Last checked at 19 Aug 2008 07:00
FLETCHER KING PLC
POSTING OF SHAREHOLDER CIRCULAR
The directors of Fletcher King plc (the "Company") intend to transfer the Company's stock exchange listing from the Official List to AIM, as they believe that a quotation on AIM will suit the Company's needs better than a continued listing on the Official List.
Given the current market capitalisation of the Company compared to other companies whose shares are listed on the Official List, the board has concluded that AIM is a more appropriate market for the Company's ordinary shares ("Ordinary Shares") than the Official List. The directors believe that trading on AIM should result in ongoing cost savings for the Company and a simplification of administration requirements in line with the size of the Company. The directors also believe that a move to AIM has the benefit of enabling the Company to agree and execute certain transactions more quickly. The board, however, envisages no alteration in the standards of reporting and corporate governance that the Company has historically practised.
In order to cancel the listing of the Ordinary Shares on the Official List a special resolution is required by the Listing Rules to be approved by Shareholders. A circular has been sent to shareholders convening a general meeting of the Company to be held at the offices of the Company on 12 September 2008, at which the special resolution to approve the move to AIM will be proposed. The general meeting will take place immediately following the AGM of the Company. Conditional upon the special resolution being approved at the general meeting, the Company will give notice of its intention to cancel the listing of its Ordinary Shares on the Official List and will apply to the London Stock Exchange for their admission to AIM. The passing of the special resolution requires the approval of 75 per cent. of votes cast by shareholders voting at the general meeting, in person or by proxy, to be obtained.
It is anticipated that trading in the Ordinary Shares on the London Stock Exchange's main market for listed securities will cease at the close of business on 13 October 2008, with cancellation of listing on the Official List taking effect at 8.00 a.m. on 14 October 2008, being not less than 20 business days following the passing of the resolution as required by the Listing Rules. Admission of the Ordinary Shares to AIM is expected to become effective, and dealings are expected to commence in the Ordinary Shares on AIM, at 8.00 a.m. on 14 October 2008.
Copies of the circular have been submitted to the UK Listing Authority and will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated, during normal business hours on any weekday (public holidays excepted), at:
The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS.
Enquiries:
Fletcher King plc
David Fletcher
Tel: 0207 493 8400
Dowgate Capital plcJames Caithie
Tel: 020 7492 4777