RNS Number : 8852Z
29 September 2009
29 September 2009
ANNOUNCEMENT OF COMPLETION OF SOLVENT RESTRUCTURING
Jessops Plc - Completion of solvent restructuring
Further to the announcement in respect of the proposed solvent restructuring of the Jessops group of companies (the 'Group') (the 'Proposal'), the board of directors of Jessops plc (the 'Board') confirms that the Proposal has completed. The Proposal involved the sale of the Group's main operating company, The Jessop Group Limited, and certain other subsidiaries of Jessops Plc to a newly formed special purpose vehicle, Snap Equity Limited (the 'Disposal').
It is the intention of the Board to put Jessops Plc into solvent liquidation before the end of this year. The Proposal allows for the sum of £100,000 to be distributed to shareholders of Jessops Plc on such liquidation, but there will be no further value available for distribution to Jessops Plc shareholders. As there are currently 102.9 million shares in issue, for every 100 shares held, this equates to approximately 9.7 pence.
- Ends -
For further information please contact
98 Scudamore Road
0116 232 6000
Jonathan Glass / David Litterick
020 7404 5959
KPMG Corporate Finance
020 7694 8527
Note: KPMG Corporate Finance, a division of KPMG LLP which is authorised and regulated by the Financial Services Authority for investment business activities, is acting for Jessops plc as sponsor in relation to the Disposal and is not acting for any other person in relation to such Disposal. KPMG Corporate Finance will not be responsible to anyone other than Jessops plc for providing the protections afforded to its clients or for providing advice in relation to the contents of this announcement or any transaction or arrangement referred to herein.
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