Results Of General Meeting & Tender Offer

RNS Number : 1599L

Record PLC

14 July 2017

 

14 July 2017

This announcement is not for release, publication or distribution in whole or in part, into any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. Neither this announcement, nor the Circular, constitutes an offer to purchase, nor solicitation of an offer to sell, Ordinary Shares in any jurisdiction in which, or to or from any person to or from whom it is unlawful to make such offer or solicitation under applicable securities laws.

RECORD PLC

RESULTS OF GENERAL MEETING AND TENDER OFFER

Record plc ("Record" or the "Company"), the specialist currency manager, is pleased to confirm that, at the Company's General Meeting held at 3.00 p.m. today, the special resolution set out in the Notice of General Meeting sent to Shareholders on 21 June 2017 was duly passed on a show of hands. The following is a summary of the proxy votes that were received by the Company's registrars:

	Votes For (including Discretionary)		Votes Against		Total votes cast as a % of Record plc issued ordinary shares	Votes Withheld
Resolution	Number of votes	% of votes cast	Number of votes	% of votes cast	%	Number of votes
1.   To authorise the Company to purchase own shares on the terms set out in the GM Notice.	158,397,473	99.91%	135,780	0.09%	71.62%	10,128

Note: A "vote withheld" is not a vote in law and is not counted in the calculation of the proportion of the votes "for" and "against" a resolution.

The results of the General Meeting will shortly be available on the Company's website at www.recordcm.com. In accordance with the Listing Rules, a copy of the resolution will shortly be submitted to the National Storage Mechanism and will be available at www.morningstar.co.uk/uk/NSM.

Accordingly, the Company is also pleased to announce that the Tender Offer is oversubscribed, with a total of 51,280,350 Ordinary Shares being tendered. Each Qualifying Shareholder who tendered shall have their Basic Entitlement (10.0851 per cent. of their shareholding as at the Record Date) satisfied in full, and any Individual Excess Tender shall be scaled-back pro rata, with each Qualifying Shareholder receiving approximately 17.78 per cent. of any such Individual Excess Tender. Accordingly a total of 22,326,475 Ordinary Shares will be purchased by the Company at the Tender Price for a total cost of £10,000,028.15.

The purchase of Ordinary Shares under the Tender Offer is expected to take place on 17 July 2017; all purchased Ordinary Shares will be cancelled by the Company. Details of Directors' participation in the Tender Offer and resultant shareholdings are set out below:

Director	Ordinary Shares held prior to the Tender Offer	Percentage of Ordinary Share Capital	Ordinary Shares tendered	Ordinary Shares held following completion of the Tender Offer	Percentage of Ordinary Share Capital
Neil Record	70,980,711	32.06%	8,584,170	62,396,541	31.35%
James Wood-Collins	2,919,506	1.32%	294,432	2,625,074	1.32%
Steve Cullen	1,318,124	0.60%	81,446	1,236,678	0.62%
Leslie Hill	16,424,209	7.42%	1,579,916	14,844,293	7.46%
Bob Noyen	9,481,290	4.28%	500,000	8,981,290	4.51%
David Morrison	40,000	0.02%	0	40,000	0.02%
Jane Tufnell	150,000	0.07%	0	150,000	0.08%

It is anticipated that the proceeds payable under the Tender Offer to the Company's Shareholders who hold their Ordinary Shares in certificated form will be despatched no later than 24 July 2017 in the form of a cheque. Those Shareholders who hold their Ordinary Shares in uncertificated form will have their CREST accounts credited no later than 31 July 2017.

Following completion of the Tender offer and cancellation of the purchased Ordinary Shares, the Company's issued ordinary share capital will consist of 199,054,325 Ordinary Shares; the Company holds no shares in treasury.

Capitalised terms used, but not defined in this announcement shall have the same meaning as set out in the Circular.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.

For further information, please contact:

Record plc	Tel: [phone]
James Wood-Collins, Chief Executive Officer
Steve Cullen, Chief Finance Officer
Cenkos Securities plc	Tel: [phone]
Nicholas Wells
Elizabeth Bowman
Jeremy Osler
MHP	Tel: [phone]
Nick Denton	[e-mail]
Ollie Hoare

Cenkos, which is authorised and regulated by the Financial Conduct Authority, is acting for the Company and for no one else in connection with the Tender Offer and will not be responsible to anyone other than the Company for providing the protections afforded to customers of Cenkos or for affording advice in relation to the Tender Offer, the contents of this announcement or any transaction, arrangement or other matter referred to in the Circular.

Certain statements in this announcement may be forward-looking. Although the Company believes that the expectations reflected in these forward looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. Because these statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by these forward looking statements.

 

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