Further to the Company's announcements on 1 August and 11 August 2016, Plastics Capital (AIM: PLA), the niche plastics products group, announces that it has received final valid elections for the Scrip Dividend Alternative in respect of 10,739,115 existing ordinary shares of 1p each in the capital of the Company. This figure represents approximately 30.4 per cent. of the Company's issued ordinary share capital. Based on tax advice received by the Company, the Directors believe that approximately 30 per cent. of the Company's shareholder base was precluded from electing to take up the scrip dividend alternative.
Accordingly, based on the previously announced reference price of 106.5p per share and the final dividend of 2.94p per share, a total of 296,450 new ordinary shares of 1p each will be allotted by the Company ("New Shares") to shareholders who elected to receive the Scrip Dividend Alternative. It is expected that the New Shares will be issued and credited to CREST accounts on the payment date of 7 September 2016.
Application will be made to AIM for the New Shares to be admitted to trading on AIM on 7 September 2016 ("Admission"). Following Admission, the Company will have 35,641,023 ordinary shares in issue admitted to trading on AIM. Following Admission, this figure, 35,641,023 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.