18th Apr 2006 07:01
Ladbrokes PLC18 April 2006 Ladbrokes plc Notice of effects of share capital consolidation Ladbrokes plc ("the Company") announced in its circular to shareholders, dated 2March 2006, that as at 1 March 2006, the Company had 1,622,210,428 ordinaryshares of 10 pence each in issue. Since that date, the Company's issued sharecapital has increased due to the exercising of options and conversions ofconvertible bonds. In relation to the Company's £300,000,000 3.375 per cent.convertible bonds due 2010 issued by LGF (Jersey) Limited (formerly Hilton GroupFinance (Jersey) Limited) and guaranteed by the Company (the "Bonds"),conversion notices have been received from Bondholders holding £275,138,000 inprincipal amount of the Bonds. This represents approximately 92 per cent. of theaggregate principal amount of the Bonds issued. At 6.00 pm on Thursday 13 April 2006, being the record date for the Company'spreviously announced dividends, the number of ordinary shares of 10 pence eachin the Company on the register or which the Company was then obliged to registercomprised a total of 1,741,668,779 shares. The holders of those shares will beentitled to receive dividends totalling 240p per ordinary share of 10 penceeach, to be paid on 25 April 2006. In addition, and in accordance with the resolutions passed at the ExtraordinaryGeneral Meeting held on 29 March 2006, these ordinary shares of 10 pence eachhave now been consolidated on the basis of 6 new ordinary shares of 28 1/3 penceeach for every 17 ordinary shares of 10 pence each held at 6.30 pm on 13 April2006. Following such consolidation, the Company's issued share capital comprises614,706,627 ordinary shares of 28 1/3 pence each. CREST accounts will today becredited with the new ordinary shares and dealings will commence at 8.00 a.m. inthe ex-dividend consolidated shares. The Company expects that, given that conversion rights have been exercised inrespect of more than 85 per cent. of the aggregate principal amount of the Bondsoriginally issued, an optional redemption notice to redeem the remaining£24,862,000 in principal amount of the Bonds will, in due course and inaccordance with the terms and conditions of the Bonds, be issued. Under theterms of the Bonds those Bonds may be redeemed by the issuance of ordinaryshares of 28 1/3 pence each in the Company. If the Bonds are redeemed in thisway, then, on the basis of the exchange price of the Bonds after the date ofpayment of the dividends referred to above, the Company would expect the Bondsto convert into 8,485,324 shares of 28 1/3 pence each in the Company. 18 April 2006 Enquiries:Alex PagettCorporate Affairs DirectorMobile: +44 (0) 7974 229 888 Julian ArlettHead of Investor RelationsMobile: +44 (0) 7976 348 913 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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