Conversion between Share Classes (7843A)

TIDMDCL

RNS Number : 7843A

Dexion Commodities Limited

07 February 2011

Dexion Commodities Limited (the "Company")

Conversion between Share Classes

In respect of the December 2010 Conversion Calculation Date and on the basis of the net asset values of the Company's Ordinary Shares as at 31 December 2010 (as previously announced on 4 February 2011) (and using spot currency exchange rates as appropriate, in each case as at 31 December 2010), the Conversion Ratios, calculated in accordance with the Company's articles of association are as follows:

GBP to EUR 0.9651

GBP to USD 0.9136

EUR to GBP 1.0361

EUR to USD 0.9466

USD to GBP 1.0945

USD to EUR 1.0564

Your attention is drawn to the previous announcement of 30 December 2010. Listing Rule 6.1.19 requires at least 25% of the Shares of a class to be in public hands and the Board believes that, for the US$ Share class in particular, this limit is close to being breached. Subsequent conversion of Shares of other Share classes into US$ Shares may then result in a breach. The consequence of breaching such limit is likely to be a suspension and possible cancellation of the listing of that class of Shares, as was stated in the Company's 9 December 2010 announcement. The Board does not believe that compromising the listing of any Share class in this way would be in the interests of shareholders. Accordingly the Board has exercised its powers under the Company's articles of incorporation to prohibit conversions from the GBP Share class into the US$ Share class as at the 31 December 2010 conversion date.

On the basis of the aggregate level of Conversion Notices received by the Company as previously announced, application has been made to the UK Listing Authority for 894,647 EUR Shares to be admitted to the Official List and 927,000 GBP Shares be delisted from the Official List. It is expected that such admissions will be effective and that dealings in the new EUR Shares will commence on 11 February 2011. Accordingly, the Company's issued share capital with effect from 11 February 2011 will be as follows:

40,306,649 GBP Shares

6,431,734 EUR Shares

2,719,786 US$ Shares

All shareholders have equal voting rights based on the number of shares held. Accordingly, following conversion (which is expected to take place on 11 February 2011) the total number of voting rights in the Company will be 49,458,169. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FSA's Disclosure and Transparency Rules.

The expected timetable to Conversion is as follows:

 
                                                                     2011 
---------------------------------------------  -------------------------- 
 Conversion Time                                              11 February 
 Ordinary Shareholder CREST or Euroclear         By 8.00am on 11 February 
  accounts credited with new Ordinary Shares 
  (of the relevant class) 
---------------------------------------------  -------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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