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Great Portland Estates implements B-share scheme
Following its announcement on Tuesday in conjunction with its proposed return of capital by way of a B share scheme, Great Portland Estates confirmed that the redemption of the B shares issued under the scheme would occur on Wednesday.
The FTSE 250 firm said it expected that shareholders entitled to receive payments in respect of the proceeds from the redemption of the B shares would receive such payment by 13 April.
Great Portland had initially announced on 25 January that it intended to return approximately £306m, being the net cash proceeds generated from the sales of 240 Blackfriars Road and 30 Broadwick Street to clients of Wolfe Asset Management and Savills Investment Management respectively, to shareholders in the form of a payment of 93.65p per ordinary share.
The B share scheme was also being accompanied by a 16-for-19 share consolidation of the company's existing ordinary shares, which was later adjusted to a 25-for-29 consolidation after an improvement in Great Portland's share price.