| DS Smith acquisition of SCA given approval |
By: Rebecca Hubbard
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Posted: Friday, February 3, 2012 5:09 pm
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DS Smith Plc is pleased to announce that, at the General Meeting held today at 9.30 a.m. in relation to its recently announced proposed Acquisition of SCA Packaging and the associated Rights Issue, all of the Resolutions set out in the Notice of General Meeting contained in the combined circular and prospectus to Shareholders dated 17 January 2012 were passed on a show of hands without amendment.
The passing of the Resolutions will enable the Company to proceed with the proposed Acquisition of SCA Packaging as described in the Original Prospectus. Accordingly, Qualifying non-CREST Shareholders (subject to certain exceptions) will be sent a Provisional Allotment Letter today, and Qualifying CREST Shareholders (subject to certain exceptions) will receive a credit to their appropriate stock accounts in CREST in respect of the Nil Paid Rights to which they are entitled on 6 February 2012.
The latest time and date for acceptance, payment in full and registration of renunciation of Provisional Allotment Letters is 11.00 a.m. on 21 February 2012.
Applications have been made to the UKLA for 490,751,669 New Ordinary Shares to be admitted to the premium segment of the Official List and to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on the main market of the London Stock Exchange. It is expected that Admission will become effective and dealings (for normal settlement) in the New Ordinary Shares will commence, nil paid, at 8.00 a.m. on 6 February 2012.
Commenting on the results of the General Meeting, DS Smith's Group Chief Executive, Miles Roberts said:
“I am delighted to be able to announce this overwhelmingly positive result today and I would like to thank our shareholders for their approval of our proposed Acquisition of SCA Packaging. The reaction of our staff and customers has been very positive. We continue to focus on integration planning with both teams looking forward to bringing our businesses together. Following completion of the proposed Acquisition we will create the leading supplier of recycled packaging for consumer goods in Europe." |
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