Impellam to demerge Carlisle Services Group from the business
Impellam is to de-merge its wholly owned subsidiary, Carlisle Support Services Group Limited from the group as the next step in driving margin and EBITDA growth by focusing on its collaborative managed services and specialist staffing portfolio. The demerger will result in qualifying shareholders being issued with an equivalent number of ordinary shares in Carlisle.
The board of the company has determined that qualifying shareholders are those shareholders on the company's register of members at 5.00 p.m. on Friday 1st March 2019 (London time) ("Record Date") and to whom the distribution or communicating details of the share dividend (including onward distribution to beneficial owners (if any)) would not be in breach of law or regulation (or otherwise not practicable for the directors of the Company to so conclude, also by reference to known beneficial owners).
The Transaction is to be effected through a dividend in specie by the company in accordance with its articles of association to eligible shareholders by the issue of new ordinary shares of £0.034 pence each (to 3 decimal places3) in the share capital of Carlisle on the basis of one new Carlisle share for each Impellam share owned by an eligible shareholder on the record date.
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