Court Sanctioning of Scheme

RNS Number : 6415J

Guinness Peat Group PLC

01 July 2011

 



GUINNESS PEAT GROUP PLC

ANNOUNCEMENT IN RELATION TO COURT SANCTIONING OF SCHEME

Guinness Peat Group plc ("GPG") announces that at a hearing held earlier today the High Court of Justice for England and Wales (the "Court") sanctioned the scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme") to effect a reduction of capital (the "Reduction of Capital") and a return of part of that capital to shareholders.

In order for the Reduction of Capital forming part of the Scheme to become effective, the Court must confirm the Reduction of Capital at the Reduction Court Hearing which is scheduled to take place on 4 July 2011 and office copies of the Court Orders must be delivered for registration to (or registered by) the Registrar.

Upon the Reduction of Capital becoming effective, holders of Cancellation Shares (as defined in the circular sent to shareholders and dated 12 May 2011, the "Scheme Circular") will be entitled to receive 35.07 pence for each Cancellation Share held by them at the Scheme Record Time (6.00 p.m. (London time) on 1 July 2011). Subject to the Reduction of Capital becoming effective on 5 July 2011 by delivery (or registration) of the Reduction Court Order, settlement of the consideration due to Scheme Shareholders will be effected by 19 July 2011 in the manner described in the Scheme Circular.

Terms and expressions in this announcement shall, unless the context otherwise requires, have the same meanings given to them in the Scheme Circular dated 12 May 2011.

Enquiry details are:
New Zealand media:	Geoff Senescall on:	[phone]
Australian media:	Andrew Stokes on:	[phone]
UK media:	Kevin Smith on:	[phone]

Chris Healy

Company Secretary

Guinness Peat Group plc

Tel: [phone]

1 July 2011

 

END

 

 

MSCLLFFEDSILIIL