The company's share capital is made up of ordinary shares of 80 5/14 pence each (ordinary shares). The ordinary shares trade on the London Stock Exchange and are classified under the FTSE General Industrials sector.
The name of the company was changed from Bowater plc to Rexam PLC on 1 June 1995. All share certificates issued in the name of Bowater are invalid.
Share capital events
2013 Return of Cash and Share Capital Consolidation
The Company returned 45 pence in cash to Shareholders for each Existing Ordinary Share held at 6.00 pm on 25 January 2013. The cash, which in total amounted to approximately £395m, was returned through the issue of B Shares and accompanied by a consolidation of the Existing Ordinary Shares in the ratio of nine New Ordinary Shares for every ten Existing Ordinary Shares held.
Share Capital Consolidation
The Existing Ordinary Shares were consolidated such that shareholders received nine New Ordinary Shares for every ten Existing Ordinary Shares. The New Ordinary Shares are equivalent in all material respects to the Existing Ordinary Shares, including their voting, dividend and other rights and the New Ordinary Shares were admitted to trading on 28 January 2013. The B Shares were not admitted to trading.
Base Cost Apportionment
UK taxation of chargeable gains for New Ordinary Shares and B Shares
The Share Capital Consolidation was effective at the open of business on 28 January 2013. Shareholders received one B Share of 45p for each Existing Ordinary Share held at the close of business on 25 January 2013 and nine New Ordinary Shares for every ten Existing Ordinary Shares held.
Shareholders who held Existing Ordinary Shares on 25 January 2013 will need to apportion the base cost of their Existing Ordinary Shares between their New Ordinary Shares and B Shares for capital gains purposes. The cost base will be apportioned on the basis of the market value of the New Ordinary Shares and B Shares received. The New Ordinary Shares were listed and therefore the market value was the price on the first day of trading which, in accordance with relevant UK tax law, was 468.7p. The B Shares were not listed and therefore as there is no equivalent market price, the cash value of 45p per B Share was used in the calculation. Based on the New Ordinary Share price of 468.7p and the B Share value of 45p, and calculated using the ratio of nine New Ordinary Shares and ten B Shares for every ten Existing Ordinary Shares previously held, 90.36% of the base cost of the Existing Ordinary Shares has been apportioned to the New Ordinary Shares and 9.64% to the B Shares. The above is only a basic guide for individual shareholders who are resident in the UK and are beneficial owners of Rexam Shares. A general guide to UK taxation is set out in Part VIII of the Circular that was sent to shareholders on 8 January 2013 (a copy of which is also available on this website) and this should be read carefully. If you are in any doubt about your tax circumstances, or if you are subject to tax in a jurisdiction other than the UK, you should consult your professional adviser.
2009 Rights Issue
Announced on 29 July 2009 and qualifying shareholders were offered new ordinary shares at a price of 150 pence per new ordinary share on the basis of 4 new ordinary shares for every 11 existing ordinary shares held at the close of business on 23 July 2009 (the record date for the rights issue).
2007 ADR Change of Listing
From 21 November 2007 the Company's ADRs commenced trading as a Level 1 Over-the-Counter (OTC) Program. Rexam's ADR quotation on the Nasdaq Stock Exchange was withdrawn but ADRs will continue to be traded in the same way.
Announced in September 2006, and approved by shareholders at an Extraordinary General Meeting and Separate Class Meeting on 5 October 2006, the Company converted all of the Convertible Cumulative Preference Shares of 128 4/7 pence each (preference shares) into New Ordinary Shares of 64 2/7 pence each (new ordinary shares). The conversion was effected at an enhanced conversion rate of 0.3742 new ordinary shares for each preference share held on the record date of 13 October 2006.
Shareholders with a UK address holding 4,000 or fewer preference shares could elect to sell their holding of new ordinary shares. Such shareholders sold their new ordinary shares on 16 October 2006 at £5.86 per share.
2003 Rights Issue
Announced in October 2003 and qualifying shareholders were offered new ordinary shares at a price of 255 pence per new ordinary share on the basis of 2 new ordinary shares for every 11 existing ordinary shares held and 1 new ordinary share for every 15.6749 existing preference shares held at the close of business on 30 October 2003 (the record date for the rights issue).
2001 ADR Ratio Change
The ratio and CUSIP number for Rexam’s ADRs were changed in October 2001. ADR holders were required to exchange their existing ADRs for new ADRs on the basis of 1 new ADR for every 5 ADRs surrendered.
1998 Share Capital Reorganisation
Announced in October 1998 and, as a result of the reorganisation, the existing ordinary shares of 50 pence each and the existing preference shares of £1 each were cancelled and new ordinary shares of 64 2/7 pence each and new preference shares of 128 4/7 pence each were issued. Qualifying holders of ordinary shares were entitled to 7 new ordinary shares and 4.23 B shares for every 9 existing ordinary shares. Qualifying holders of preference shares were entitled to 7 new preference shares and 2.30 B shares for every 9 existing preference shares. New share certificates in the name of Rexam PLC were issued following the share capital reorganisation.
B shares were redeemable at their nominal value of £1 each and the final redemption date was 30 September 2000.
Based on the new ordinary share price of 169.75p and the B share price of 98p, and calculated using the ratio of 7 new ordinary shares and 4.23 B shares for every 9 existing ordinary shares previously held, 74.136% of the base cost of the Existing Ordinary Shares has been apportioned to the New Ordinary Shares and 25.864% to the B Shares.
Based on the new preference share price of 101p and the B Share price of 98p, and calculated using the ratio of 7 new preference shares and 2.30 B shares for every nine existing preference shares previously held, 75.826% of the base cost of the existing preference shares has been apportioned to the new preference shares and 24.174% to the B shares.