Scheme of Arrangement effecti

RNS Number : 1720J

Carphone Warehouse Group PLC

25 March 2010

 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OR REGULATIONS OF SUCH JURISDICTION

25 March 2010

The Carphone Warehouse Group PLC

Scheme of Arrangement effective and expected commencement of trading in shares of TalkTalk and New Carphone Warehouse (to be renamed Carphone Warehouse Group plc)

All the conditions to the Scheme, under Part 26 of the Companies Act 2006, to effect the separation of the TalkTalk Business by a demerger to TalkTalk Telecom Group PLC ("TalkTalk") have now been satisfied.

At this time, Carphone Warehouse will undergo a reorganisation, involving, amongst other things, the transfer of Carphone Warehouse's holdings in Best Buy Europe and Virgin Mobile France to New Carphone Warehouse and a series of further steps to consolidate the ownership of certain assets and obligations which relate to the TalkTalk business within the TalkTalk Group. The Demerger is expected to be effective at or around 4.30 p.m. on 26 March 2010.

It is expected that Carphone Warehouse Shares under the ticker "CPW" will be delisted from the Official List and the London Stock Exchange's main market for listed securities on 26 March 2010.

Trading in TalkTalk under the ticker "TALK" and New Carphone Warehouse (to be renamed Carphone Warehouse Group plc) under the ticker "CPW" is expected to commence on the Official List and the London Stock Exchange's main market for listed securities at 8:00 a.m. on 29 March 2010. CREST accounts will be credited with TalkTalk Shares and New Carphone Warehouse Shares at 8:00 a.m. on 29 March 2010. Shareholders will, on 12 April 2010, be sent share certificates in respect of their holdings in TalkTalk and New Carphone Warehouse.

A detailed timetable of events is set out in the scheme document dated 29 January 2010 (the "Scheme Document").

Copies of the Scheme Document are available for inspection during normal business hours on any business day at the offices of Osborne Clarke at One London Wall, London EC2Y 5EB, up to and including the Demerger Effective Time.

Capitalised terms used in this announcement have the meanings given to them in the Scheme Document.

For further information:                                                   

The Carphone Warehouse Group PLC

Roger Taylor                                                                          [phone]

TalkTalk Telecom Group PLC

David Boyd                                                                            [phone]

Carla Bloom                                                                          [phone]

Mark Schmid (for media enquiries)                                    [phone]

New Carphone Warehouse PLC

Kate Ferry                                                                              [phone]

Shane Conway (for media enquiries)                                 [phone]

Anthony Carlisle                                                                    [phone]

Citigate Dewe Rogerson                                                     [phone]

 

END

 

 

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