At the Company’s Annual General Meeting yesterday, shareholders of LCH.Clearnet, the leading independent central counterparty group, voted overwhelmingly in favour of approving the proposed voluntary redemption of up to 33,300,000 shares at a price of €10 a share as announced on 29 September 2009, with over 97% of votes cast in favour of the transaction.
Subject to the satisfaction of the remaining conditions the proposed voluntary redemption is expected to take place on 5 November 2009, with settlement of cash consideration within 14 days thereafter.
A. Chris Tupker, Chairman, LCH.Clearnet commented:
"We are pleased the proposed redemption has been approved by our shareholders. We believe that the implementation of the redemption will place the company on a strong footing for the future. A further alignment of users and owners should enable us to respond better to new clearing opportunities and make it easier to counter competitive pressures by reducing fees.”