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Euro Islamic Inv Bnk (RMA)

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Monday 02 June, 2014

Euro Islamic Inv Bnk

Notice of AGM, Tender Offer and Share Buy Back

RNS Number : 6497I
European Islamic Investment BankPLC
02 June 2014
 



European Islamic Investment Bank plc

("EIIB" or "the Company")

Posting of notice of Annual General Meeting

Capital Reduction, Tender Offer and Share Buy Back

EIIB announces that it has posted to shareholders a Notice of Annual General Meeting (the "Notice") to be held at Milton Gate, 60 Chiswell Street, London EC1Y 4SA, United Kingdom on 25 June 2014 at 12.00 PM.

Capital Reduction and Proposed Tender Offer

EIIB has determined that the Company holds cash resources in excess of its present needs and intends to return capital to shareholders by way of a tender offer.  As such, the Notice contains resolutions to approve a capital reduction and a tender offer.

EIIB is seeking authority from shareholders to undertake a tender offer and intends to commence the process as soon as possible.  The proposed resolution will allow the Board to implement a tender offer at a price of 5p per ordinary share for up to £20 million subject to having sufficient distributable reserves and receiving approval from shareholders (the "Tender Offer").  EIIB will announce the timetable for the Tender Offer in due course, but it is intended that shareholders receive tender forms as soon as possible after the reduction of the Company's share premium account.

The Tender Offer will be implemented subject to consultation with the PRA, EIIB's regulator.

Proposed Share Buy Back

EIIB is separately seeking a general authority from shareholders to buy back shares in accordance with guidance provided under the AIM Rules. The Board will exercise this power only when, in light of the market conditions prevailing at the time, they believe that the effect of such purchases will be in the best interests of the shareholders of the Company generally, subject to receiving shareholder approval and having sufficient distributable reserves.

A copy of the Notice of Annual General Meeting is available on the Company's website, www.eiib.co.uk.

 

Enquiries:

EIIB plc

Tel: +44 (0)20 7847 9900

Zulfi Caar Hydari, CEO

 

Westhouse Securities

Tel: +44 (0)20 7601 6100

Antonio Bossi

 

 


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