RSA Insurance Group has announced that at the General Meeting held 16 July 2024: the requisite majority of shareholders voted to pass the Cancellation Resolution in respect of the Preference Share Cancellation.
The Cancellation Resolution received votes in favour of 90.10 per cent. of the votes received (excluding votes withheld). The Offeror withheld its vote on the Cancellation Resolution to ensure that it would only pass if voted in favour by the requisite majority of Preference Shareholders; and the requisite majority of shareholders voted to pass the Share Premium Resolution in respect of the Share Premium Cancellation. The Share Premium Resolution received votes in favour of 99.42 per cent. of the votes received (excluding votes withheld). The Offeror voted in favour of the Share Premium Resolution. The Issuer has received the final approval from the Prudential Regulation Authority for the implementation of the Reduction of Capital.
Therefore, the Reduction of Capital will be implemented by the Issuer.
Suspension of the Preference Shares from trading on the Main Market of London Stock Exchange is expected to take place at 7.30 a.m. on 18 July 2024. Once suspended, it is not expected that trading in Preference Shares on the Main Market of London Stock Exchange will recommence. It is expected that cancellation of the admissions of the Preference Shares to listing on the Official List and to trading on the Main Market of the London Stock Exchange will take effect from 8.00 a.m. on 19 July 2024.
The Cancellation Date, being the date on which the cancellation of the Share Premium and the Preference Shares is expected to take effect by registration at Companies House, is expected to be 18 July 2024.
The Settlement Date in respect of the Preference Share Cancellation, being the expected date of payment of the Cancellation Amount to all Registered Holders and the Voting Fee to eligible Registered Holders in the manner set out in the Shareholder Circular, is expected to be 30 July 2024.
Should you have any queries or comments, please do not hesitate to contact us quoting ‘RSA’
Corporate Action Administration
Direct Line – 0161-819-4850 | Email: caisa@pilling.co.uk