Uniq‘s capital reorganisation plan has become effective, a move set to solve the pension deficit that dwarfs the value of the UK chilled convenience company.
In an announcement to the stock market today (21 March), Uniq said that “the scheme of arrangement necessary to implement the proposed restructuring of the company has received court sanction and has become effective in accordance with its terms”.
Last month, Uniq’s shareholders agreed to a plan in to transfer a 90% stake to the trustees of the company’s pension fund, as well as a GBP14m one-off payment, to clear its outstanding pension deficit of GBP436m.
Uniq said that completion of the restructuring remains subject to the satisfaction or waiver of the remaining conditions to the restructuring sent to shareholders on 9 February. It expects to satisfy these conditions by 31 March.
The company expects to cancel trading of its shares on the main market and admission to trading on the AiM is expected to take place on 1 April.