Distribution to Shareholders

RNS Number : 6329K

Utilico Limited

22 April 2010

 



For immediate release on 22 April 2010

Utilico Limited

 ("Utilico" or the "Company")

Distribution to Shareholders

On 16 April 2010 the Company announced a cash distribution of 12p per Ordinary Share. This distribution was made by way of a bonus issue of 7.9 million New Ordinary Shares credited as fully paid to holders of Ordinary Shares on 21 April 2010 and these New Ordinary Shares were bought back by the Company immediately following their allotment at a price of 132p per New Ordinary Share. Fractions of New Ordinary Shares were not issued.

The Company utilised its share premium account to pay up the nominal value of the New Ordinary Shares and the premium on the subsequent repurchase by the Company. An amount equal to £10.4 million, being the consideration payable for the New Ordinary Shares, has been transferred from the Company's revenue reserves to a new special reserve which will not be available for the payment of future dividends and will not constitute Winding-Up Revenue Profits (as defined in the Bye-laws) in the event of the Company's liquidation.

As previously announced, Shareholders who hold their Ordinary Shares in uncertificated form will have their CREST accounts credited on 26 April 2010 and cheques will be despatched to Shareholders who hold Ordinary Shares in certificated form by no later than 27 April 2010.

In accordance with the terms of the 2012 Warrant Instrument an adjustment is required to be made to the Warrant subscription price and additional warrants are required to be issued to Warrantholders (or alternatively an adjustment made to the subscription terms of the existing Warrants) with effect from 21 April 2010.  The Company announces that the existing subscription price of 315p is therefore reduced to 288.75p and that it has elected to adjust the subscription terms.  The existing subscription terms providing that each Warrantholder may subscribe for one Ordinary Share in respect of each Warrant held will be adjusted so that each Warrantholder may subscribe for 1.090909 Ordinary Shares per Warrant held with effect from 21 April 2010.  The Company will be writing to Warrantholders advising them of these changes shortly.

Capitalised terms used in this announcement will have the same meaning as in the Circular sent to Shareholders on 30 March 2010 unless the context requires otherwise.

For further information contact:

Arbuthnot Securities Limited	020 7012 2000
Alastair Moreton / Hannah Pearce
F&C Management Limited	0131 718 1074
Rhonda Nicoll

 

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