BACK
04/07/2007
The following is taken from LME Member Notice 07/161 : A158
An Extraordinary General Meeting (EGM) of LME Holdings Limited (the Company) was held on 4 July 2007 at which the Company resolved to:
(1) increase its authorised share capital by £10,000 through the creation of 1,000,000 new B Shares; and
(2) grant authority to the directors of the Company to allot the newly created B Shares and all other authorised but unissued B Shares.
Prior to the EGM, the Board of the Company had the power to allot up to 200,000 B Shares. Following the creation of the additional 1,000,000 B Shares, the Board now has the power to allot 1,200,000 B Shares.
B Shares do not carry any voting rights in the Company nor do they have any entitlement to receive dividends or any other distributions whether on a winding up or otherwise.
On 22 March 2007 the Exchange announced that it had commenced the process of designing a mechanism to help those new applicants who wished to join the Exchange acquire the B Shares in Holdings necessary for membership (the B Share Scheme). Acquisition of B Shares will be effected by the issue of new B Shares insofar as applicants are unable to acquire previously issued B Shares from existing shareholders.
The Exchange expects on or before 20 July 2007 to launch the B Share Scheme and at that time to publish the price at which initial allotment of new B Shares will made by the Company pursuant to the Scheme. In setting the price, the Exchange will have regard, in its complete discretion, to such factors as it considers appropriate, including the latest prices at which B Shares have been traded on the JP Morgan Cazenove matched bargain facility. Detailed documentation on the B Share Scheme will be available to applicants for membership of the Exchange upon launch of the Scheme. The Exchange expects the initial allotment of B Shares to be concluded by the middle of September 2007.
For further guidance on membership requirements and the full criteria and application process to be fulfilled with regards to each category of membership of the Exchange, please e-mail membership@lme.com or call Neil Banks at the Exchange on +44 (0)20 7264 5555.
Press enquiries should be made to Anna Campopiano + 44 (0)20 7264 5555
This communication does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase, sell or subscribe for, any security in LME Holdings Limited, or otherwise.
This communication is directed only at persons who (i) are outside the United Kingdom or (ii) have professional experience in matters relating to investments or (iii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc") of The Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. This communication should not be construed as advice of any kind in relation to the B Share Scheme, membership of the London Metal Exchange or otherwise. Prospective applicants for membership of the London Metal Exchange should consult their own legal, financial and other professional advisers for advice.
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