Conversion of C Shares - Conversion Ratio
10/12/2010 7:00am
UK Regulatory
TIDMIAEM TIDMIAEC
RNS Number : 7141X
Impax Asian Environmental Mkts Plc
10 December 2010
Conversion of C Shares - Conversion Ratio
Further to the recent announcement that over 80 per cent. of the assets
attributable to C Shareholders have now been invested in a portfolio of
securities consistent with the Company's investment policy, the Board of
Directors of Impax Asian Environmental Markets plc announces that, in accordance
with the terms and conditions of the Issue, the Conversion Date, on which the C
Shares will convert into Ordinary Shares, has been determined by the Board to be
10 December 2010.
The Conversion Ratio, which has been calculated by reference to the total net
assets of the Company and the net assets of the Company attributable to C
Shareholders as at close of business on 30 November 2010, is 0.7631.
Accordingly, a C Shareholder holding 1,000 C Shares will receive 763 New
Ordinary Shares on Conversion. Fractions of Ordinary Shares arising on
Conversion will be aggregated and sold for the benefit of the Company.
The New Ordinary Shares arising on Conversion will rank pari passu with, and
will have the same rights as, the Ordinary Shares of the Company already in
issue.
Upon Conversion, holders of New Ordinary Shares will receive a Bonus Issue of
fully paid up Subscription Shares on the basis of the Subscription Share Ratio,
being the ratio that the number of Ordinary Shares in issue immediately prior to
Conversion bears to the number of Subscription Shares in issue immediately prior
to Conversion (rounded up to one decimal place). The Subscription Ratio is
1:5.5, and accordingly holders of New Ordinary Shares will receive 1
Subscription Share for every 5.5 New Ordinary Shares held. These Subscription
Shares will carry the same rights and rank pari passu in all respects with the
Subscription Shares already in issue.
Application has been made to the UK Listing Authority for the 99,966,100
Ordinary Shares arising on Conversion and the 18,175,491 Subscription Shares
arising on the Bonus Issue to be admitted to the Official List, and to the
London Stock Exchange for the same number of Ordinary Shares and Subscription
Shares to be admitted to trading, on 10 December 2010. The C Shares will be
permanently removed from trading on the London Stock Exchange with effect from
8.00 a.m. on 10 December 2010.
Following Conversion and the Bonus Issue, the Company's issued share capital
will consist of 214,915,100 Ordinary Shares of 1 pence each, carrying one voting
right each, and 39,075,491 Subscription Shares of 0.1 pence each, carrying no
voting rights. Therefore, the total number of voting rights for Ordinary
Shareholders will be 214,915,100. For shareholders holding both Ordinary Shares
and Subscription Shares, the total number of voting rights is 253,990,591.*
The above figures may be used by shareholders as denominators for the
calculations by which they will determine if they are required to notify their
interest in, or a change of interest in, the Company under the FSA's Disclosure
and Transparency Rules.
* The Subscription Shares are considered to be qualifying financial instruments
under the FSA's Disclosure and Transparency Rules.
Enquiries:
+-------------------------------+----------------+
| Cavendish Administration | |
| Limited | |
+-------------------------------+----------------+
| Anthony Lee | 020 7490 4355 |
+-------------------------------+----------------+
| | |
+-------------------------------+----------------+
| Collins Stewart Europe | |
| Limited | |
+-------------------------------+----------------+
| David Yovichic | 020 7523 8361 |
+-------------------------------+----------------+
| Lucy Lewis | 020 7523 8360 |
+-------------------------------+----------------+
| | |
+-------------------------------+----------------+
Capitalised terms in this announcement shall, unless otherwise stated,
have the same meaning as set out in the section headed 'Definitions' in
the prospectus published by the Company on 1 October 2010 (the "Prospectus").
Collins Stewart Europe limited, which is authorised and regulated in the United
Kingdom by The Financial Services Authority, is acting for Impax Asian
Environmental Markets plc and for no one else in connection with the contents of
this announcement and will not be responsible to anyone other than Impax Asian
Environmental Markets plc for providing the protections afforded to clients of
Collins Stewart nor for giving advice in relation to the contents of this
announcement or any other matter referred to herein.
This information is provided by RNS
The company news service from the London Stock Exchange
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