MAX Max Prop

TIDMMAX

RNS Number : 9703J

Max Property Group PLC

18 June 2014

18 June 2014

Max Property Group Plc (the "Company")

Proposed return of cash

And

Posting of Annual Report and shareholder circular

Further to the announcement made on 22 May 2014, the Company is today posting to its shareholders a circular regarding the proposed return of GBP33 million cash to shareholders by way of a B share scheme and including notice of an extraordinary general meeting (the "Extraordinary General Meeting") (the "Circular"). The Extraordinary General Meeting has been convened for 10.15 a.m. on 15 July 2014 or, if later, immediately after the end of the Annual General Meeting to be held on the same day at 26 New Street, St Helier, Jersey JE2 3RA.

The proposal is that the return of cash is effected via a B share scheme under which shareholders will receive a bonus issue of a newly created class of shares, B shares, pro rata to their holding of ordinary shares. Cash will then be returned to each shareholder through either the payment of a dividend in respect of the B shares, acceptance of an offer by the Company to purchase the B shares or a combination of both.

This method of return has been chosen as it allows shareholders to be treated equally, and gives each shareholder (save for certain restricted shareholders) the choice of the form in which to receive the return of cash. Whichever alternative is chosen, each shareholder will receive 15 pence per ordinary share in cash and the return of cash will total GBP33 million.

Subject to shareholder approval, shareholders will receive one B Share for each ordinary share that they hold on 14 July 2014 (the Record Date). Shareholders (subject to certain exceptions) will be able to choose between the following options in respect of those B shares:

   --          To receive a single dividend of 15 pence per B share for some or all of their B shares. Shareholders will automatically receive this single dividend for all their B shares for which no election is made.  B shares in respect of which a shareholder receives this single dividend will automatically be converted into deferred shares, which will have extremely limited rights and negligible value. 

-- To elect for the Company to buy some or all of their B shares for 15 pence per B share. All B shares bought back will subsequently be cancelled by the Company.

The key dates in respect of the return of cash are:

 
 Latest time and date for receipt      10.15 a.m. on 13 July 2014 
  of Form of Proxy for Extraordinary 
  General Meeting 
 
 Latest time for receipt of             1.00 p.m. on 14 July 2014 
  Election Forms 
  or TTE Instructions relating 
  to the B share choices 
 
 Extraordinary General Meeting         10.15 a.m. on 15 July 2014 
 
 B Share Dividend and Purchase                       16 July 2014 
  Date 
 
 CREST accounts credited and                         23 July 2014 
  cheques 
  despatched in respect of cash 
  payments in respect of B Share 
  Dividends and Purchases 
 

A detailed timetable is set out in the Circular which has been posted to shareholders today.

The Annual Report and Accounts of the Company for the year ended 31 March 2014 (the "Accounts") have also been posted to shareholders today.

The Accounts and the Circular will be available shortly to download from the financial reports section of the Company's website:

www.maxpropertygroup.com http://www.maxpropertygroup.com/

 
 Enquiries: 
 Prestbury Investments LLP 
 Mike Brown / Sandy Gumm                   +44 20 7647 7647 
 
 Oriel Securities Limited (Nominated 
  Adviser) 
 Nicholas How                              +44 20 7710 7720 
 
 FTI Consulting 
 Stephanie Highett / Richard Sunderland 
  / Nina Legge                             +44 20 3727 1000 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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