.jpg)
The following member notice (07/171 : A168) has today been issued:-
On 22 March 2007 the Exchange announced that it had commenced the process of designing 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 design and implementation of the B Share Scheme has been delegated to a sub-committee of the Board of the Company (the Sub-Committee) which is being advised by NM Rothschild & Sons Limited.
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.
After taking into account all relevant factors, the Sub-Committee has set the price at which the Company will issue B Shares (if required) at £65 per B Share. This price will be held for issues of B Shares made prior to 31 October 2007. For issues after this date, the Sub-Committee will determine whether to maintain this price or to change it. No B Shares will be issued by the Company prior to 1 September 2007.
Detailed documentation on the B Share Scheme and the application process will be made available to applicants for membership of the Exchange on or before 20 July 2007.
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 the Company Secretary at the Exchange on +44 (0)20 7264 5555.
