COURT SANCTION OF SCHEME OF ARRANGEMENT (1205P)
28 September 2011 - 11:57PM
UK Regulatory
TIDMAVE
RNS Number : 1205P
Avis Europe PLC
28 September 2011
Avis Europe plc
28 September 2011
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
AVIS EUROPE PLC
COURT SANCTION OF SCHEME OF ARRANGEMENT
Avis Europe plc ("Avis Europe") is pleased to announce that the
High Court of Justice of England and Wales (the "Court") has today
sanctioned the scheme of arrangement to effect the recommended
proposal for the acquisition of Avis Europe by AE Consolidation
Limited (the "Scheme").
In order for the Scheme to become Effective in accordance with
its terms, the Court must confirm the Reduction of Capital at the
Second Court Hearing which is scheduled to take place on 30
September 2011.
The last day of dealings in, and for the registration of
transfers of, Avis Europe Shares on the London Stock Exchange will
be 29 September 2011 and, from 6:00 p.m. on 29 September 2011, the
trading of Avis Europe Shares on the London Stock Exchange will be
suspended.
The Scheme is expected to become Effective on 3 October 2011,
subject to the satisfaction of certain conditions as set out in the
circular of Avis Europe, dated 11 July 2011 sent to Avis Europe
Shareholders relating to the Scheme (the "Scheme Document"). Upon
the Scheme becoming Effective, holders of Scheme Shares will be
entitled to receive 315 pence for each Scheme Share held by them at
the Scheme Record Time.
The consideration of 315 pence per Scheme Share to be paid by AE
Consolidation Limited to Scheme Shareholders pursuant to the Scheme
is expected to be despatched (in the case of certificated holders
of Scheme Shares) or settled in CREST (in the case of
uncertificated holders of Scheme Shares) by no later than 17
October 2011.
Terms and expressions in this announcement shall, unless the
context otherwise requires, have the same meanings as given to them
in the Scheme Document.
Enquiries:
Avis Europe plc Tel: +44 (0) 1344 42
Pascal Bazin, (Chief Executive Officer) 6644
Martyn Smith, (Chief Financial Officer)
Barclays Capital (financial adviser Tel: +44 (0)20 7623
to Avis Europe) 2323
Matthew Smith
Stuart Ord
MHP Communications (public relations Tel: +44 (0)20 3128
adviser to Avis Europe) 8100
Andrew Jaques
Barnaby Fry
Simon Hockridge
Barclays Capital, which is authorised and regulated in the
United Kingdom by the FSA, is acting exclusively for Avis Europe
and no one else in connection with the Acquisition and will not be
responsible to anyone other than Avis Europe for providing the
protections afforded to its clients for providing advice in
relation to the Acquisition or in relation to the contents of this
announcement or any transaction or any other matters referred to
herein.
The release, publication or distribution of this announcement in
jurisdictions other than the United Kingdom may be restricted by
law and therefore any persons who are subject to the laws of any
jurisdiction other than the United Kingdom should inform themselves
about, and observe, any applicable legal and regulatory
requirements. Any failure to comply with the applicable
requirements may constitute a violation of the securities laws of
any such jurisdiction. This announcement has been prepared for the
purpose of complying with English law and the City Code and the
information disclosed may not be the same as that which would have
been disclosed if this announcement had been prepared in accordance
with the laws of jurisdictions outside the United Kingdom.
Subject to compliance with their legal and regulatory
obligations, Avis Budget, AE Consolidation and Avis Europe do not
intend, or undertake any obligation, to update any forward-looking
statement, whether as a result of new information, future events or
otherwise.
In accordance with Rule 19.11 of the City Code, a copy of this
announcement will be made available on the following website:
www.avis-europe.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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