21st Jul 2005 07:00
Cape PLC21 July 2005 21st July 2005 Cape PLC Update on Scheme Of Arrangement On 16 June 2005 Cape PLC ("Cape") announced proposals, including a scheme ofarrangement ("the Scheme") to provide for the long term funding of a greatmajority of future asbestos-related claims likely to be successfully madeagainst the Group. It was envisaged that following a period of active consultation, Cape would seekthe court's permission in the second half of July, just prior to the court'sannual vacation, to post the Scheme documentation in mid August 2005 with Schememeetings convened for early October 2005. Cape has now received feedback from a number of relevant and interested parties.Some have requested that due to the complicated nature of the proposals thetimetable should be extended to provide a further opportunity to review andevaluate the proposed Scheme prior to the meetings of Scheme Creditors in earlyOctober 2005. Cape naturally considers that it is important for all relevant andinterested parties to have the necessary time to evaluate the Scheme. Accordingly, Cape will not be seeking the court's permission to convene theScheme meetings on the timetable originally envisaged. Cape will continue toconsult with interested parties and will make a further announcement about thetimetable of the court process as soon as possible. Cape anticipates it shouldbe in a position to do so at the beginning of the next court term whichcommences in early October 2005. ENDS For further enquiries please contact: Cape PLCMartin May, Chairman +44 (0) 1924 876 276 Bell Pottinger Corporate & FinancialNick Lambert +44 (0) 20 7861 3232 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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