30th Nov 2007 07:01
Rightmove Plc30 November 2007 30 November 2007 Rightmove plc - Proposals for New Corporate Structure Rightmove plc ("Rightmove") today announces that it intends to introduce a newparent company above Rightmove plc, followed by a reduction of the nominal valueof the share capital of the new parent company in order to increase the Group'sdistributable reserves. The reserves created will be available for thedeclaration of future dividends and other returns of capital including sharebuybacks. The proposed change, which is subject to Court and Shareholderapproval, involves a scheme of arrangement. The proposals will result in Rightmove's shareholders owning the same number ofshares, but in the new parent company. Furthermore, the reduction in nominalvalue of the new shares will not, in itself, have any impact on the market valueof the shares. Shareholder approval of these proposals will be sought at a Court Meeting andExtraordinary General Meeting, further details of which will be sent toshareholders in due course. It is envisaged that this process will be completedprior to the announcement of Rightmove's preliminary results. For further enquiries please contact: Graham Zacharias +44 20 7087 0700Rightmove plc Brian Hudspith +44 20 7379 5151Maitland This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Rightmove