Smurfit Kappa Group PLC Update on Migration (0021S)
March 11 2021 - 9:18AM
UK Regulatory
TIDMSKG
RNS Number : 0021S
Smurfit Kappa Group PLC
11 March 2021
11 March 2021
Smurfit Kappa Group plc
("Smurfit Kappa" or the "Company")
Update on Migration of Participating Securities from the CREST
System to Euroclear Bank's central securities depositary
As previously announced, at the extraordinary general meeting of
the Company held on 5 February 2021 (the "EGM"), shareholders
approved the Migration and authorised the Board of the Company to
take all steps necessary to implement the Migration. As further
announced, 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 Migration Act and to give
effect to Migration have now been completed.
Timetable for Migration
Euronext Dublin has published a statement relating to its
obligations under the Migration Act. This statement can be found at
the following link: https://www.euronext.com/en/media/4354 .
This statement is to the effect that Migration under the
Migration 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 the
evening of Friday, 12 March 2021.
Accordingly, no change is anticipated in relation to the
timetable set out in the Company's Circular to Shareholders dated 5
January 2021 in respect of Migration (the "EGM Circular").
Euronext Dublin maintains a dedicated web page relating to
Migration (on which details of the timetable and other relevant
details can be found) at the following link:
https://www.euronext.com/en/migration-csd-services-for-irish-securities-crest-euroclear-bank
.
Actions to be taken by Smurfit Kappa Shareholders
For Smurfit Kappa Shareholders who hold their shares in paper
form (ie, outside of the CREST System 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 Smurfit Kappa Shareholders who hold their shares through the
CREST System (ie, 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 specifically:
-- Retail Shareholders who hold their shares electronically in
the CREST System - through a broker, custodian or nominee - will
continue to hold their interest through that broker, custodian or
nominee, as a CREST Depository Interest (CDI) or (assuming the
broker, custodian or nominee is or becomes a participant in the
Euroclear System in the way they are in the CREST System) as a
Belgian Law Right in the Euroclear System; and
-- Institutional Shareholders who hold their Shares
electronically in the CREST System directly in their own name (ie,
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 (CDI) 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, Smurfit Kappa Shareholders
holding their shares in the CREST System are strongly encouraged to
consult with their stockbroker or other intermediary at the
earliest opportunity. Migration will result in a 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 rights as a Smurfit Kappa shareholder in the context of
the new Euroclear Bank 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 EGM Circular.
Shareholders are also referred to the Migration Guide (Version 3
January 2021) for further details in relation to the operation of
Migration.
For further information on this announcement, please
contact:
Group Secretary
Gillian Carson-Callan
T: +353 1 202 7152
E: Gillian.Carson-Callan@smurfitkappa.com
END
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCGPUCGWUPGGAG
(END) Dow Jones Newswires
March 11, 2021 10:18 ET (15:18 GMT)
Smurfit Kappa (LSE:SKG)
Historical Stock Chart
From Sep 2024 to Oct 2024
Smurfit Kappa (LSE:SKG)
Historical Stock Chart
From Oct 2023 to Oct 2024