REG - Tate & Lyle PLC - Update on Preference Share Reduction Timetable

Tate & LyleAnnouncement

28/07/2022 13:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220728:nRSb1246Ua&default-theme=true

RNS Number : 1246U  Tate & Lyle PLC  28 July 2022

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

 

 

28 July 2022

 

Tate & Lyle PLC

("Tate & Lyle")

 

Update on Timetable for

Proposed Cancellation and Repayment of 6½ per cent. Cumulative Preference
Shares

 

Further to the announcement made on 15 June 2022 in relation to Tate &
Lyle's proposed reduction of share capital through the cancellation and
repayment of its 6½ per cent. cumulative preference shares (the "Preference
Shares" and the "Reduction", respectively), and following approval of the
Reduction by Tate & Lyle's shareholders at today's annual general meeting,
Tate & Lyle is pleased to provide an updated expected timetable of
principal events in relation to the Reduction, as set out below.

As noted previously, as the requisite resolutions in relation to the Reduction
have now been passed by Tate & Lyle's shareholders, an application will be
made to the High Court for confirmation of the Reduction in order to implement
the cancellation of the Preferences Shares. Assuming that the High Court
confirms the Reduction and the Reduction becomes effective, repayment of
amounts due to holders would then be made. The listing of the Preference
Shares on the London Stock Exchange would also be cancelled.

Update on Expected Timetable

 Event                                                                           Expected time and/or date((1))
 Record time and date for entitlement to 3.25 per cent. dividend payable to      6.00 p.m. on 2 September 2022
 holders of Preference Shares on 30 September 2022
 Final High Court hearing to confirm the Reduction                               10.30 a.m. on 13 September 2022
 Last day of dealings in, and for registration of transfers of, and disablement  16 September 2022
 in CREST of, the Preference Shares
 Repayment record time and date                                                  6.00 p.m. on 16 September 2022
 Suspension of trading of Preference Shares                                      7.30 a.m. on 19 September 2022
 Effective date for the Reduction                                                Between 19 September 2022

and 30 September 2022((2))
 Cancellation of listing and trading of Preference Shares                        Between 19 September 2022

and 30 September 2022((3))
 Despatch of cheques and crediting of CREST accounts in respect of the           On or around 30 September 2022
 repayment of the Preference Shares and dividends accrued thereon

 (1)   The dates and times given are indicative only and are based on current
 expectations and may be subject to change, including, for example, on the
 direction of the High Court. References to times are London time, unless
 otherwise stated. If any of the times and/or dates above change, the revised
 times and/or dates will be announced via a Regulatory Information Service.

 (2)   In order for the Reduction to become effective, the High Court order
 confirming the Reduction must be registered at the Registrar of Companies,
 which can take a number of days.

 (3)   It is expected that the cancellation of listing and trading of the
 Preference Shares will take place shortly after the Reduction has become
 effective.

Intention to cancel listing and trading of the Preference Shares

As at the close of business on 27 July 2022, Tate & Lyle had in issue
2,394,000 Preference Shares. The Preference Shares are admitted to the
standard segment of the Official List of the Financial Conduct Authority and
to trading on the London Stock Exchange's main market for listed securities
with ISIN number GB0008754466. The terms of the Preference Shares are set out
in Tate & Lyle's articles of association.

Tate & Lyle has requested the cancellation of the listing of the
Preference Shares from the standard segment of the Official List of the
Financial Conduct Authority and to trading on the London Stock Exchange's main
market for listed securities. For the purposes of Listing Rule 5.2.8, Tate
& Lyle hereby gives at least 20 business days' notice of such intended
cancellation in accordance with the expected timetable set out above.

For more information contact:

 

Investors and analysts

Christopher Marsh, VP Investor Relations

Tel - Mobile: +44 (0) 7796 192 688

 

 

Information on Tate & Lyle

 

Tate & Lyle is a leading global provider of food and beverage ingredients
and solutions. Supported by our 160-year history of ingredient innovation, we
partner with customers to provide consumers with healthier and tastier choices
when they eat and drink. We are proud that millions of people around the world
consume products containing our ingredients every day.

Through our expertise in sweetening, mouthfeel and fibre fortification, we
develop solutions which reduce sugar, calories and fat, add fibre, and provide
texture and stability in categories including beverages, dairy, bakery, soups,
sauces and dressings.

We have more than 3,500 employees working in around 60 locations across 30
countries. Tate & Lyle's purpose is Transforming Lives Through the Science
of Food and through our purpose we believe we can successfully grow our
business and have a positive impact on society. We live our purpose in three
ways, by supporting healthy living, building thriving communities and caring
for our planet.

Tate & Lyle is listed on the London Stock Exchange under the symbol
TATE.L. American Depositary Receipts trade under TATYY. In the year ended 31
March 2022, Tate & Lyle's revenue from continuing operations totaled £1.4
billion. For more information, please visit http://www.tateandlyle.com or
follow Tate & Lyle on Twitter or LinkedIn.

Tate & Lyle's LEI number is: 2138008K14474WPKZ244

Important notes

 

This announcement is not intended to, and does not constitute or form part of,
and should not be construed as, any offer, invitation, solicitation or
recommendation of an offer to purchase, sell, subscribe for or otherwise
dispose of or acquire any securities or the solicitation of any vote or
approval in any jurisdiction and neither the issue of the information nor
anything contained herein shall form the basis of or be relied upon in
connection with, or act as an inducement to enter into, any investment
activity. No shares are being offered to the public by means of this
announcement. This announcement does not constitute either advice or a
recommendation regarding any securities, or purport to contain all of the
information that may be required to evaluate any investment in Tate & Lyle
or any of its securities and should not be relied upon to form the basis of,
or be relied on in connection with, any contract or commitment or investment
decision whatsoever. Past performance is not an indication of future results
and past performance should not be taken as a representation that trends or
activities underlying past performance will continue in the future.

Shareholders are advised to carefully read the Notice, once available. Any
response to the Reduction should be made only on the basis of the information
in the Notice. If you are in any doubt as to what action you should take in
relation to this announcement or in connection with the Reduction, you are
recommended to seek your own personal financial advice immediately from your
stockbroker, bank manager, solicitor, accountant or other independent
financial adviser authorised under the Financial Services and Markets Act
2000, or from another appropriately authorised independent financial adviser.

The distribution of this announcement in jurisdictions or from certain
jurisdictions may be restricted or prohibited by the laws of any jurisdiction
other than the United Kingdom. Recipients are required to inform themselves
of, and comply with, all restrictions or prohibitions in such other
jurisdictions. Any failure to comply with applicable requirements may
constitute a violation of the laws and/or regulations of other such
jurisdiction.

This announcement has been prepared for the purposes of complying with the
applicable law and regulation of the United Kingdom (including the Listing
Rules and the Disclosure Guidance and Transparency Rules) and the information
disclosed may not be the same as that which would have been disclosed if this
announcement had been prepared in accordance with the laws and regulations of
any jurisdiction outside of the United Kingdom.

This announcement is being distributed to all shareholders in Tate & Lyle.
A copy of this announcement can be found on our website at
www.tateandlyle.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCUWOARUOUBUAR