REG - Melrose Industries - Completion of the demerger of Dowlais

Melrose IndustriesAnnouncement

20/04/2023 08:15

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RNS Number : 8324W  Melrose Industries PLC  19 April 2023

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20 April 2023

 

Completion of the Demerger of Dowlais and Melrose Share Consolidation

Melrose Industries PLC ("Melrose" or the "Company") has today completed the
demerger of the GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen
businesses from the Company into Dowlais Group plc ("Dowlais") (the
"Demerger").

Prior to the Demerger, the Company undertook a three for one consolidation of
the existing Melrose ordinary shares after 6:00 p.m. on 19 April 2023 (the
"Melrose Share Consolidation"). In order to ensure that no outstanding
fractional amount of a new Melrose ordinary share existed following the
Melrose Share Consolidation, two existing Melrose ordinary shares were
allotted and issued to Investec Bank plc after close of trading on 19 April
2023 at a price of 163.125 pence per existing Melrose ordinary share, being
the closing middle-market price on 19 April 2023. Admission and dealings in
the new Melrose ordinary shares on the London Stock Exchange commenced at 8.00
a.m. (London time) today (20 April 2023).

The ISIN for the new Melrose ordinary shares is GB00BNGDN821. The SEDOL for
the new Melrose ordinary shares is BNGDN82.

As a result of the Melrose Share Consolidation and in accordance with the
requirements of the Financial Conduct Authority's Disclosure Guidance and
Transparency Rule 5.6.1A, Melrose hereby notifies the market that Melrose's
issued share capital as at 8.00 a.m. on 20 April 2023 consists of
1,351,475,321 Melrose ordinary shares of 160/7 pence. Melrose does not hold
any Melrose ordinary shares in treasury. Therefore, the total number of voting
rights in Melrose as at 20 April 2023 is 1,351,475,321.

The above figure may be used by shareholders and others with notification
obligations as their denominator for the calculations by which they will
determine if they are required to notify their interest in, or a change to
their interest in, Melrose under the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules.

The ordinary shares of Dowlais (ticker "DWL.L") have been admitted today (20
April 2023) to the premium listing segment of the Official List of the
Financial Conduct Authority and to trading on the London Stock Exchange's main
market for listed securities.

Simon Peckham, Chief Executive Officer of Melrose, commented: "We are very
happy to complete today the demerger of Dowlais. We thank shareholders for
their support. We are confident that Dowlais will have a very successful
independent future led by Liam and his team. It has been a pleasure to be
involved in the improvement of the Dowlais businesses.

For Melrose, the focus is now on the continued development of the Aerospace
business which over the next few years has the opportunity to clearly
establish itself as a leading focussed aerospace business making £1 billion
of EBITDA."

Enquiries:

Montfort Communications: +44 (0) 20 3514 0897

Nick Miles +44 (0) 7739 701634 / Charlotte McMullen +44 (0) 7921 881800

miles@montfort.london (mailto:miles@montfort.london)
 / mcmullen@montfort.london (mailto:mcmullen@montfort.london)

 

Investor Relations: Chris Dyett +44 (0) 7974 974690

ir@melroseplc.net

 

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