Preference Shareholders
Conversion Information
The preference shares are convertible at the option of the holder
on the first day of the next calendar month following receipt of
the conversion notice into new Balfour Beatty plc ordinary shares,
effectively on the basis of 21.05263 ordinary shares for every 100
preference shares based on the current conversion price of 475p per
ordinary share, which is subject to adjustment in certain
circumstances.
Dividend Information
Holders are entitled to a preferential dividend equivalent to a
gross payment of 10.75p per preference share per annum, payable
half-yearly on 1 January and 1 July.
Redemption
Any preferences shares still outstanding are redeemable on 1 July
2020 at £1 each, together with any arrears of accruals of
dividend, unless the holder exercises any option granted by the
Company to extend the redemption date.
The maximum redemption value of all of the issued and outstanding preference shares, excluding any arrears or accruals of dividend, was £112m at 31 December 2007. The Company is entitled to convert all outstanding preference shares into ordinary shares if there are fewer than 44,281,239 preference shares in issue or if the average of the closing mid-market price for a Balfour Beatty plc ordinary share during a 30-day period exceeds 950p, subject to adjustment in certain circumstances. At 21 April 2008, there were 111,839,795 preference shares in issue.
Preference Share Rights
The preference shares carry no voting rights at a general meeting
of the Company, except where the dividend is six months or more in
arrears, or where the business of the meeting includes a resolution
which directly affects the rights and privileges attached to the
preference shares or a resolution for the winding-up of the
Company. On a winding-up of the Company, holders are entitled to
receive the sum of £1 per preference share, together with any
arrears or accruals of dividend, in priority to any payment on any
other class of shares.
Class - Preference
Analysis of Categories as at 31 December 2007
| Holdings | % | Shares | % | |
|---|---|---|---|---|
| Individuals | 5,136 | 66.62% | 18,576,055 | 16.57% |
| Bank or Nominees | 2,439 | 31.63% | 90,407,978 | 80.62% |
| Investment Trust | 15 | 0.19% | 204,196 | 0.18% |
| Insurance Company | 6 | 0.08% | 60,600 | 0.05% |
| Other Company | 103 | 1.34% | 2,742,276 | 2.45% |
| Pension Trust | 3 | 0.04% | 111,399 | 0.10% |
| Other Corporate Body | 8 | 0.10% | 37,308 | 0.03% |
| Total | 7,710 | 100.00% | 112,139,812 | 100.00% |
| Rounding Discrepancy | 0.00% | 0.00% | ||
| 100.00% | 100.00% |
