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Impax Asian Env Mkt (IAEM)

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Friday 10 December, 2010

Impax Asian Env Mkt

Conversion of C Shares - Conv

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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