KRK
10/02/2016 08:33
CAPREC
PRICE SENSITIVE
REL: 0833 HRS Kirkcaldie & Stains Limited
CAPREC: KRK: Kirkcaldie & Stains Limited receives High Court approval
The directors of Kirkcaldie & Stains Limited (the 'Company') refer to the
Company's earlier announcements relating to its application for orders from
the High Court to approve a scheme of arrangement under Part 15 of the
Companies Act 1993 to return approximately $19.354 million of capital to its
shareholders.
The Company is pleased to advise that at 4.56pm yesterday it received final
orders from the High Court approving the scheme of arrangement.
With settlement of the Agreement for Sale and Purchase with David Jones Pty
Ltd now complete, the Company will proceed to release surplus cash to
shareholders.
As previously announced, pursuant to the scheme of arrangement the Company
will:
- cancel 4 in 5 of its shares (with the number of shares to be cancelled
rounded down to the nearest whole share); and
- return an amount of $2.3602 per share cancelled.
Incidental to this, the Company will cancel the remaining shares held in
respect of the Company's employee share scheme and wind that scheme up.
The return of capital will not alter shareholders' proportionate
shareholdings in the Company or their proportionate voting and distribution
rights (other than to the extent there are minor changes to account for
rounding).
Likewise the return of capital will not alter shareholders' proportionate
entitlement to share in the residual value in the Company (other than to the
extent there are minor changes to account for rounding).
The record date for the capital return will be 5.00pm on 25 February 2016 and
the Company will make payments to shareholders within 10 business days of the
record date. A further announcement will be issued shortly confirming the
precise payment date and details of the capital return.
The Company intends to lodge the High Court's final orders with the Registrar
of Companies today.
Falcon Clouston
Chairman
ENDS
For further information:
Falcon Clouston
P O Box 1494
Wellington 6140
End CA:00277416 For:KRK Type:CAPREC Time:2016-02-10 08:33:32
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