Cardiff Property PLC Result of EGM (8682C)
January 22 2015 - 8:14AM
UK Regulatory
TIDMCDFF
RNS Number : 8682C
Cardiff Property PLC
22 January 2015
THE CARDIFF PROPERTY PLC
(the "Company")
FOR IMMEDIATE RELEASE 22 JANUARY
2015
At the general meeting of the Company held today, the resolution
placed before the meeting in respect of the renewal of approval of
the waiver under Rule 9 of the City Code on Takeovers and Mergers
("City Code"), and taken by independent shareholders on a poll was
approved. The result of the poll was 415,939 votes for; 802 votes
against; and nil withheld.
Accordingly, Mr J R Wollenberg and persons deemed to be acting
in concert with him under the City Code ("Concert Party"), may, as
a result of market purchases by the Company of up to 196,375
ordinary shares of 20 pence each in the capital of the Company
("Ordinary Shares"), pursuant to the authority granted at the
Company's AGM also held today, increase their aggregate interests
to 50.40 per cent. of the voting rights of the Company. The Concert
Party currently holds 561,298 Ordinary Shares, representing
approximately 42.85 per cent. of the current issued share capital
of the Company.
Following the repurchase of Ordinary Shares, pursuant to the
authority granted at the Company's AGM also held today, the Concert
Party may hold more than 50 per cent. of the Company's voting share
capital (if such authority is exercised in full by the Company) and
may be able to increase its aggregate shareholding in the Company
without incurring any obligation under Rule 9 to make a general
offer to the Company's other shareholders. Under the City Code,
whilst each member of the Concert Party continues to be treated as
acting in concert, each member will be able to increase further his
respective percentage shareholding in the voting rights of the
Company without incurring an obligation under Rule 9 to make a
general offer to shareholders to acquire the entire issued share
capital of the Company. However, individual members of the Concert
Party will not be able to increase their percentage shareholding
through or between a Rule 9 threshold, without the consent of the
Panel on Takeovers and Mergers.
If the Company does not exercise such authority in full, and
only exercises its authority up a maximum of buying back 187,449
Ordinary Shares during the period from the Annual General Meeting
held today to the earlier of the Annual General Meeting to be held
in 2016 or 15 April 2016, the members of the Concert Party will
between them be interested in Ordinary Shares carrying 30 per cent.
or more of the Company's voting share capital but will not hold
Ordinary Shares carrying more than 50 per cent. of such voting
rights and as long as they continue to be treated as acting in
concert any further increase in that aggregate interest in Ordinary
Shares will be subject to the provisions of Rule 9 of the City
Code.
For further information:
The Cardiff Property plc Richard Wollenberg 01784 437444
Beaumont Cornish Ltd Roland Cornish / Emily Staples 020 7628
3396
This information is provided by RNS
The company news service from the London Stock Exchange
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