Servoca PLC Capital Reorganisation and Notice of GM (5087M)

TIDMSVCA

RNS Number : 5087M

Servoca PLC

31 July 2017

Servoca Plc

("Servoca" or "the Company")

Proposed Capital Reorganisation and Buy-Back

and

Notice of General Meeting

The directors of Servoca Plc (the "Board") announce the proposed capital reorganisation of the existing ordinary share capital of the Company followed by a buy-back of certain fractional entitlements arising on the Capital Reorganisation. Shareholder approval is required for the Capital Reorganisation and Buy-Back. The Company has published a notice convening a general meeting of Servoca Plc to be held at 10.00 a.m. on 14 August 2017 at the offices of FinnCap Limited at 60 New Broad Street, London EC2M 1JJ.

Background to and reasons for the Capital Reorganisation and Buy-Back

The Company has a share register which includes a large number of Shareholders holding a very small percentage of the total ordinary shares of the Company, which creates a significant financial and logistical burden for the Company. Therefore a consolidation and sub-division of the Company's existing Ordinary Shares and a buy-back by the Company of certain fractional entitlements arising on the consolidation is proposed, which the Board has deemed to be an appropriate and commonly used method of reducing the excessive length of a company's share register. The purpose of the proposed consolidation, sub-division and Buy-Back is to rationalise the large shareholder base of the Company, thereby reducing the costs to the Company of administering the shareholder base and also providing a cost-effective exit for Shareholders with very small holdings and little economic interest in the Company.

Shareholder approval is required for the Capital Reorganisation and Buy-Back.

As a consequence of the Capital Reorganisation and Buy-Back, a Shareholder who holds 2,000 or fewer ordinary shares in the Company at the Record Date (6.00 p.m. on 14 August 2017) will, unless the Shareholder completes (if the Shareholder holds the shares in the Company in certificated form) a Form of Election (as defined in the Circular) or (if the Shareholder holds the shares in the Company in uncertificated form, that is, in CREST), a CREST Election (as defined in the Circular), have his or her shareholding purchased by the Company and the Shareholder will receive the proceeds, free of dealing costs, via the Company's registrar.

Instructions for Shareholders who hold 2,000 or fewer ordinary shares in the Company at the Record Date and who wish to retain their shareholdings are included in the Circular.

The Circular is available on the Company's website: http://www.servoca.com/investors/shareholder-documents/.

 
 Existing Ordinary Shares               125,575,953 
 New Ordinary Shares in issue 
  immediately following the Capital 
  Reorganisation and Buy-Back           125,576,000 
 Nominal share value following 
  the Capital Reorganisation                     1p 
 Proposed new ISIN                     GB00BF2VKD83 
 

The expected timetable for the Capital Reorganisation is set out below:

 
                                                        2017 
 Publication date of the Circular                    28 July 
 Latest time and date for receipt of              10.00 a.m. 
  Forms of Proxy, CREST Elections and           on 12 August 
  Forms of Election 
 General Meeting                                  10.00 a.m. 
                                                on 14 August 
 Record Date                                       6.00 p.m. 
                                                on 14 August 
 Effective time of the Consolidation               8.00 a.m. 
  and Sub-Division, Admission and dealings      on 15 August 
  in New Ordinary Shares expected to 
  commence on AIM 
 CREST accounts credited with New Ordinary         15 August 
  Shares 
 Anticipated date of dispatch of definitive        Within 10 
  share certificates in respect of New         Business Days 
  Ordinary Shares                               of Admission 
 Anticipated date of dispatch of cheques           Within 10 
  following sale and purchase of Fractional    Business Days 
  Entitlements                                  of Admission 
 
 
 Servoca 
  Andy Church 
  Glenn Swaby            020 7747 3030 
 finnCap 
  Geoff Nash 
  James Thompson         020 7220 0500 
 Newgate Threadneedle 
  Bob Huxford 
  James Browne           020 7653 9850 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCRMMBTMBJJTFR

(END) Dow Jones Newswires

July 31, 2017 02:01 ET (06:01 GMT)