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28 July 2022
Tate & Lyle PLC
("Tate & Lyle")
Update on Timetable forProposed Cancellation and Repayment of 6½ per cent. Cumulative Preference Shares
Further to the announcement made on 15 June 2022 in relation to Tate & Lyle's proposed reduction of share capital through the cancellation and repayment of its 6½ per cent. cumulative preference shares (the "Preference Shares" and the "Reduction", respectively), and following approval of the Reduction by Tate & Lyle's shareholders at today's annual general meeting, Tate & Lyle is pleased to provide an updated expected timetable of principal events in relation to the Reduction, as set out below.
As noted previously, as the requisite resolutions in relation to the Reduction have now been passed by Tate & Lyle's shareholders, an application will be made to the High Court for confirmation of the Reduction in order to implement the cancellation of the Preferences Shares. Assuming that the High Court confirms the Reduction and the Reduction becomes effective, repayment of amounts due to holders would then be made. The listing of the Preference Shares on the London Stock Exchange would also be cancelled.
Update on Expected Timetable
Event | Expected time and/or date(1) |
Record time and date for entitlement to 3.25 per cent. dividend payable to holders of Preference Shares on 30 September 2022 | 6.00 p.m. on 2 September 2022 |
Final High Court hearing to confirm the Reduction | 10.30 a.m. on 13 September 2022 |
Last day of dealings in, and for registration of transfers of, and disablement in CREST of, the Preference Shares | 16 September 2022 |
Repayment record time and date | 6.00 p.m. on 16 September 2022 |
Suspension of trading of Preference Shares | 7.30 a.m. on 19 September 2022 |
Effective date for the Reduction | Between 19 September 2022and 30 September 2022(2) |
Cancellation of listing and trading of Preference Shares | Between 19 September 2022and 30 September 2022(3) |
Despatch of cheques and crediting of CREST accounts in respect of the repayment of the Preference Shares and dividends accrued thereon
| On or around 30 September 2022 |
(1) The dates and times given are indicative only and are based on current expectations and may be subject to change, including, for example, on the direction of the High Court. References to times are London time, unless otherwise stated. If any of the times and/or dates above change, the revised times and/or dates will be announced via a Regulatory Information Service. (2) In order for the Reduction to become effective, the High Court order confirming the Reduction must be registered at the Registrar of Companies, which can take a number of days. (3) It is expected that the cancellation of listing and trading of the Preference Shares will take place shortly after the Reduction has become effective. | |
Intention to cancel listing and trading of the Preference Shares
As at the close of business on 27 July 2022, Tate & Lyle had in issue 2,394,000 Preference Shares. The Preference Shares are admitted to the standard segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange's main market for listed securities with ISIN number GB0008754466. The terms of the Preference Shares are set out in Tate & Lyle's articles of association.
Tate & Lyle has requested the cancellation of the listing of the Preference Shares from the standard segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange's main market for listed securities. For the purposes of Listing Rule 5.2.8, Tate & Lyle hereby gives at least 20 business days' notice of such intended cancellation in accordance with the expected timetable set out above.
For more information contact:
Investors and analysts
Christopher Marsh, VP Investor Relations
Tel - Mobile: +44 (0) 7796 192 688
Information on Tate & Lyle
Tate & Lyle is a leading global provider of food and beverage ingredients and solutions. Supported by our 160-year history of ingredient innovation, we partner with customers to provide consumers with healthier and tastier choices when they eat and drink. We are proud that millions of people around the world consume products containing our ingredients every day.
Through our expertise in sweetening, mouthfeel and fibre fortification, we develop solutions which reduce sugar, calories and fat, add fibre, and provide texture and stability in categories including beverages, dairy, bakery, soups, sauces and dressings.
We have more than 3,500 employees working in around 60 locations across 30 countries. Tate & Lyle's purpose is Transforming Lives Through the Science of Food and through our purpose we believe we can successfully grow our business and have a positive impact on society. We live our purpose in three ways, by supporting healthy living, building thriving communities and caring for our planet.
Tate & Lyle is listed on the London Stock Exchange under the symbol TATE.L. American Depositary Receipts trade under TATYY. In the year ended 31 March 2022, Tate & Lyle's revenue from continuing operations totaled £1.4 billion. For more information, please visit http://www.tateandlyle.com or follow Tate & Lyle on Twitter or LinkedIn.
Tate & Lyle's LEI number is: 2138008K14474WPKZ244
Important notes
This announcement is not intended to, and does not constitute or form part of, and should not be construed as, any offer, invitation, solicitation or recommendation of an offer to purchase, sell, subscribe for or otherwise dispose of or acquire any securities or the solicitation of any vote or approval in any jurisdiction and neither the issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. No shares are being offered to the public by means of this announcement. This announcement does not constitute either advice or a recommendation regarding any securities, or purport to contain all of the information that may be required to evaluate any investment in Tate & Lyle or any of its securities and should not be relied upon to form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. Past performance is not an indication of future results and past performance should not be taken as a representation that trends or activities underlying past performance will continue in the future.
Shareholders are advised to carefully read the Notice, once available. Any response to the Reduction should be made only on the basis of the information in the Notice. If you are in any doubt as to what action you should take in relation to this announcement or in connection with the Reduction, you are recommended to seek your own personal financial advice immediately from your stockbroker, bank manager, solicitor, accountant or other independent financial adviser authorised under the Financial Services and Markets Act 2000, or from another appropriately authorised independent financial adviser.
The distribution of this announcement in jurisdictions or from certain jurisdictions may be restricted or prohibited by the laws of any jurisdiction other than the United Kingdom. Recipients are required to inform themselves of, and comply with, all restrictions or prohibitions in such other jurisdictions. Any failure to comply with applicable requirements may constitute a violation of the laws and/or regulations of other such jurisdiction.
This announcement has been prepared for the purposes of complying with the applicable law and regulation of the United Kingdom (including the Listing Rules and the Disclosure Guidance and Transparency Rules) and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside of the United Kingdom.
This announcement is being distributed to all shareholders in Tate & Lyle. A copy of this announcement can be found on our website at www.tateandlyle.com.