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19 Jan 2010 07:00
SWP Group plc ("SWP" or the "Company")
Capital Reorganisation
As announced at the time of the publication of SWP's final results, the Company is conducting a capital reorganisation including a bonus issue at a ratio of:
10 new ordinary shares of 0.5p each for every 1 existing ordinary share of 0.5p each
to all those SWP shareholders on the shareholder register as at 20 January 2010. The capital reorganisation has been approved by shareholders at a General Meeting of the Company.
The effect of the bonus issue will be to increase the number of ordinary shares in issue and the holding of each shareholder will be increased on a pro rata basis with a corresponding adjustment to the market price of each share.
The bonus issue is taking place in order to reduce the Company's Share Premium Account and increase the Called up Share Capital.
On the basis of the current issued ordinary share capital of 18,264,546 ordinary shares, the bonus issue will result in the issue of 182,645,460 bonus shares. Application has today been made to the London Stock Exchange for the new ordinary shares to be admitted to trading on AIM, where ordinary shares of the same class are already traded. It is expected that Admission will be effective and dealing in the ordinary shares will commence on 21 January 2010.
The Company also holds 215,000 shares in treasury. An additional 2,150,000 shares will be issued into treasury as a result of the issue.
The bonus shares, which will be capable of being held in either certificated or uncertificated (CREST) form as appropriate, will be issued to each shareholder and are not being marketed. The rights and restrictions attaching to the bonus shares will be as currently set out in the Articles in relation to the existing ordinary shares. The bonus shares will rank pari passu in all respects with the existing ordinary shares.
Where ordinary shares are held in certificated form on the record date, shareholders will receive non-renounceable share certificates, which will be posted at the risk of shareholders, in respect of their entitlements to bonus shares. Where ordinary shares are held in uncertificated form on the record date, the appropriate CREST accounts will be credited with the relevant number of bonus shares, save that the Company reserves the right to issue the bonus shares in certificated form in exceptional circumstances, such as for example, in the event of any failure or breakdown of CREST. No temporary or renounceable documents of title will be issued.
Enquiries:
SWP Group plc
David Pett
Finance Director 01353 723270
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