Rugby Estates has confirmed plans to return 175p per share to shareholders following the sale of five properties for an aggregate price of £15.8m.
In a stock market announcement this morning the company revealed full details of the proposal which involves the issue to shareholders of B and or C shares.
The announcement follows its initial update on the proposals on 28 June, and 1 July when it had completed the sale of the final property at Somers Road in Rugby.
The Board confirmed it now intends to return 175p per share to shareholders. Subject to the approval of shareholders and the court, the cash payments are expected to be made by 30 September 2010.
bridget.oconnell@estatesgazette.com
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