Return of Cash23 May 2013 15:42
http://www.invensys.com/en/media/RNSArticle/1105
RNS Number : 1643F Invensys PLC
21 May 2013
Announcement of terms of the return of £625 million to Invensys shareholders ("Shareholders") (the "Return of Cash")
· Return of 76.7 pence per existing ordinary share in the capital of the Company ("Existing Ordinary Share")
· 4 new ordinary shares ("New Ordinary Shares") for every 5 Existing Ordinary Shares (the "Share Capital Consolidation")
· Nil Cost Dealing Facilities made available to holders of 1,200 or fewer New Ordinary Shares
Invensys today confirms its intention to return approximately £625 million of the cash proceeds received from the Company's recent disposal of its Rail Division to Siemens through a return of 76.7 pence per Existing Ordinary Share to Shareholders on the register as at 6.00 p.m. on 11 June 2013 (the "Record Time"). The Return of Cash has been structured to allow Shareholders, subject to applicable overseas restrictions, to elect to receive their proceeds as immediate income, immediate capital, deferred capital or any combination of the three (the "Alternatives").
Key elements of the proposed Return of Cash:
· Shareholders, subject to restrictions in respect of US Shareholders and Shareholders with a registered address in a Restricted Territory or who are resident or located in a Restricted Territory (being any of the United States, Canada, Australia, New Zealand, Japan and the Republic of South Africa) (together, "Restricted Shareholders"), can elect to receive their cash proceeds of 76.7 pence per Existing Ordinary Share as (i) an immediate income payment (the "Income Option"), (ii) an immediate capital payment (the "Immediate Capital Option"), (iii) a capital payment deferred until after 6 April 2014 (the "Deferred Capital Option"), or (iv) any combination of the above;
· Shareholders who do not make a valid election, and all US Shareholders and other Restricted Shareholders, will be deemed to have elected for the Income Option in respect of ALL of their Return of Cash Entitlement;
· the Return of Cash is conditional upon shareholder approval, which will be sought at a general meeting of the Company to be held at 11.00 a.m. on Monday 10 June 2013 (the "General Meeting");
· the latest time and date for receipt of Shareholders' elections is 4.30 p.m. on 11 June 2013;
· cheques are expected to be despatched to Shareholders and payment by BACS are expected to be made by 3 July 2013 for the Income Option;
· cheques are expected to be despatched to Shareholders and CREST accounts are expected to be credited by 3 July 2013 for the Immediate Capital Option; and
· cheques are expected to be despatched to Shareholders and CREST accounts are expected to be credited by 21 April 2014 for the Deferr
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