Apollo Management L.P.
10 May 2007
Not for release, publication or distribution, in whole or in part, in or into or
from any jurisdiction (including the United States) where to do so would
constitute a violation of the laws of such jurisdiction
10 May 2007
CASTLE HOLDCO 4, LTD. ('Castle BidCo')
RECOMMENDED CASH AND SECURITIES OFFER FOR COUNTRYWIDE PLC
Castle BidCo announces that elections for the Unlisted Securities Alternative
available under the Proposals have exceeded the amount of the Class B Shares and
Class B Notes available under the Unlisted Securities Alternative.
The Unlisted Securities Alternative is being made available in respect of
elections relating, in aggregate, to a maximum amount of £152.49 million of the
Cash Consideration. As such, a maximum of 15.249 million Class B Shares and
137.241 million Class B Notes will be issued to Scheme Shareholders who have
made valid elections under the Unlisted Securities Alternative.
The elections of each shareholder who has validly elected for Unlisted
Securities will therefore be scaled back pro rata and the balance of the
consideration will be satisfied by Cash Consideration in accordance with the
terms of the Scheme.
By way of example, it is expected that a holder of 100 Countrywide shares, who
validly elected to receive the Unlisted Securities Alternative in respect of all
his Countrywide shares, will receive the Unlisted Securities Alternative in
respect of approximately 29 of their Countrywide Shares and the Cash
Consideration of 530 pence per share in respect of approximately 71 of their
The availability of the Unlisted Securities Alternative is subject to the
securities law restrictions and certain other terms as set out in the Scheme
Unless otherwise defined herein, capitalised terms used in this announcement
have the same meaning as in the Scheme Document and Announcement.
This information is provided by RNS
The company news service from the London Stock Exchange