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CMR Fuel Cells

  • BY: Andrew Hore |
  • POSTED: 06/02/2009 |

Shareholders in CMR Fuel Cells have agreed to the company’s proposals to return cash to shareholders and leave Aim.

Shareholders can tender all or some of their shares to be purchased by CMR for 20p each. Any shares which are not tendered will receive a special dividend of 17p a share. The maximum amount payable will be £3.8m.

At the current share price of 18.75p a share, CMR is valued at £3.81m.

The tender offer will be announced on 12 February.

The record date for the special dividend is 27 March and the shares go ex-dividend on 25 March. If passed, the dividend will be paid on 1 April.

The tender offer and special dividend are both dependent on the courts approving a capital reduction so that CMR has distributable reserves.

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