Kingfisher PLC
04 July 2003
4th July 2003
KINGFISHER PLC
SHAREHOLDERS APPROVE DEMERGER OF KESA ELECTRICALS PLC
At an Extraordinary General Meeting of Kingfisher plc ('Kingfisher') held this
morning, all the resolutions to effect the demerger of Kingfisher's electricals
business, Kesa Electricals plc ('Kesa Electricals'), including the consolidation
of Kingfisher shares, were approved.
It is expected that the demerger will become effective on Monday, 7 July 2003
and that dealing in the consolidated shares in Kingfisher and Kesa Electricals
will commence at opening of business on that day. Kesa Electricals will be
listed on the London Stock Exchange and will have a secondary listing on the
Premier Marche in Paris.
As a result of this approval of the Demerger, Jean-Noel Labroue resigns today as
a Director of Kingfisher to become Chief Executive of Kesa Electricals.
The Company has determined that it will redeem the £200 million 8.125 per cent.
Bonds due 2007 ('the Bonds') in accordance with their conditions. A notice of
Redemption of the Bonds will be published in the Financial Times on Monday 7
July 2003.
Sir Francis Mackay, Chairman of Kingfisher plc, commented:
'I am delighted that shareholders have given this demerger such a strong vote of
approval. This creates two independent businesses with strong brands, market
leading positions and experienced management teams.'
'On a personal note, I would like to thank all those who have worked hard to
deliver this demerger on time, and also offer my best wishes for a bright future
to Jean-Noel and all his colleagues at Kesa Electricals.'
Enquiries Telephone No
Kingfisher plc
Ian Harding +44 (0) 20 7644 1029
Loraine Woodhouse +44 (0) 20 7644 1032
Kesa Electricals plc
Analysts:
Lucy Barber +44 (0) 20 7251 3801
Press:
Rollo Head +44 (0) 20 7251 3801
Notes to Editors
1. Basis of the demerger
Conditional upon the admission to listing on the London Stock Exchange of the
ordinary shares of Kesa Electricals ('Admission'), Kingfisher shareholders will
be issued one Kesa Electricals share of nominal value of 5 pence for each
Kingfisher share of nominal value of 13.75 pence held at the Demerger Record
Time, being 6.00am, 7 July 2003.
Immediately after the demerger is effective, the share capital of the Kesa
Electricals will be consolidated. Consequently, Kingfisher shareholders will
receive one consolidated Kesa share of nominal value 25 pence for every five
Kesa shares of nominal value 5 pence each held immediately following Admission.
In addition, immediately after the demerger is effective the share capital of
Kingfisher will be consolidated on the basis of seven consolidated Kingfisher
shares of 15 5/7pence each for every eight Kingfisher shares of 13.75 pence held
at the Demerger Record Time.
2. Kingfisher is Europe's leading home improvement retailer.
With more than 600 stores across Europe and Asia, Kingfisher is the world's most
international home improvement retailer, enjoying market leading positions in
the UK, France, Poland and Taiwan. Sales for the Home Improvement sector for
the year to 1 February 2003 were over £6.7 billion, with retail profit of more
than £534 million.
This information is provided by RNS
The company news service from the London Stock Exchange
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