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Computacenter to return 75 mln stg to shareholders
May 24, 2013 / 7:46 AM / 4 years ago

Computacenter to return 75 mln stg to shareholders

May 24 (Reuters) - 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 held.

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 said.

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 Stock Exchange.

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