Frequently asked questions
Why have I not received a dividend?
At McBride plc's General Meeting on 24 March 2011, shareholders approved the issue of non-cumulative redeemable preference shares with a nominal value of 0.1 pence each (B Shares) as a method of making payments to shareholders rather than paying a cash dividend. However, you can still receive cash from the Company provided you complete and return an Election Form by the relevant deadline.
What is a B Share?
B Shares are non-cumulative redeemable preference shares of 0.1p each in the capital of the Company that can, during defined periods, be redeemed for cash. The Company expects to issue B Shares to ordinary shareholders in May and November each year in lieu of a cash dividend.
What can I do with my B Shares?
Please note that under McBride plc’s £175m Revolving Credit Facility(‘RCF’) as amended and announced on 29 September 2022, McBride is not permitted to redeem or repay any of its share capital. This restriction remains in place until the original maturity date of the RCF in May 2026.
Once the restriction is lifted, you can do one of two things with your B Shares:
1. Redeem all (or part of) your B Shares for cash
You can receive cash, each time the Company makes a payment to shareholders, by completing an Election Form or making an instruction through CREST, depending on whether you hold your ordinary shares in the Company in certificated or uncertificated form. If you hold your ordinary shares in certificated form (i.e. not in CREST) you should return your Election Form to the Company's Registrar, Link Group, Central Square, 29 Wellington Street, Leeds LS1 4DL, at the earliest opportunity.
If you hold your ordinary shares in uncertificated form (i.e. in CREST) and want to redeem the B Shares being issued to you for cash, you should submit an electronic message through the CREST system.
2. Keep the B Shares
If you make no election at all then you will automatically receive B Shares and you will be sent a B Share certificate (or, if you are holding your ordinary shares through CREST, your CREST account will be credited with B Shares). If you retain B Shares you will receive cash dividends on the B Shares twice a year fixed at 75 per cent of the interest rate known as LIBOR.
Can I sell my B Shares?
B Shares are not listed on the London Stock Exchange and therefore there is no ready market in which you can sell your B Shares, although you can transfer them privately.
Can I redeem B Shares at any time?
No. The Company expects to set redemption dates in May and November each year for so long as B Shares are in issue. If you are issued with a B Share certificate and later want to redeem your B Shares, you will need to complete the form on the reverse of the B Share certificate and return it to the Company's Registrar, Link Group, Central Square, 29 Wellington Street, Leeds LS1 4DL. Provided the certificate is received by the relevant deadline for that redemption, the shares will be redeemed at 0.1 pence per share on the next redemption date.
Please note, however, that under McBride plc’s £175m Revolving Credit Facility(‘RCF’) as amended and announced on 29 September 2022, McBride is not currently permitted to redeem or repay any of its share capital. This restriction remains in place until the original maturity date of the RCF in May 2026.
Why have I not been told about this change to dividends?
A pack of information was issued to shareholders prior to the General Meeting held on 24 March 2011, explaining why the Company wished to adopt the B Share scheme. It also provided information on what shareholders can do with the B Shares and it is available on the Company's website.
Where can I go for more information?
Information regarding the B Share scheme can be found in the booklet entitled "Your Guide to B Shares". Alternatively you can contact the Company's Registrar's helpline on 0371 664 0300 (Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 09:00 - 17:30, Monday to Friday excluding public holidays in England and Wales), or +44 371 664 0300 if calling from overseas.
Boiler room scams
Share fraud includes scams where investors are called out of the blue and offered shares that often turn out to be worthless or non-existent, or an inflated price for shares they own. These calls come from fraudsters operating in 'boiler rooms' that are mostly based abroad.
While high profits are promised, those who buy or sell shares in this way usually lose their money. The FCA has found most share fraud victims are experienced investors who lose an average of £20,000, with around £200 million lost in the UK each year.
If you are offered unsolicited investment advice, discounted shares, a premium price for shares you own, or free company or research reports, you should take these steps before handing over any money:
- Get the name of the person and organisation contacting you.
- Check the Financial Services Register at www.fca.org.uk/consumers/scams to ensure they are authorised.
- Use the details on the Register to contact the firm.
- Call the FCA Consumer Helpline on 0800 111 6768 if there are no contact details on the Register or you are told they are out of date.
- Search our list of unauthorised firms and individuals to avoid doing business with.
- REMEMBER if it sounds too good to be true, it probably is!
If you use an unauthorised firm to buy or sell shares or other investments, you will not have access to the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.
Report a scam
If you are approached about a share scam you should tell the FCA using the share fraud reporting form at www.fca.org.uk/consumers/scams, where you can find out about the latest investment scams. You can also call the Consumer Helpline on 0800 111 6768.
If you have already paid money to share fraudsters you should contact Action Fraud on 0300 123 2040
Other useful information
Company's registered office
Company Number: 02798634
0161 653 9037
29 Wellington Street
0371 664 0300*
*(Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 09:00 - 17:30, Monday to Friday excluding public holidays in England and Wales.)
Financial advisors and brokers
30 Gresham Street
Financial public relations advisers
FTI Consulting LLP
1 Hardman Street
HSBC Bank plc
St Peter’s Square
1 Oxford Street
120 London Wall
KBC Bank N.V.
111 Old Broad Street
10 Harewood Avenue
Bank of China
BBVA London Branch
1 Canada Square