Irish Continental Migration Of Participating Securities
March 10 2021 - 2:25AM
UK Regulatory
TIDMIRSH
Migration of Participating Securities expected to take effect on 15
March 2021
10 March 2021
10 March 2021: Irish Continental Group plc (the "Company") provides the
following update in relation to the proposed migration of its ordinary
shares i.e. ICG Units ("Ordinary Shares") as part of the scheduled
migration of Irish corporate securities, from CREST to Euroclear Bank
("Migration") under the Migration of Participating Securities Act 2019
("2019 Act").
Following the approval of all resolutions necessary to facilitate
participation of the Company's Ordinary Shares in Migration at the
extraordinary general meeting of the Company held on 12 February 2021,
the Company has consented to the Migration and has made the requisite
notifications to the Irish Companies Registration Office and Euronext
Dublin. Accordingly, the Company confirms that all steps required to be
taken by the Company pursuant to the 2019 Act and the Migration Guide to
give effect to Migration have now been completed.
Timetable
Euronext Dublin has published a statement relating to its obligations
under the 2019 Act. This statement can be found at the following link:
https://www.globenewswire.com/Tracker?data=6dnmoqBcuijpm1U1L6FSsZyeHAf3EyHmpGiW-7nSz6Zozz1y1yuI0VZjAUt-F-tphajvSXZcdvrdRsK69w8a9YnC-MPeM5Y4TwEZh6zvKdybrj4IC7HtERsIt0AuuYCX8dNTJSriwuOukOGCMQKe7w==
https://www.euronext.com/en/media/4354/
This statement is to the effect that Migration under the 2019 Act is
scheduled to proceed in accordance with the indicative timetable which
was previously communicated to the market, most recently on 17 February
2021. In particular Euronext Dublin has advised that the Live Date on
which Migration is to take effect is 15 March 2021 and further that this
date will be formally appointed by Euronext Dublin as the Live Date for
Migration on 12 March 2021.
Accordingly, no changes are anticipated in relation to the dates falling
after the date of this announcement as set out in the timetable
contained in the Company's EGM Circular in respect of Migration.
Actions to be taken by Shareholders
For Shareholders who hold their shares in paper form (i.e. outside of
CREST and in "certificated" form) there will be no change to what is
owned and how it is held. Therefore, the impact of Migration on such
Shareholders is expected to be minimal and no immediate action is
required.
For Shareholders who hold their shares through CREST (in uncertificated
form), Migration will result in changes to what is technically owned,
how the interest is held, and how rights related to the shares will be
exercised. Details of those changes are set out in the EGM Circular. In
relation to the mechanism for holding interests in particular:
-- Retail shareholders who hold their shares electronically in CREST -
through a broker, custodian or nominee - will continue to hold their
interest through that broker, custodian or nominee, as a CREST Depository
Interest or (assuming the broker, custodian or nominee is or becomes a
participant in the Euroclear System in the way they are in CREST) as a
Belgian Law Right in the Euroclear System.
-- Institutional shareholders who hold their Shares electronically in CREST
directly in their own name (i.e. as a CREST member), will continue to be
able to hold their interests in shares directly in their own name as a
CREST Depository Interest or (provided they become a participant in the
Euroclear Bank system) as a Belgian Law Right in the Euroclear Bank
system. Where such shareholders wish to hold in the Euroclear Bank system
but are not or do not become a Euroclear Bank Participant, they will need
to enter into an arrangement with a broker, custodian or nominee who is a
participant, so that they can hold the relevant interest for them.
If they have not done so already, Company Shareholders holding their
shares in CREST are strongly encouraged to consult with their
stockbroker or other intermediary without delay. Migration will result
in a significant change in both the form and nature of shareholding in
the Company, and the substance of, and manner in which, rights can be
exercised. In particular, Migration will result in important changes to
the processes and timelines for submitting proxy voting instructions for
the Company's forthcoming AGM. Shareholders should familiarise
themselves with the new processes and timelines, and ensure all
necessary actions have been taken on their part and by their stockbroker
or other intermediary, to ensure they can continue to enjoy their voting
and proxy appointment rights in the context of the new Euroclear System.
The Company does not intend to issue any further updates on Migration as
it affects the Company before Migration, save to the extent that there
is a material change to the information previously provided.
Defined terms used in this announcement have the same meaning as set out
in the Company's Circular to Shareholders dated 15 January 2021.
Shareholders are also referred to the Migration Guide (Version 3 January
2021) for further details in relation to the operation of Migration.
For further enquiries contact:
Thomas Corcoran
Company Secretary
Tel: +353 1 607 5700
(END) Dow Jones Newswires
March 10, 2021 03:25 ET (08:25 GMT)
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