FAQS
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.
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.
164,038,149 ordinary shares.
To view our Hotel venues please visit here and click on 'See our locations'.
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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Serviced Offices
The Group operates over 18,000 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 who stay in over 1,900 bedrooms and drink and dine in the restaurants and bars of the hotels of Malmaison and Hotel du Vin.
No interim/final dividend has been declared in relation to 2010 or for the 18 months to 30 June 2011.
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 18 months ended 30 June 2011.
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.
Please see our Financial Summary & KPIs section.
The yearly results for the 18 months ended 30 June 2011 were anounced on the London Stock Exchange's Regulatory News System on 20 October 2011 and posted to shareholders 11 November 2011.
The results for the 6 months to 31 December 2011 will be announced in February 2012.
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.
The Real Estate sector.
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.
These are:
Stockbrokers: Panmure Gordon & Co, London
Auditors: BDO LLP, London
Registrars: Capita Registrars Ltd, Beckenham, Kent
On the main market it is "MWB" and on Reuters it is "MWB.L".
June 1997.
