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RNS Number : 3480P

Avis Europe PLC

30 September 2011

Avis Europe plc

30 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 ORDER APPROVING REDUCTION OF CAPITAL

Avis Europe plc ("Avis Europe") is pleased to announce that today at the Second Court Hearing the High Court of Justice of England and Wales (the "Court"), confirmed the reduction of capital associated with the cancellation of the Scheme Shares.

The Second Court Order is expected to be delivered to the Registrar of Companies on 3 October 2011, at which time the Scheme will become Effective.

An application has been made to the UK Listing Authority requesting the cancellation of the listing of Avis Europe Shares on the Official List as well as trading of Avis Europe Shares on the London Stock Exchange's main market for listed securities.

The consideration of 315 pence per Scheme Share to be paid by AE Consolidation Limited (a wholly-owned subsidiary of Avis Budget Group, Inc., "ABG") 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.

Subject to the proposed cash acquisition of Avis Europe by AE Consolidation Limited becoming Effective, which is expected to take place on 3 October 2011, it has been decided that Pascal Bazin will leave his position of Chief Executive Officer and, as a consequence, will resign as a Director of Avis Europe on 3 October 2011, though he will continue working with Avis Europe until 31 December 2011 to hand over his responsibilities to Larry D. De Shon, who has been appointed as President, Europe, Middle East and Africa. Larry D. De Shon will take up his new post at Avis Europe after the company has been acquired and de-listed and the Scheme has become Effective. He joins from Avis Budget Group, Inc. where he was previously Executive Vice President, Operations. Alun Cathcart, Avis Europe Chairman, commented: "On behalf of the Board, I would like to recognise Pascal's tremendous contribution to the Group and the central role he has played in delivering the successful transformation and turnaround of our business, culminating in the re-uniting of the business now with Avis Budget, Inc. We wish him well for the future." Ronald L Nelson, Chairman and CEO of Avis Budget Group, Inc. commented: "I would like to take this opportunity to thank Pascal for his stewardship of Avis Europe and, in particular, for the work he has done in connection with the re-uniting of ABG and Avis Europe under one corporate ownership. I look forward to collaborating with both Larry and Pascal during the handover period and wish Pascal all the very best in the future." Pascal Bazin, outgoing Chief Executive Officer of Avis Europe commented: "I have thoroughly enjoyed the last years working for such a dynamic business. I know that Ron and the rest of his team are well placed to take the now global business forward and I am sure that the merged businesses will go from strength to strength. I would like to address my warmest thanks to my colleagues within Avis Europe who have worked so hard to get us to where we are today."

Enquiries:

 
 Avis Europe plc                   Tel: +44 (0) 1344 
  Pascal Bazin, (Chief Executive    42 6644 
  Officer) 
  Martyn Smith, (Chief Financial 
  Officer) 
 Barclays Capital (financial       Tel: +44 (0)20 
  adviser to Avis Europe)           7623 2323 
  Matthew Smith 
  Stuart Ord 
 MHP Communications (public        Tel: +44 (0)20 
  relations adviser to Avis         3128 8100 
  Europe) 
  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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