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Micro Focus gives details of planned return of £83.6 mln cash

Last updated: 07:59 14 Dec 2011 GMT, First published: 08:59 14 Dec 2011 GMT

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Business software company Micro Focus International (LON:MCRO) announced details of its recently announced plan to return 45 pence a share to investors, approximately £83.6 million or US$130.6 million in aggregate.

The group had a rocky ride in 2011, with several profit warnings, results falling short of expectations, a chief executitive leaving and takeover talks collapsing.

Earlier this month Micro Focus secured a new US$275 million revolving credit facility from a group of five banks which expires in December 2014, and when reporting better-than-expected interim results last week , it said it was confident in the ability of the business to support borrowings under the new facility – hence the plan to return cash to shareholders.

The group is calling a shareholder meeting to approve the plan for January 6 2012.

Micro Focus will issue B and C shares.   For every one existing ordinary share, investors can choose ro receive either one B Share, which will be redeemed by for 45 pence, or one C Share, on which a dividend of 45 pence will be payable.

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