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The High Court requires the proposal be put to as a special resolution for shareholders approval at NGC's 2003 annual meeting on October 30. If shareholders approve the capital return, NGC will then seek a final High Court ruling to enable it to make the capital return to shareholders, which is expected to be made in early December.
The proposal involves the pro-rata, compulsory cancellation of three in seven shares for a cash payment to shareholders of $1.58 per cancelled share.
As well, the Inland Revenue Department has ruled the return will not be treated as a dividend and will therefore be tax free to most shareholders.
