RESTON, Va., March 12 /PRNewswire/ -- Rolls-Royce plc welcomes today's
announcement by Science, Energy and Industry Minister, John Battle, that the
UK Government has approved alterations to the company's Articles in respect of
the limit on foreign shareholdings.
A resolution will be put to the company's shareholders at the Annual
General Meeting, to be held on Thursday, May 28, 1998, seeking permission to
increase the total limit on foreign shareholdings from 29.5 percent to
49.5 percent of the company's issued ordinary share capital and to introduce a
new limit of 15 percent of the company's issued ordinary share capital on any
individual foreign shareholder.
The current level of foreign ownership is 27 percent. The foreign
ownership restriction was incorporated into Rolls-Royce's Articles of
Association in 1987, when the company was privatized.
Sir Ralph Robins, Chairman of Rolls-Royce plc said: "Over the past ten
years Rolls-Royce has established itself as a successful international
business and one of the world's leading aero engine companies. Our order book
has more than tripled during this time and about three quarters of our sales
are exports or achieved outside the UK. The proposed changes are in the
interests of the Company and its shareholders and are consistent with the
increasingly international nature of our businesses."
SOURCE Rolls-Royce
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Related links:
http://www.rolls-royce.com
CONTACT:
Peter Barnes-Wallis, Director of Corporate
Communications of Rolls-Royce, 0171-222-9020; or Robert N.
Baugniet, Vice President, Corporate Communications of Rolls-Royce
North America, 703-834-1700, ext. 6002
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