Information  X 
Enter a valid email address

Universal Salvage (UVS)

  Print      Mail a friend       Annual reports

Thursday 14 June, 2007

Universal Salvage

Re: Recommended Offer

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
                                       by
        Copart (UK) Limited (a wholly-owned subsidiary of Copart, Inc.)
                                      for
                  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.

Enquiries:

Universal Salvage
Avril Palmer-Baunack        Tel: +44 (0)1234 762283

Panmure Gordon
Hugh Morgan                 Tel: +44 (0)20 459 3600
Rakesh Sharma

Biddicks
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
announcement.




                      This information is provided by RNS
            The company news service from the London Stock Exchange
  ND
OUPGUUBPQUPMUBC