Universal Salvage PLC
14 June 2007
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO OR
FROM ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO.
14 June 2007
UNIVERSAL SALVAGE PLC
Recommended Cash Offer
Copart (UK) Limited (a wholly-owned subsidiary of Copart, Inc.)
Universal Salvage plc ('Universal Salvage').
Court confirmation of Reduction of Capital
The board of Universal Salvage is pleased to announce that at the Reduction
Court Hearing held earlier today the reduction of capital of Universal Salvage
comprised in the Scheme was sanctioned by the Court.
It is expected that the Scheme will become effective on 15 June 2007 and that
Universal Salvage Shares will cease to be listed on the Official List and their
admission to trading on the London Stock Exchange will be cancelled at 8:00 a.m.
(London time) on 15 June 2007.
Upon completion of the Scheme, Universal Salvage Shareholders will be entitled
to receive 200 pence in cash for each Universal Salvage Share held at the Scheme
Record Time. Settlement of the cash consideration is expected to be effected
within 14 days of the Effective Date.
Terms defined in the Scheme Document have the same meaning in this announcement.
Avril Palmer-Baunack Tel: +44 (0)1234 762283
Hugh Morgan Tel: +44 (0)20 459 3600
Katie Tzouliadis Tel: +44 (0)20 448 1000
Panmure Gordon, which is authorised and regulated in the United Kingdom for the
conduct of investment business by the Financial Services Authority, is acting
exclusively for Universal Salvage and no one else in connection with the matters
described in this announcement and will not be responsible to anyone other than
Universal Salvage for providing the protections afforded to clients of Panmure
Gordon nor for providing advice in relation to the matters described in this
This information is provided by RNS
The company news service from the London Stock Exchange