Court confirmation of capital

RNS Number : 0977J

Carphone Warehouse Group PLC

24 March 2010

 



24 March 2010

The Carphone Warehouse Group PLC

Court confirmation of capital reduction

The Carphone Warehouse Group PLC ("Carphone Warehouse") is pleased to announce that the High Court of Justice in England and Wales has today made an order confirming the reduction of Carphone Warehouse's share capital. This follows the Court's sanction of the Scheme at a hearing held on 22 March 2010.

The Scheme will become effective upon the Carphone Warehouse Reduction Court Order being delivered to the Registrar of Companies which is expected to take place on 25 March 2010.

With effect from 7.30 a.m. today, Carphone Warehouse Shares under the ticker "CPW" were suspended from the Official List and the London Stock Exchange's main market for listed securities. It is expected that the Carphone Warehouse Shares will be delisted by 8.00 a.m. on 25 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.

Expected timetable of principal events

Event	Time and/or date
Scheme Effective Date: New Carphone Warehouse becomes the holding company of Carphone Warehouse.	25 March 2010
Delisting of Carphone Warehouse Shares.	By no later than  8.00 a.m. on  25 March 2010
Demerger Effective Time: New Carphone Warehouse Demerger Reduction becomes effective.	At or around  4.30 p.m. on  26 March 2010
TalkTalk Admission, crediting of TalkTalk Shares to CREST accounts and the commencement of dealings in TalkTalk Shares on the London Stock Exchange's main market for listed securities.	8.00 a.m. on  29 March 2010
New Carphone Warehouse Admission, crediting of New Carphone Warehouse Ordinary Shares to CREST accounts and the commencement of dealings in New Carphone Warehouse Ordinary Shares on the London Stock Exchange's main market for listed securities.	8.00 a.m. on  29 March 2010

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]

 

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