May 24 British IT equipment supplier
Computacenter Plc said it planned to return 75 million
pounds ($113 million), or 10.8 percent of its market
capitalization, to shareholders.
Computacenter shares rose 3 percent to 456.7 pence at 0718
GMT on the London Stock Exchange on Friday.
The company, which also services IT equipment and advises
customers on IT strategy, said shareholders would receive one
class B share -- valued at 48.7 pence -- for each class A share
As part of an associated consolidation, investors would
retain nine ordinary shares in place of every 10 shares held.
Shareholders could sell their class B shares to Credit
Suisse, the company's financial adviser, for 48.7 pence per
share or receive a dividend of 48.7 pence per share on July 5.
U.S. shareholders will only receive the dividend,
Computacenter's stock shed 14 percent when it issued a
growth warning in April, saying high contract costs in Germany
and weakness in France stretched the company's resources.
"You can look at it two ways: either Computacenter is just
buying time until they find the next big idea, or the company is
going down a 'returns route'. The technology sector is changing
and some companies have become income-focussed, while others are
growth-focussed," Panmure Gordan analyst George O'Conner said.
Computacenter had a market value of about 680 million pounds
at Thursday's share closing price of 442.1 pence on the London