Shareholding & AGMs

B Shares are non-cumulative redeemable preference shares of 0.1p each in the capital of the Company that can, during defined periods, be redeemed for cash.

For a period of time, the Company issued B Shares to ordinary shareholders in lieu of a cash dividend. Going forward, the expectation is that future dividends payable on the ordinary shares in the Company will be final dividends paid annually in cash, not by the allotment and issue of B Shares.

If you hold B Shares, you can do one of two things with your B Shares:

1. Redeem all (or some of) your B Shares for cash

The Company expects to set redemption dates in November each year for so long as B Shares are in issue. You can redeem your B Shares for cash by completing the form on the reverse of the B Share certificate and returning it to the Company’s registrar, MUFG Corporate Markets (UK) Limited, Central Square, 29 Wellington Street, Leeds LS1 4DL. Provided the certificate is received by the relevant deadline for that redemption, the B Shares will be redeemed at 0.1 pence per B Share on the next redemption date.

2. Keep the B Shares

If you do not redeem any of your B Shares, you will continue to keep such B Shares. If you retain B Shares you will receive cash dividends on the B Shares twice a year fixed at 75 per cent of the Bank of England base rate.

The cash dividend on the B Shares used to be calculated by reference to the LIBOR rate for the offering of deposits for a six-month period. The LIBOR rate ceased to be available on 30 September 2024. Where it is not possible to determine the relevant LIBOR rate, the Directors have the authority to determine a fair replacement rate under the Company’s articles of association. Consequently, since the LIBOR rate ceased to be available, the Directors have chosen the Bank of England base rate as the appropriate rate to determine the cash dividend by reference to.

B Shares are not listed on the London Stock Exchange and therefore there is no ready market in which you can sell your B Shares, although you can transfer them privately.

No. As stated above, the Company expects to set redemption dates in November each year for so long as B Shares are in issue. If you have been issued with a B Share certificate and now wish to redeem your B Shares, you will need to complete the form on the reverse of the B Share certificate and return it to the Company’s registrar, MUFG Corporate Markets (UK) Limited, Central Square, 29 Wellington Street, Leeds LS1 4DL. Provided the certificate is received by the relevant deadline for that redemption, the B Shares will be redeemed at 0.1 pence per B Share on the next redemption date.

A pack of information was issued to shareholders prior to the General Meeting held on 24 March 2011, explaining why the Company wished to adopt the B Share scheme. It also provided information on what shareholders could do with the B Shares and it is available on the Company’s website.

Information regarding the B Share scheme can be found in the booklet entitled “Your Guide to B Shares”, which is available on the Company’s website (www.mcbride.co.uk). Alternatively, you can contact the Company’s registrar’s helpline on +44 (0)371 664 0300 (Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 09:00 – 17:30, Monday to Friday excluding public holidays in England and Wales).