SMG wins approval for cashback plan
- Published: 26 September 2008 09:42
- Author: Rob Shepherd
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- Last Updated: 26 September 2008 09:42
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A cashback plan allowing shareholders in SMG to sell their shares to the company has been approved.
The plan, involving a tender for people's shares, consolidation of the number of shares in existence and the expected £30 million pay-out, was announced earlier this month.
However, it is only since yesterday, following a meeting of shareholders, that it can now formally proceed.
The shareholders also agreed that SMG can change its name to STV Group plc.
The shareholder meeting coincided with news that SMG's cinema advertising division, Pearl & Dean, had secured a deal with Showcase cinemas to take its share of the UK cinema advertising market from 33% to 48%.
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