British Telecommunications PLC
15 November 2001
November 15, 2001
BT RECEIVES COURT APPROVAL
FOR SCHEME OF ARRANGEMENT
BT today received final court approval prior to the demerger of the mmO2
business.
The demerger process involves the creation of two new holding companies: one
for the BT Group businesses, and one for the mmO2 businesses through a
court-approved Scheme of Arrangement. The High Court of Justice in England and
Wales today completed hearings which sanctioned the Scheme of Arrangement and
approved the reduction of the share capital of BT provided for under the
Scheme.
BT confirmed that the demerger process is on schedule and the listing of the
two new companies, BT Group plc and mmO2 plc, on the London and New York Stock
Exchanges is expected on November 19, 2001.
________________
The contents of this announcement, which has been issued by, and is the sole
responsibility of, British Telecommunications public limited company, has been
approved by Cazenove & Co. Ltd which is regulated in the UK by The Securities
and Futures Authority, solely for the purposes of Section 57 of the Financial
Services Act 1986. Prices and values of, and income from, shares may go down
as well as up and an investor may not get back the amount invested. It should
be noted that past performance is no guide to future performance. Persons
needing advice should consult an independent financial adviser.
______________
Inquiries about this news release should be made to the BT Group Newsroom on
its 24-hour number: 020 7356 5369. From outside the UK, dial + 44 20 7356
5369. All news releases can be accessed at our web site:
http://www.groupbt.com/mediacentre
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.