14th Jun 2006 16:59
Cape PLC14 June 2006 Cape PLC ("Cape" or the "Company") Scheme of Arrangement Becomes Effective Further to the Company's announcement on 9 June 2006, Cape announces that the 13orders made by the High Court on 9 June 2006 sanctioning the Scheme have todaybeen delivered to the Registrar of Companies. The Scheme is therefore noweffective and binding on the Scheme Companies (named below) and their respectiveScheme creditors. Altitude Scaffolding Limited The High Court has declined to sanction the Scheme with regard to AltitudeScaffolding Limited ("Altitude Scaffolding"). This is because only one creditorattended and voted at the meetings of Altitude Scaffolding and the High Courttherefore concluded that it had no jurisdiction to sanction its Scheme. Current claims and claims made in the past three years against AltitudeScaffolding represent less than 0.5 per cent. by number and (even assuming allcurrent claims are successful) less than 0.1 per cent. by value of total claimsmade against the Scheme Companies during this period. The Directors are notaware of any reason why the pattern of future claims should be significantlydifferent. Accordingly, in the opinion of the Directors, the fact that AltitudeScaffolding will not be included in the Scheme is unlikely to have any materialeffect on the Group as a whole, its finances or the Scheme creditors of theScheme Companies. Scheme Companies The Scheme Companies are Cape and the following 12 of its wholly-ownedsubsidiaries: Cape Building Products Limited Cape Calsil Systems Limited Cape Contracts International Limited Cape Durasteel Limited Cape East Limited Cape Industrial Services Limited Cape Industries Limited Cape Insulation Limited Cape Specialist Coatings Limited Predart Limited Somewatch Limited Somewin Limited ENDS For further information, please contact: Cape PLCMartin May, Chairman +44 (0)1924 876 276 Bell Pottinger Corporate & FinancialNick Lambert +44 (0)20 7861 3232 / +44 (0)7811 358 764 Notes to editors Cape PLC is the parent company of a number of service providing organisationsthe 'Group') operating primarily in the oil and gas, petrochemical and powergeneration industries. The Group has turnover of c. £260 million and employsaround 7,700 people in 23 countries worldwide. The Group's sole operating business is Cape Industrial Services ('CIS'). CISspecialises in the provision of scaffolding, insulation, fire protection andother essential services to major industrial clients in the energy sector. CIS operates in Bahrain and Saudi Arabia under the name RB Hilton. In the UK, CIS also operates as Cape Hire and Cape Security. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
CIU.L