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Frequently Asked Questions |  |
Frequently Asked Questions
Q1: What does MWB do and what is its corporate strategy?
Q2: What is the Cash Distribution Programme of MWB?
Q3: What are the Units of MWB?
Q4: How many ordinary shares are currently in issue?
Q5: Where are the Group's Hotels?
Q6: Where are the Group's Business Centres?
Q7: What is the current share price of MWB?
Q8: How can I check my shareholding?
Q9: How do I receive e-mail alerts on press releases issued by MWB?
Q10: How many customers does MWB have?
Q11: When is the interim/final dividend due to be paid?
Q12: What are the Key Performance Indicators of the Group?
Q13: When will MWB announce its next set of results?
Q14: Where do I get a copy of the annual report?
Q15: What sector on the Stock Market is MWB classified in?
Q16: Does the Company offer a share dealing service?
Q17: Who are MWB's stockbrokers, auditors and registrars?
Q18: What is the MWB ticker symbol?
Q19: When was MWB first floated on the stock market?
Q1: What does MWB do and what is its corporate strategy?
Business Activities
Please see "Our Business" section.
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Q2: What is the Cash Distribution Programme of MWB?
The Cash Distribution Programme involves the eventual realisation of the Group's assets and the distributing of surplus funds to Shareholders.
Shareholders approved implementation of the Cash Distribution Programme at an extraordinary general meeting held in May 2002 and it now extends out to 31 December 2016. During the remaining life of the programme it is the Board’s strategy to maintain and enhance the value of the Group’s businesses. Upon the businesses reaching maturity and subject to favourable market conditions, which may be at any point in time before 31 December 2016, the strategy is to realize their value through sales and, after repayment of debt, to return realized cash or cash equivalents to Shareholders.
Distributions to Shareholders may take the form of tender offers to Shareholders, buy-backs of Ordinary Shares in the market, cash distributions, demergers, distribution of assets and similar value distribution programmes.
Since May 2002, the Company has purchased approximately 68 million Ordinary Shares under this programme, representing approximately 50% of the issued share capital at the date of its implementation, returning approximately £80 million in cash to Shareholders.
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Q3: What are the Units of MWB?
20 B Shares are attached to every Ordinary Share of the Company, such that these two classes of shares are treated as a single inseparable unit (described as "Units").
Trading of Units in the Company commenced on 3 April 2008 and they are traded in the same manner that ordinary shares of MWB were treated prior to this date.
Each Unit consists of an Ordinary Shares in MWB Group Holdings Plc which has the right to receive all dividends and distributions made, paid or declared after the date of issue; and 20 B Shares which have limited rights other than the right to be redeemed at the election of MWB Group Holdings Plc for 10p per B Share.
The B Shares are allotted in addition to Ordinary Shares in MWB Group Holdings Plc and provide increased flexibility as to the method of returning cash or cash equivalents to Shareholders in accordance with the Cash Distribution Programme. The return of cash or cash equivalents is expected to be undertaken in part by future redemptions of the B Shares by MWB Group Holdings Plc. This is termed the “B Share Redemption”. The B Share Redemption will be made by the payment to holders of the B Shares of 10p per B Share, thus facilitating the ability to return a total of 200p for the 20 B Shares attaching to each Ordinary Share of MWB Group Holdings Plc.
Until all B Shares are redeemed, they will continue to be attached to each Ordinary Share of MWB Group Holdings Plc and form a Unit. This is to ensure that on the sale of an Ordinary Share, those B Shares attaching to it are also transferred. The practical effect of this structure of capital ensures that the price of Units quoted on the Official List of the London Stock Exchange reflects the value attributed to the combination of the Ordinary Shares and the B Shares.
The B Shares carry very limited rights beyond the rights that are specific to the B Share Redemption. In particular, the B Shares do not confer any additional rights in relation to income or voting. The reason for this is that each group of 20 B Shares will be part of a Unit and will, for all practical purposes, be inseparable from an Ordinary Share. As a consequence, the respective rights of Shareholders as holders of Units in relation to dividends, capital and voting will be conveyed by the Ordinary Shares and thus remain the same as they would have been had the B Shares not been issued.
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Q4: How many ordinary shares are currently in issue?
164,038,149 ordinary shares.
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Q5: Where are the Group's Hotels?
Our Hotel venues can be found at http://www.mwb.co.uk/mwb/hotelslocations.jsp
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Q6: Where are the Group's Business Centres?
Our Business Centre venues can be found at http://www.mwb.co.uk/mwb/officeslocations.jsp
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Q7: What is the current share price of MWB?
Click here to view share information for MWB.
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Q8: How can I check my shareholding?
By contacting the Capita IRG helpline on 0871 664 0300 (calls cost 10p per minute plus network extras); Overseas: +44 208 639 3399.
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Q9: How do I receive e-mail alerts on press releases issued by MWB?
Go to the Home Page of the MWB website and click on the "Sign up for our News Alerts" link at the bottom right hand corner of the page and follow the short instructions.
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Q10: How many customers does MWB have?
Serviced Offices
The Group operates approximately 15,500 workstations across its serviced office subsidiary MWB Business Exchange Plc, and thus has many thousands of different corporate and individual customers using that space.
Hotels
The Group has very significant customer numbers in the near 1,900 bedrooms and the restaurant and bar operations of its hotel operations in Malmaison and Hotel du Vin.
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Q11: When is the interim/final dividend due to be paid?
No interim/final dividend has been declared in relation to 2010 or 2009.
The Board is continuing to implement the Cash Distribution Programme and to direct disposal proceeds to the repayment of net debt and the return of funds to Shareholders. Accordingly, no dividends have been declared in relation to the year ended 31 December 2009.
Whilst the payment of dividends remains an option, once surplus funds have been realised, the Directors envisage distributing further funds to shareholders by means of buy-backs of ordinary shares, tender offers to shareholders, cash distributions, demergers, distribution of assets and similar value distribution programmes during the remainder of the Cash Distribution Programme to December 2016.
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Q12: What are the Key Performance Indicators of the Group?
Please see our KPIs section.
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Q13: When will MWB announce its next set of results?
The half yearly results for the six months ended 30 June 2010 are due to be announced in August 2010.
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Q14: Where do I get a copy of the annual report?
From the Company Secretary, City Group P.L.C., 30 City Road, London EC1Y 2AG or from the Head Office at 1 West Garden Place, Kendal Street, London W2 2AQ. It is also available from Company's Registrars, Capita Registrars Plc, Northern House, Woodsome Park, Fenay Bridge, Huddersfield, West Yorkshire HD8 0GA or from from the Investor Relations Home Page of this website.
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Q15: What sector on the Stock Market is MWB classified in?
The Real Estate sector.
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Q16: Does the Company offer a share dealing service?
No. However the shares of MWB Group Holdings Plc and MWB Business Exchange Plc can all be dealt in on the London Stock Exchange through the stockbroking services of UK high street banks.
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Q17: Who are MWB's stockbrokers, auditors and registrars?
These are:
Stockbrokers: Panmure Gordon & Co, London Auditors: BDO LLP, London Registrars: Capita Registrars, Huddersfield, West Yorkshire
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Q18: What is the MWB ticker symbol?
On the main market it is "MWB" and on Reuters it is "MWB.L".
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Q19: When was MWB first floated on the stock market?
June 1997.
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Q2: What is the Cash Distribution Programme of MWB?
Q3: What are the Units of MWB?
Q4: How many ordinary shares are currently in issue?
Q5: Where are the Group's Hotels?
Q6: Where are the Group's Business Centres?
Q7: What is the current share price of MWB?
Q8: How can I check my shareholding?
Q9: How do I receive e-mail alerts on press releases issued by MWB?
Q10: How many customers does MWB have?
Q11: When is the interim/final dividend due to be paid?
Q12: What are the Key Performance Indicators of the Group?
Q13: When will MWB announce its next set of results?
Q14: Where do I get a copy of the annual report?
Q15: What sector on the Stock Market is MWB classified in?
Q16: Does the Company offer a share dealing service?
Q17: Who are MWB's stockbrokers, auditors and registrars?
Q18: What is the MWB ticker symbol?
Q19: When was MWB first floated on the stock market?
Q1: What does MWB do and what is its corporate strategy?
Business Activities
Please see "Our Business" section.
Back to top
Q2: What is the Cash Distribution Programme of MWB?
The Cash Distribution Programme involves the eventual realisation of the Group's assets and the distributing of surplus funds to Shareholders.
Shareholders approved implementation of the Cash Distribution Programme at an extraordinary general meeting held in May 2002 and it now extends out to 31 December 2016. During the remaining life of the programme it is the Board’s strategy to maintain and enhance the value of the Group’s businesses. Upon the businesses reaching maturity and subject to favourable market conditions, which may be at any point in time before 31 December 2016, the strategy is to realize their value through sales and, after repayment of debt, to return realized cash or cash equivalents to Shareholders.
Distributions to Shareholders may take the form of tender offers to Shareholders, buy-backs of Ordinary Shares in the market, cash distributions, demergers, distribution of assets and similar value distribution programmes.
Since May 2002, the Company has purchased approximately 68 million Ordinary Shares under this programme, representing approximately 50% of the issued share capital at the date of its implementation, returning approximately £80 million in cash to Shareholders.
Back to top
Q3: What are the Units of MWB?
20 B Shares are attached to every Ordinary Share of the Company, such that these two classes of shares are treated as a single inseparable unit (described as "Units").
Trading of Units in the Company commenced on 3 April 2008 and they are traded in the same manner that ordinary shares of MWB were treated prior to this date.
Each Unit consists of an Ordinary Shares in MWB Group Holdings Plc which has the right to receive all dividends and distributions made, paid or declared after the date of issue; and 20 B Shares which have limited rights other than the right to be redeemed at the election of MWB Group Holdings Plc for 10p per B Share.
The B Shares are allotted in addition to Ordinary Shares in MWB Group Holdings Plc and provide increased flexibility as to the method of returning cash or cash equivalents to Shareholders in accordance with the Cash Distribution Programme. The return of cash or cash equivalents is expected to be undertaken in part by future redemptions of the B Shares by MWB Group Holdings Plc. This is termed the “B Share Redemption”. The B Share Redemption will be made by the payment to holders of the B Shares of 10p per B Share, thus facilitating the ability to return a total of 200p for the 20 B Shares attaching to each Ordinary Share of MWB Group Holdings Plc.
Until all B Shares are redeemed, they will continue to be attached to each Ordinary Share of MWB Group Holdings Plc and form a Unit. This is to ensure that on the sale of an Ordinary Share, those B Shares attaching to it are also transferred. The practical effect of this structure of capital ensures that the price of Units quoted on the Official List of the London Stock Exchange reflects the value attributed to the combination of the Ordinary Shares and the B Shares.
The B Shares carry very limited rights beyond the rights that are specific to the B Share Redemption. In particular, the B Shares do not confer any additional rights in relation to income or voting. The reason for this is that each group of 20 B Shares will be part of a Unit and will, for all practical purposes, be inseparable from an Ordinary Share. As a consequence, the respective rights of Shareholders as holders of Units in relation to dividends, capital and voting will be conveyed by the Ordinary Shares and thus remain the same as they would have been had the B Shares not been issued.
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Q4: How many ordinary shares are currently in issue?
164,038,149 ordinary shares.
Back to top
Q5: Where are the Group's Hotels?
Our Hotel venues can be found at http://www.mwb.co.uk/mwb/hotelslocations.jsp
Back to top
Q6: Where are the Group's Business Centres?
Our Business Centre venues can be found at http://www.mwb.co.uk/mwb/officeslocations.jsp
Back to top
Q7: What is the current share price of MWB?
Click here to view share information for MWB.
Back to top
Q8: How can I check my shareholding?
By contacting the Capita IRG helpline on 0871 664 0300 (calls cost 10p per minute plus network extras); Overseas: +44 208 639 3399.
Back to top
Q9: How do I receive e-mail alerts on press releases issued by MWB?
Go to the Home Page of the MWB website and click on the "Sign up for our News Alerts" link at the bottom right hand corner of the page and follow the short instructions.
Back to top
Q10: How many customers does MWB have?
Serviced Offices
The Group operates approximately 15,500 workstations across its serviced office subsidiary MWB Business Exchange Plc, and thus has many thousands of different corporate and individual customers using that space.
Hotels
The Group has very significant customer numbers in the near 1,900 bedrooms and the restaurant and bar operations of its hotel operations in Malmaison and Hotel du Vin.
Back to top
Q11: When is the interim/final dividend due to be paid?
No interim/final dividend has been declared in relation to 2010 or 2009.
The Board is continuing to implement the Cash Distribution Programme and to direct disposal proceeds to the repayment of net debt and the return of funds to Shareholders. Accordingly, no dividends have been declared in relation to the year ended 31 December 2009.
Whilst the payment of dividends remains an option, once surplus funds have been realised, the Directors envisage distributing further funds to shareholders by means of buy-backs of ordinary shares, tender offers to shareholders, cash distributions, demergers, distribution of assets and similar value distribution programmes during the remainder of the Cash Distribution Programme to December 2016.
Back to top
Q12: What are the Key Performance Indicators of the Group?
Please see our KPIs section.
Back to top
Q13: When will MWB announce its next set of results?
The half yearly results for the six months ended 30 June 2010 are due to be announced in August 2010.
Back to top
Q14: Where do I get a copy of the annual report?
From the Company Secretary, City Group P.L.C., 30 City Road, London EC1Y 2AG or from the Head Office at 1 West Garden Place, Kendal Street, London W2 2AQ. It is also available from Company's Registrars, Capita Registrars Plc, Northern House, Woodsome Park, Fenay Bridge, Huddersfield, West Yorkshire HD8 0GA or from from the Investor Relations Home Page of this website.
Back to top
Q15: What sector on the Stock Market is MWB classified in?
The Real Estate sector.
Back to top
Q16: Does the Company offer a share dealing service?
No. However the shares of MWB Group Holdings Plc and MWB Business Exchange Plc can all be dealt in on the London Stock Exchange through the stockbroking services of UK high street banks.
Back to top
Q17: Who are MWB's stockbrokers, auditors and registrars?
These are:
Back to top
Q18: What is the MWB ticker symbol?
On the main market it is "MWB" and on Reuters it is "MWB.L".
Back to top
Q19: When was MWB first floated on the stock market?
June 1997.
Back to top