London Finance & Investment Group PLC - London-based investment finance and management company - Shareholders approve a plan to return an estimated 71 pence per share in cash to them at a general meeting held on Friday. This paves the way for its delisting from the London Stock Exchange and the Johannesburg Stock Exchange. The company had proposed this plan in December last year.
London Finance & Investment says it will now apply to the high court for approval of the capital reduction and the return of capital. Say the capital reduction and return of capital will take effect once the high court order has been registered with the registrar of companies likely on May 2. Says it expects to delist from the LSE May 2, and probably exit the JSE on May 9.
Current stock price in Johannesburg: R 15.00, flat
12-month change: up 25%
Current stock price in London: 70.00 pence, up 12%
12-month change: up 36%
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