Result of EGM re: Demerger
Kingfisher PLC
24 August 2001
KINGFISHER PLC
EXTRAORDINARY GENERAL MEETING TO APPROVE THE DEMERGER OF KINGFISHER'S GENERAL
MERCHANDISE BUSINESS TO WOOLWORTHS GROUP PLC
24th AUGUST 2001
At an Extraordinary General Meeting of the Kingfisher shareholders held today,
the resolutions to approve the Demerger dividend and consolidate the shares of
Kingfisher, plus the other matters referred to and set out in the Notice of
Extraordinary General Meeting contained in the Shareholder Circular dated 1st
August 2001, were passed as ordinary resolutions on a show of hands with, at
the request of a shareholder, Resolution 5 being passed by a poll.
Application has been made to the UK Listing Authority for the listing of
1,407,067,332 ordinary shares of 12.5 pence of Woolworths Group plc, credited
as fully paid, to be admitted to the official list and to trading on the
London Stock Exchange. Such admission is expected to become effective on 28th
August 2001.
In his speech today the chairman of Kingfisher, Sir John Banham, said:
'Today's meeting has completed a process which we began last year with one
clear objective - to deliver improved shareholder value by separating
Kingfisher's international Home Improvement and Electricals business from its
largely UK based General Merchandise division.
With a strengthened balance sheet Kingfisher will now concentrate on further
developing its core brands which have outstanding growth opportunities both in
Europe and globally. Shareholders will also retain a direct stake in
Woolworths Group plc, one of the UK's leading retailers of products for the
family and home.
I am confident that shareholders will see the benefits of the Demerger in an
improved performance from each of the newly separated businesses.'
Sir John also paid tribute to all the employees of the Woolworth Group who
will be leaving Kingfisher following the Demerger. The incentive arrangements
put in place as a result of shareholders approving Resolution 5 by a
substantial majority ensure that the Woolworths Group Employees continue to be
treated on the same basis as Kingfisher Employees. The Board believe that this
equality of treatment is not only fair but essential to ensure the continued
incentivisation of all 16,000 participants in the relevant schemes.
The Demerger Record Time is 6.00 a.m. on Tuesday, 28th August 2001. The
Demerger, the consolidation of Kingfisher Ordinary shares and the commencement
of dealings in Woolworths Group plc shares are expected to become effective at
8.00 a.m. on Tuesday, 28th August 2001.
For further information:
Media Enquiries:
Tom Wyatt, Financial Dynamics +44 (0)20 7831 3113
Broker and Institutional Enquiries:
Graham Fairbank (France) +33 (0)1 43 18 52 26
Kingfisher plc +44 (0) 20 7724 7749
Kingfisher Website http://www.kingfisher.com/
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