16th Jul 2007 16:33
Newcourt Group plc16 July 2007 NEWCOURT GROUP PLC Newcourt Group plc ('Newcourt' or the 'Company'), a leading, Irish based, support services group,today announced that a circular has been sent today to shareholders to convene an ExtraordinaryGeneral Meeting (EGM) of the Company. The purpose of the EGM is to seek shareholder approval toincrease the authorised share capital of the Company and to increase its authorities. A summary of a statement by Newcourt Chairman, James Osborne, contained in the Circular is set outbelow:- 'Since its foundation in 2002, Newcourt has developed and grown by means of a number of strategicacquisitions in the outsourced services and recruitment sectors, coupled with strong organic growthwithin the underlying businesses that it has bought. We are currently reviewing a number of acquisition opportunities in Ireland and the UK, some ofwhich are large relative to Newcourt's existing market value. In order to avail of theseopportunities, and others that may arise, we may need to raise additional capital or issue sharesas consideration at short notice. The current authorisations and limitations may be insufficientfor these purposes and the time required to increase them could put us at a competitivedisadvantage. Having given this matter careful consideration, your board has decided to seekshareholder approval for certain amendments to the necessary authorisations in advance to enable usto move quickly when required. Shareholders should note that the board does not intend to exercise the new authorities unless inthe context of significant acquisitions of the kind contemplated above. Your Directors consider that it is in the interests of the Company to pass the resolutions set outin the Notice of Extraordinary General Meeting. Your Directors intend to vote in favour of the resolutions in respect of their own beneficialshareholdings which together amount to 8,474,467 ordinary shares representing approximately 9.9% ofthe existing issued share capital of the Company.' The EGM will be held at the offices of A&L Goodbody, International Financial Services Centre, NorthWall Quay, Dublin 1 on Thursday 19 July 2007 at 9.30 am to seek shareholder approval to increasethe Company's authorised share capital and its authority to issue and allot shares. Copies of thecircular are available from A&L Goodbody, International Financial Services Centre, North Wall Quay,Dublin 1. Newcourt also announces that it has issued 319,543 ordinary shares at EUR 1.662 each, amounting toEUR 531,080, as part of the deferred consideration payable for the acquisition of Ecom InteractionServices Limited in May 2006. Application will be made for the new ordinary shares to be admitted to trading on the IEX market ofthe Irish Stock Exchange and the AIM market of the London Stock Exchange. About Newcourt Group plc Newcourt is a leading provider of support services, employing over 2,700 staff throughout theisland of Ireland. The Group has two primary operating divisions: Support Services & StudentAccommodation and Recruitment & Aviation Outsourcing. Contacts \* T Damien Murray Mark Kenny/Jonathan Neilan Newcourt Group K Capital Source Tel: +353 1 668 8242 Tel: +353 1 631 5500 Email: [email protected] This announcement has been issued through the Companies Announcement Service of the Irish Stock Exchange This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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