Return of Cash: Results of Elections
Paddy Power plc
Return of Cash: Results of Elections
28 May 2015
Following the approval of the Return of Cash by Shareholders on 14 May 2015, Paddy Power plc (the "Company") today provides an update in respect of the Return of Cash as described in the Circular to Shareholders dated 14 April 2015.
Results of Elections
As at the Election Deadline of 4.30pm on 27 May 2015, Shareholders' elections or, as the case may be, deemed elections for the B Share Choices were as follows:
|
|
Number of B Shares |
|
Redemption Option |
45,047,590
|
|
B Share Dividend
|
3,886,780 |
|
TOTAL |
48,934,370
|
Shareholders who did not make a valid election by the Election Deadline, and all Restricted Shareholders, have been deemed to elect for the Redemption Option in respect of all of their B Shares.
Redemption Option
The Board of Directors of the Company announces that following the Election Deadline on 27 May 2015, the B Shares held by those Shareholders who elected, or were deemed to elect, for the Redemption Option were redeemed by the Company for €8.00 per B Share in accordance with the Articles of Association of the Company.
B Share Dividend
The B Share Dividend of €8.00 per B Share has been declared and is payable to those holders of B Shares who elected for the B Share Dividend.
In accordance with the Articles of Association of the Company, following the declaration of the B Share Dividend, all B Shares in respect of which the B Share Dividend was declared were converted into Deferred Shares. The Deferred Shares are not listed and, in practice, have no economic or other rights. In accordance with the procedure set out in the Circular, the Company purchased all of the Deferred Shares held by Shareholders who received the B Share Dividend for nil consideration and the Deferred Shares will be cancelled by the Company.
Payments to Shareholders
By 5 June 2015, (i) cheques are expected to be despatched or payments made through CREST, as appropriate, to the relevant Shareholders in respect of B Shares redeemed under the Redemption Option; and (ii) cheques are expected to be despatched or bank accounts will be credited, as appropriate, to the relevant Shareholders in respect of the B Share Dividend.
Notification of Interest of Persons Discharging Managerial Responsibilities ("PDMR")
The Company wishes to confirm the shareholdings of its Directors and PDMRs following the Capital Reorganisation whereby Shareholders exchanged each holding of 10 ordinary shares of €0.10 each for 9 ordinary shares of €0.09 each.
Immediately after the Capital Reorganisation, the interests in the Company of each Director, each PDMR and those of persons closely associated with each PDMR were as set out below. The percentage interest of the ordinary shares of the Company that these interests represent did not change as a result of the Capital Reorganisation.
|
Director/PDMR |
Pre-Capital Reorganisation shareholding (ordinary shares of €0.10 each)
|
Post-Capital Reorganisation shareholding (new ordinary shares of €0.09 each) |
|
Nigel Northridge
|
6,000
|
5,400
|
|
Andy McCue
|
24,377
|
21,938
|
|
Cormac McCarthy
|
18,270
|
16,443
|
|
Michael Cawley
|
4,000
|
3,600
|
|
Stewart Kenny
|
398,502
|
358,651
|
|
Gary McGann
|
678
|
610
|
|
Pádraig Ó Ríordáin
|
8,000
|
7,200
|
|
David Power (PDMR)
|
3,858,692
|
3,472,822
|
Unless otherwise defined, capitalised terms used in this announcement have the same meaning as those defined in the Circular, which can be viewed on the Company's website at http://www.paddypowerplc.com/investors/agm-information
Enquiries:
Edward Traynor
Company Secretary
Tel: +353 1 905 1000
This information is provided by RNS
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