLC03 April 2008 NORTHAMBER PLC ("Northamber" or "the Company") Result of EGM Northamber PLC announces that at the Extraordinary General Meeting that was heldthis morning ("EGM") the sole resolution proposed at the meeting was dulypassed. The Board is pleased to announce that as a result of the EGM it can return a netamount of GBP2,938,310, or 10 pence per Existing Ordinary Share, to Shareholdersthat it considers to be surplus to the Company's working capital requirements.The Return of Cash is being made by means of a C Share structure, pursuant towhich Shareholders will receive, following the Share Split, one New OrdinaryShare and one C Share for each Existing Ordinary Share held at 5.00 p.m. on 2April 2008. The C Shares will be acquired by Walker Crips Stockbrokers Limited ("WalkerCrips") for GBP3,064,000, representing 10 pence per C Share plus certainexpenses ("Expenses"). Shareholders will receive a net payment of 10 pence per CShare and the Expenses will be paid to a company within the same group as WalkerCrips. It is expected that the Company will at that point enter into an optionto buy back all of the C Shares for the same aggregate price as paid by WalkerCrips, with the buyback being expected to complete on 11 April 2008. The expected timetable is set out below:- EXPECTED TIMETABLE OF EVENTS Date of purchase of C Shares by Walker Crips 3 April 2008 CREST accounts credited on 4 April 2008 Despatch of cheques 8 April 2008 New Ordinary Shares admitted to the Official List and dealingscommence 8.00 a.m. on 4 April 2008 Date of completion of buyback of C Shares by the Company 11 April 2008 3 April 2008 Enquiries: David Phillips Tel: 020 8296 7000ChairmanNorthamber plc Philip Davies/Adam SumnerCharles Stanley Securities Tel: 020 7149 6000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Northamber