CMF Cmr Fuel

 

TIDMCMF 
 
RNS Number : 2574N 
CMR Fuel Cells PLC 
12 February 2009 
 

12 February 2009 
 
 
CMR Fuel Cells plc ("Company" or "CMR") 
 
 
Results of Tender Offer 
 
 
The Board of CMR Fuel Cells plc is pleased to announce the results of the Tender 
Offer referred to in the circular to shareholders of CMR Fuel Cells dated 14 
January 2009 (the "Circular"). This offer closed in accordance with its 
published timetable at 5.00 p.m. on 11 February 2009. 
 
 
A total of 10,744,276 Ordinary Shares were tendered at the Tender Offer Price of 
20 pence per share pursuant to the Tender Offer, which equates to 52.9 per cent. 
of the 20,304,846 Ordinary Shares currently in issue. As the number of Ordinary 
Shares tendered under the Tender Offer was below the maximum number available to 
be purchased under the Tender Offer, being 11,140,582, Shareholders who validly 
tendered all or part of their holding for cash at the Tender Offer Price of 20 
pence per Ordinary Share will receive their cash entitlement in respect of all 
their Ordinary Shares validly tendered. 
 
 
Based on the Tender Offer Price of 20 pence per Ordinary Share, the total number 
of the Ordinary Shares to be purchased pursuant to the Tender Offer is 
10,744,276 Ordinary Shares, for a total cost payable by Investec Investment 
Banking of approximately GBP2.1 million. 
 
 
Completion of the Tender Offer is subject to the confirmation by the Court of 
the proposed Capital Reduction. 
 
 
It is anticipated that those Shareholders whose shares were validly tendered and 
purchased under the Tender Offer will be issued with a cheque or have their 
CREST accounts credited by 19 March 2009. In addition, it is anticipated that 
CREST accounts will be credited, balance certificates will be issued and share 
certificates for unsuccessfully tendered Ordinary Shares will be sent by 19 
March 2009. 
 
 
Immediately following completion of the Tender Offer, the Directors of the 
Company will declare a special dividend of 17 pence per Ordinary Share (the 
"Special Dividend"). The Special Dividend will be paid to Shareholders on the 
register of members of the Company at 5.00 p.m. on 27 March 2009 (the "Special 
Dividend Record Date") and in respect of their Ordinary Shares held on the 
Special Dividend Record Date. As the Special Dividend is conditional on the 
completion of the Tender Offer, the Special Dividend is therefore also 
conditional on the confirmation by the Court of the proposed Capital Reduction. 
 
 
Following completion of the Capital Reduction and the Tender Offer and the 
related cancellation of the Ordinary Shares successfully tendered, the Company 
will have a total of 9,560,570 Ordinary Shares of 0.6 pence each in issue. 
 
 
Terms used in this announcement have the same meaning as those in the Circular. 
 
 
Contact information 
 
 
Further Information 
 
John Halfpenny   CMR Fuel Cells plc                        01223 875 544 
CEO 
 
Vikki Krause   Hansard Group                              020 7245 1100 
 
Michael Ansell  Investec Investment Banking               020 7597 5970 
Daniel Adams 
 
 
Investec Investment Banking, which is regulated for designated investment 
business in the UK by the Financial Services Authority, is acting for CMR Fuel 
Cells plc and no one else in connection with the Tender Offer and will not be 
responsible to anyone other than for CMR Fuel Cells plc providing the 
protections afforded to customers of Investec Investment Banking or for 
providing advice in relation thereto or for advising any such person on the 
contents of this document or any transaction or agreement referred to herein. 
Overseas Shareholders should inform themselves about and observe any applicable 
legal or regulatory requirements. If they are in any doubt about their position, 
they should consult their professional advisor in the relevant territory. 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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