Court Sanctions Scheme

Next PLC 20 November 2002 CAPITAL RECONSTRUCTION OF NEXT PLC ('NEXT') HIGH COURT SANCTIONS SCHEME OF ARRANGEMENT The Board of NEXT announces that at a hearing held today the High Court sanctioned the proposed scheme of arrangement of NEXT under section 425 of the Companies Act 1985 (the 'Scheme') to introduce a new listed holding company, NEXT Group Plc ('NEXT Group'), to be renamed NEXT plc. Under the terms of the Scheme, holders of NEXT Scheme Shares at the Scheme Record Time (which is expected to be 4.30 p.m. on Friday 22 November 2002) will receive one New NEXT Group Share for each NEXT Scheme Share held and cancelled pursuant to the Scheme. The Scheme is expected to become effective at or after 4.30 p.m. on 22 November 2002 and the New NEXT Group Shares are expected to be admitted to the Official List and to trading on the London Stock Exchange's market for listed securities at 8.00 a.m. on 25 November 2002. The High Court is expected to approve the Reduction of Capital of NEXT Group at a hearing on 25 November 2002. The Reduction of Capital is expected to become effective on 26 November 2002 whereupon the nominal value of a NEXT Group ordinary share will be reduced from GBP5.00 to 10 pence. For further information please contact: NEXT Simon Wolfson, Chief Executive Tel: 0116 284 2777 David Keens, Group Finance Director Tel: 0116 284 2202 LAZARD Jonathan Dawson Tel: 020 7588 2721 Nigel Costain Tel: 020 7588 2721 Lazard & Co., Limited ('Lazard'), is acting for NEXT and NEXT Group in connection with the Scheme and the listing of the ordinary share capital of NEXT Group Plc (the 'Listing') and no-one else and will not be responsible to anyone other than NEXT and NEXT Group for providing the protections offered to clients of Lazard nor for providing advice in relation to the Scheme or the Listing or any other matters referred to herein. Terms and expressions used in this announcement shall have the same meaning as those used in the circular posted to NEXT shareholders on 7 October 2002 unless the context otherwise requires. This information is provided by RNS The company news service from the London Stock Exchange

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Next (NXT)
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