OREANDA-NEWS. UBM plc today announces that the sale of its PR Newswire business to Cision, a business controlled by GTCR Canyon Holdings (Cayman) L.P, (the “Transaction”) has completed. The total net cash proceeds of the Transaction are ?490m, after adjustments for transaction expenses, debt-like items, tax and a GBP 10m contribution to UBM’s pension scheme.

As previously announced, UBM will return GBP 245 million of the proceeds to shareholders by means of a special dividend, with an associated 8 for 9 consolidation of UBM’s ordinary shares as approved by shareholders.

The special dividend of 55.3p per share will be payable on 8 July 2016 to shareholders on the register at 24 June 2016, with the shares trading ex-dividend from 27 June 2016. The associated share consolidation will take effect on 27 June 2016, following which UBM’s issued share capital will comprise 393,757,812 ordinary shares of 11.25 pence each.