Result of Special General Mtg
CENTRICA PLC
16 September 1999
Not for release, publication or distribution in or into the United States,
Canada, Australia, Japan or Singapore.
CENTRICA PLC
PROPOSED RECOMMENDED ACQUISITION OF THE AUTOMOBILE ASSOCIATION
PRELIMINARY OUTCOME OF THE SPECIAL GENERAL MEETING AND VOTE
An overwhelming majority of the voting members of the Automobile Association
who returned their proxies has supported Centrica's proposed acquisition of
the organisation. Approximately 96 per cent. have backed the purchase.
The announcement follows the Special General Meeting of the AA, held earlier
today, where a poll of members present was carried out. The final result of
the vote will be issued in a statement on Monday 20 September.
It is anticipated that the acquisition will be completed on 23 September, and
that payment to Eligible Members should be completed by 15 October. Each
Eligible Member can expect to receive a payment of £248.
Roy Gardner, Chief Executive of Centrica, commented:
'We are delighted that the AA members have voted so overwhelmingly in favour
of the acquisition, securing the future of the AA and its brand.
'Members can be assured that Centrica is committed to investing in the AA,
maintaining its excellent service standards and safeguarding its role as the
voice of the motorist.
'This acquisition will make Centrica one of the leading customer service
providers in the UK, bringing together the AA, British Gas and Goldfish
brands.'
A copy of a press release issued by the AA today is attached for information.
Enquiries:
Centrica
Charles Naylor (media enquiries) Tel: 01753 758 328
Tess Kershaw (media enquiries) Tel: 01753 758 444
Chris Milburn (investor/analyst Tel: 01753 758 114
enquiries)
Note to editors:
Well over 60 per cent. of all AA members entitled to vote have voted in favour
of the proposed transaction.
---
ANNOUNCEMENT RELEASED BY THE AA FOLLOWS:
AA MEMBERS GIVE GREEN LIGHT TO CENTRICA DEAL
The sale of the UK's leading motoring organisation - The AA - to Centrica for
£1.1 billion, has been supported by an overwhelming majority of those voting
members who voted.
The historic proposals were endorsed at a Special General Meeting of the AA,
at the London Arena earlier today. Millions of proxy votes have been counted,
with an overwhelming majority - approximately 96 per cent. - backing the
purchase. The turnout was approximately 67 per cent.
Confirmation of the final voting numbers will be announced on Monday 20
September, after votes made in person at the SGM have been counted and
reconciled with the postal proxy votes. Completion is expected on 23
September. Eligible members can expect to receive a payment of £248 by
October 15.
AA Chairman Sir Brian Shaw, says: 'We are delighted that such an overwhelming
majority of our members has followed the AA Committee's recommendation to
support this deal. With the backing of Centrica, a great British company
which is committed to delivering service of the highest quality, the AA will
be in a position to continue providing the finest road services for many years
to come.'
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