BACK
11/07/2007
The following member notice (07/171 : A168) has today been issued:-
On 22 March 2007 the Exchange announced that it had commenced the process of designing a mechanism to help new applicants for membership of the Exchange acquire the B Shares in LME Holdings Limited (the Company) necessary for membership (the B Share Scheme). The design and implementation of the B Share Scheme has been delegated to a sub-committee of the Board of the Company (the Sub-Committee) which is being advised by NM Rothschild & Sons Limited.
The B Share Scheme is designed to ensure that applicants for membership acquire the necessary B Shares if possible from existing shareholders, failing which from the Company itself by way of a new issue of B Shares.
After taking into account all relevant factors, the Sub-Committee has set the price at which the Company will issue B Shares (if required) at £65 per B Share. This price will be held for issues of B Shares made prior to 31 October 2007. For issues after this date, the Sub-Committee will determine whether to maintain this price or to change it. No B Shares will be issued by the Company prior to 1 September 2007.
Detailed documentation on the B Share Scheme and the application process will be made available to applicants for membership of the Exchange on or before 20 July 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 the Company Secretary at the Exchange on +44 (0)20 7264 5555.
Press enquiries should be made to Adam Robinson on + 44 (0)20 7264 5532
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.
Notes for Editors
- Trading at the LME in non-ferrous metals and plastics takes place across three platforms: through open-outcry trading on the “Ring”; through an inter-office telephone market and through LME Select
- The LME is the world’s premier non-ferrous metals market and achieved volumes of 87 million lots in 2006, an increase of 10.6% on 2005 figures and equivalent to $8,100 billion in monetary terms.
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