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Vectrix Corporation (VRX)

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Wednesday 03 September, 2008

Vectrix Corporation

Depository Interests Tradable

RNS Number : 6171C
Vectrix Corporation
03 September 2008
 



Date:                      3 September 2008

On behalf of:          Vectrix Corporation ('Vectrix' or 'the Company')

For immediate release



Depository Interests Tradable Via CREST


Vectrix Corporation (AIM: VRX) (www.vectrix.com), maker of the world's first high performance, two-wheel zero emission vehicle (ZEV), announces that, following the appointment of Capita Registrars Limited  ('the Registrar'as registrars on 18 August 2008, Vectrix shareholders will be able to hold and transfer interests in Vectrix's fully paid ordinary shares ('the Shares') within the CREST real-time settlement system, as long as certain criteria are satisfied.


With effect from September 17, 2008, CREST members  will be able to hold and transfer interests in the Shares within CREST, pursuant to a depository interest arrangement established by the Company.


Commenting on the news, Michael J. Boyle, CEO of Vectrix said: 'We are pleased to be able to make available electronic trading of interests in Vectrix Shares within the CREST system. We believe this will reduce the paperwork involved in effecting trades and facilitate settlement of transactions in our securities.'

 

The Shares will be represented by ISIN number, USU923501048.



Admission to the CREST System


The Shares will not themselves be admitted to CREST; rather the Company has arranged for Capita IRG Trustees Limited ('Capita') to issue depository interests in respect of the underlying Shares ('the Depository Interests'). These Depository Interests may be held and transferred within CREST. The Depository Interests will be created and issued pursuant to a Deed Poll executed by Capita under English law, copies of which are available from Capita. 


In CREST, the Depository Interests will carry the same ISIN as the Shares.  Holders of Shares wishing to continue to hold and trade Shares in certificated form may continue to do so and make use of the residual settlement mechanism.


Unlike transfers of certificated Shares, transfers of the Depository Interests will be subject to Stamp Duty Reserve Tax ('SDRT') at the rate of 0.5% This is because the Depository Interests do not meet all the criteria set out for the SDRT exemption granted in Statutory Instrument 1999 No. 2383 (as amended) (The Stamp Duty Reserve Tax (UK Depository Interests in Foreign  Securities) Regulations 1999).


Shares will be eligible for deposit into the Depository Interest Facility ('DI Facility') only if they satisfy US securities law requirements (as well as separate standards established by CREST) including signing a holder certification form ('Holder Certification') 


Should there be any queries, shareholders should contact the Registrar on +44 (0) 20 8639 2342 to establish whether their Shares are eligible for deposit into the DI Facility.  


Before depositing a share deposit form ('Share Deposit Form') through the CREST Counter, all CREST transfer forms ('CREST Transfer Forms') should be forwarded together with the Share certificates and Holder Certification to:


Capita Registrars

The Registry
34 Beckenham Road

Beckenham

Kent

BR3 4TU


The CREST Transfer Form will be certified and returned to the relevant share broker to be deposited via the CREST Counter. Capita Registrars can only certify the CREST Transfer Form if the Holder Certification has been correctly completed, and is accompanied by the relevant Share certificates and completed CREST Transfer Form.  


Any Share Deposit Form and Share certificate received by the Registrar without a duly completed Holder Certification will be rejected and returned to the submitting broker. 


Any CREST Stock Deposit Forms or CREST Dematerialisation Forms submitted to Capita Registrars for registration which are not accompanied by the attached duly completed Holder Certification and Share certificate will be rejected.



United States Securities Law Restrictions


Certain of the Shares were issued under Regulation SCategory 3, have not been registered under the Securities Act and non-affiliate Shares have now completed the one year distribution compliance period.  All other Shares were issued pursuant to Regulation D or other exemptions from registration under the Securities Act.


Non-affiliate Shares to enter into CREST must follow certain procedures to comply with US securities laws and CREST rules including signing a Holder Certification stating compliance with US securities law and eligibility to participate in the Depository Interests and CREST.



Notifiable Interests


Shareholders who acquire a legal or beneficial interest in Shares where their resultant holding is greater than 5% of the issued share capital of Vectrix  ('Notifiable Interest') are obliged to forward details of such Notifiable Interest to Vectrix  at its office at Vectrix Corporation, 76 Hammarlund Way, Suite 250, Middletown, RI 02842, USA, Attention: General Counsel.  In addition, shareholders having a Notifiable Interest are obliged to notify Vectrix , at the address

outlined above, where they acquire or dispose of an interest in Shares (whether legal or beneficial) which results in that shareholder no longer having a Notifiable Interest or where as a result of such acquisition or disposal their percentage interest in the Shares increases or decreases above or below a percentage point threshold. The relevant shareholder is obliged to notify the Company within five business days of the obligation to notify arising.




Enquiries to: 


Vectrix  Corporation

Catherine Meier, General Counsel                     Tel: 001 401 848 9993


Redleaf Communications

Emma Kane/Paul Dulieu                                    Tel: 020 7822 0200


HSBC - Nominated Adviser

Nick Donald / Nic Hellyer                                    Tel: 020 7991 8888



Notes to Editors


About Vectrix 



  • Vectrix listed on AIM in May 2007 and is the developer of the world's first high performance, zero emission, electric maxi scooter which is at least 10 times more powerful than existing electric power two wheel vehicles.

  • Vectrix Corporation is dedicated to developing and commercializing zero emission vehicle platform technologies focused on two-wheel applications. Longer term, Vectrix plans to develop environmentally sensitive technologies for other segments within the transportation industry. 

  • Vectrix is headquartered in MiddletownRhode IslandUSA, has a modern production facility in WroclawPoland and a test facility in New BedfordMassachusetts.

  • Vectrix was awarded the 2006 Frost & Sullivan Award for Technology Innovation and Leadership in Alternative Vehicle Technologies.

  • Transportation is the largest single source of air pollution in the world. A typical motor scooter produces significantly more carbon monoxide and hydrocarbon emissions than a large diesel truck, and far more than a modern low emission automobile. The Vectrix scooter utilizes innovative zero-emission technology, offering customers a clean, affordable, and much needed alternative.

  • In 2006, the scooter market* in countries targeted by Vectrix was worth USD3.1 billion. Within the powered two-wheel vehicle market (PTW), the trend in Europe is towards scooters, with the Maxi Scooter segment being the fastest growing segment over the last six years. (Source: LEK Report 'Power Two Wheeler Market Overview,' March 2007.)


This information is provided by RNS
The company news service from the London Stock Exchange
 
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