Proposed Return of Cash to Shareholders
LONDON, December 18, 1997 - Reuters announced today that the circular and listing particulars document setting out details of the proposed capital reorganization has been posted to shareholders. Under the capital reorganization, £1.5 billion of surplus capital will be returned to shareholders by way of a scheme of arrangement involving the introduction of a new holding company, Reuters Group PLC.
Ordinary shareholders will receive 13 shares in Reuters Group PLC plus £13.60 in cash in return for every 15 shares held in Reuters Holdings PLC. American Depository Share (ADS) holders will receive 13 new ADSs plus the US dollar equivalent of £81.60 in cash in return for every 15 ADSs held.
The expected timetable of principal events is as follows:
Monday | January 19, 1998 | Court meeting and Extraordinary General Meeting |
Tuesday | February 17, 1998 | Record Date and last day of dealings in Reuters Holdings shares |
Wednesday | February 18, 1998 | Dealings in new Reuters Group shares commence on the London Stock Exchange and in new ADS on NASDAQ/NMS |
Wednesday | February 25, 1998 | Payment of cash entitlements |
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