9th May 2007 16:56
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM ANY JURISDICTION (INCLUDING THE UNITED STATES) WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE LAWS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE 9 May 2007 RECOMMENDED CASH AND SECURITIES OFFER FOR COUNTRYWIDE PLC
Countrywide announces that the Court Orders in respect of the Scheme have been delivered to the Registrar of Companies (and, in relation to the Reduction Court Order, the registration of such Order by him) and therefore the Scheme of Arrangement has now become effective.
The Financial Services Authority and the London Stock Exchange will
respectively cancel the listing of the Company's Shares on the Official List and cancel trading on the London Stock Exchange's market for listed securities with effect from 8.00 a.m. tomorrow morning.
Countrywide Shareholders should note that elections for the Unlisted Securities exceeded the amount of the Class B Shares and Class B Notes available under the Unlisted Securities Alternative. The elections of each Shareholder who has validly elected for Unlisted Securities will therefore be scaled back pro rata and the balance of the consideration due to such Shareholders will be satisfied in cash in accordance with the terms of the Scheme. Details of the scaling back of elections under the Unlisted Securities Alternative will be notified to Shareholders in due course.
Cheques for Cash Consideration, Rightmove Share certificates in respect of Rightmove Share Consideration, cash in respect of the Rightmove Sale Election and/or Class B Shares and Class B Notes in respect of the Unlisted Securities Alternative are therefore expected to be despatched and settlement in CREST is expected to be effective by not later than 6.00 p.m. (London time) on 23 May 2007.
Unless otherwise defined herein, capitalised terms used in this announcement have the same meaning as in the Scheme Documents and Announcement.
Hawkpoint, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Countrywide and its Directors and no one else in connection with the Proposals and will not be responsible to anyone other than Countrywide and its Directors for providing the protections afforded to clients of Hawkpoint nor for providing advice in relation to the Proposals, the content of this announcement or any matter referred to herein.
COUNTRYWIDE PLCRelated Shares:
CWD.L