Melrose Industries Plc. (MRO.L) Tuesday said it plans to implement a corporate reorganization to efficiently and promptly return the proceeds of the disposal of the Elster Group to Honeywell International Inc., to shareholders.
This follows a similar process to the one implemented in 2012 and reflects the significantly larger quantum of the proposed return of capital which is to occur following completion of the sale of Elster for about $5.1 billion.
The Board intends to return between 2.0 billion pounds and 2.5 billion pounds of the sale proceeds to shareholders. The company plans to complete the Elster disposal in the first quarter of 2016.
The corporate reorganization will involve the implementation of three related actions - a Scheme, Initial Reduction of Capital, and Proposed Return of Capital.
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