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(Sharecast News) - Marlowe, a specialist in business-critical services ensuring regulatory compliance, updated the market on the demerger of its occupational health division on Monday.
The AIM-traded firm said the newly formed entity, Optima Health, was set to become a publicly listed company on the AIM market as well.
Optima Health was publishing its admission document on Monday, detailing its proposal to list ordinary shares on AIM.
The demerger was first announced on 12 September, and admission was expected to occur with a market capitalisation of around £190m.
Trading of Optima Health's shares was expected to start at 0800 BST on 26 September.
The board said the demerger process included a structured timetable for the distribution of the demerger dividend to Marlowe shareholders.
It said the record date to determine entitlement was set for 1800 BST on 25 September.
Shareholders recorded by that date would receive the Demerger Dividend after 1800 BST on the same date.
Following admission, CREST accounts would be credited with Optima Health ordinary shares in uncertificated form as soon as possible after 0800 BST on 26 September.
Share certificates would be posted within 10 days of admission.
Marlowe said that, unless otherwise agreed, buyers of its ordinary shares before the ex-date would receive the benefits of the demerged shares.
That meant sellers would need to transfer the benefits to buyers, even if the seller remained the recorded owner on the record date.
The demerger was described by Marlowe as a strategic move to streamline its operations and focus on its core business services, with Optima Health positioned to grow independently in the occupational health sector.
At 1136 BST, shares in Marlower were down 2.87% at 474p.
Reporting by Josh White for Sharecast.com.
