Capricorn to return approximately US$450m to Shareholders
Capricorn reported that a circular setting out the full details of the Return of Cash and related matters (the “Circular”) will be posted to Shareholders today.
Pursuant to the Return of Cash, Capricorn will pay a special dividend of 115 pence per existing ordinary share amounting to a return of approximately US$450 million (c.£362 million) to Shareholders and complete a consolidation of Capricorn’s ordinary share capital. The special dividend is expected to be paid on 23 May 2023 to those on the register at 6.00 p.m. on 15 May 2023.
The Share Consolidation will reduce the number of Capricorn’s issued ordinary shares by an amount that reflects the value of the Return of Cash to Shareholders relative to the market capitalisation of Capricorn prior to the Return of Cash. As such, every 70 existing ordinary shares of 21/13 pence each will be replaced by 33 new ordinary shares of 490/143 pence each (subject to fractional entitlements) so as to reduce the number of shares in issue to reflect the amount of cash to be returned to Shareholders. The aim of this is to ensure, so far as possible, the market price of an ordinary share remains approximately the same before and after the proposed Return of Cash and to maintain comparability of historical and future per share data. The Share Consolidation will reduce the number of ordinary shares in Capricorn which shareholders own, but not the proportion (subject to allowance for fractional entitlements).
Circular to Shareholders
Capricorn is today posting a circular to Shareholders in connection with the Return of Cash. The Circular contains a notice convening a General Meeting of Capricorn Shareholders where Shareholders will be asked to approve the Return of Cash and matters ancillary thereto. The General Meeting will be held at Capricorn’s head office at 50 Lothian Road, Edinburgh EH3 9BY at 10.00 a.m. on 15 May 2023. Further information on the arrangements for the General Meeting is set out in Part I of the Circular.
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