BACK
11/03/2008
On 17 July 2007 the Exchange published detailed documentation (the B Share Scheme Documentation) concerning a mechanism to help new applicants for membership of the Exchange acquire the B Shares in LME Holdings Limited (the Company) necessary for membership (the B Share Scheme). The B Share Scheme Documentation is available on the Exchange’s website www.lme.com/membership_how.asp.
The design and implementation of the B Share Scheme has been delegated to a sub-committee of the Board of the Company (the Sub-Committee).
The B Share Scheme is designed to ensure that applicants for membership acquire the necessary B Shares if possible from existing shareholders, failing which from the Company itself by way of a new issue of B Shares.
The B Share Scheme Documentation stated that the price at which the Company would issue B Shares (if required) had been set at £65 per B Share
in relation to issues made on or prior to 31 October 2007, after which time the Company would review the price at which future issues would be made. On 1 November 2007, the Sub-Committee resolved to hold the price at which the Company would issue B Shares (if required) at £65 per B Share for issues of B Shares made on or prior to 31 January 2008.
After taking into account all relevant factors, the Sub-Committee has resolved to raise the price at which the Company will issue B Shares (if required) to £70 per B Share. This price will be in respect of issues of B Shares made between 1 April and 31 May 2008. For issues after this date, the Sub-Committee will determine whether to maintain this price or to change it.
For further guidance on membership requirements and the full criteria and application process to be fulfilled with regards to each category of membership of the Exchange, please e-mail membership@lme.com or call Emma Davey at the Exchange on +44 (0)20 7264 5555.
This communication does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase, sell or subscribe for, any security in LME Holdings Limited, or otherwise.
This communication is directed only at persons who (i) are outside the United Kingdom or (ii) have professional experience in matters relating to investments or (iii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc") of The Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. This communication should not be construed as advice of any kind in relation to the B Share Scheme, membership of the London Metal Exchange or otherwise. Prospective applicants for membership of the London Metal Exchange should consult their own legal, financial and other professional advisers for advice.
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