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Return of Capital Melrose January 2014
Under the Melrose plc Return of Capital and associated Share Capital Consolidation, Shareholders will receive:
- One B Share or one C Share for every Existing Ordinary Share held on the B/C Share Record Date; and
- 11 New Ordinary Shares for every 13 Existing Ordinary Shares held on the Share Capital Consolidation Record Date.
For more information see: http://www.melroseplc.net/media/news-releases/2014/proposed-return-of-capital-to-shareholders/
Shareholders will have three alternatives in relation to their B/C Share Entitlement. The following explains how to use timetotrade to enter the Capital Gains option and not the Income option. If the Income option is selected, the enter the share consolidation on the existing shares only and then enter the return of capital as a dividend.
Go to your timetotrade portfolio and click on the 'share reorganisation' as illustrated:
Enter the date of the Share Reorganisation which was the 7th of February 2014 in this example:
Select Melrose from the list of shares (MRO.L), then click on the 'submit' button:
Select 'Capital Reorganisation' from the list of options, then click on the 'submit' button:
Enter the details for the 11:13 share consolidation of the existing shares, and the new B or C shares that have been issued. On the date of the reorganisation the Melrose shares where worth £3.48 and the B/C shares where valued at 47 pence, and these prices are used to apportion the cost between the shares after the reorganisation. In this example a return of cash to the value of £1.50 has been included to reflect the disposal of fractional shares, which may or may not be applicable. Please ask your broker to confirm the value of the shares on the date of the reorganisation in order to correctly apportion cost, and change the £3.48 to the value the broker provides.
When the share reorganisation has been entered, the existing share holding will be adjusted and the new shares added:
When the B/C shares are disposed of, enter them as a normal share transaction.
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