7th Feb 2006 10:59
Restaurant Group PLC07 February 2006 NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTOTHE US, CANADA, AUSTRALIA OR JAPAN For immediate release 7 February 2006 The Restaurant Group plc ("The Restaurant Group" or the "Company") Proposed Special Dividend and Share Consolidation • Proposed return of value of approximately £35 million by means of aspecial dividend of 16 pence per share (the "Special Dividend") • 8 for 9 share consolidation, to assist in maintaining comparabilityof share price, earnings per share and dividend per share (the "ShareConsolidation") • Subject to shareholder approval at an extraordinary general meetingof the Company to be held on 23 February 2006 • Dealings to commence in the proposed new shares of 28 1/8 pence eachin the capital of the Company resulting from the Share Consolidation at 8.00a.m. on 27 February 2006 Commenting, Andrew Page, Chief Executive, said: "Following the sale of the Caffe Uno business, which completed on 12 December2005, I am pleased to announce the details of our proposed return of value ofapproximately £35 million to shareholders. The sale of the Caffe Uno business leaves The Restaurant Group focused onbusinesses with higher quality earnings and cash flows. Going forward, we arewell placed to continue to deliver good growth." Background to and reasons for the Special Dividend On 23 November 2005, The Restaurant Group announced the disposal of its CaffeUnoRelated Shares:
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